Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Entity Registrant Name | MetLife, Inc. | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-15787 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-4075851 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0001099219 | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 884,399,222 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 33.1 | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the Annual Meeting of Shareholders to be held on June 15, 2021, to be filed by the registrant with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2020. | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | MET | ||
Security Exchange Name | NYSE | ||
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01 | ||
Trading Symbol | MET PRA | ||
Security Exchange Name | NYSE | ||
Depositary Shares each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E | ||
Trading Symbol | MET PRE | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | ||
Trading Symbol | MET PRF | ||
Security Exchange Name | NYSE | ||
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | |||
Entity Information [Line Items] | |||
Title of 12(g) Security | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | ||
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | |||
Entity Information [Line Items] | |||
Title of 12(g) Security | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | ||
Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $0.01 | |||
Entity Information [Line Items] | |||
Title of 12(g) Security | Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $310,811 and $297,655, respectively; allowance for credit loss of $81 and $0, respectively) | $ 354,809 | $ 327,820 |
Equity securities, at estimated fair value | 1,079 | 1,342 |
Contractholder-directed equity securities and fair value option securities, at estimated fair value (includes $0 and $3, respectively, relating to variable interest entities) | 13,319 | 13,102 |
Mortgage loans (net of allowance for credit loss of $590 and $353, respectively; includes $165 and $188, respectively, under the fair value option and $0 and $59, respectively, of mortgage loans held-for-sale) | 83,919 | 80,529 |
Policy loans | 9,493 | 9,680 |
Real estate and real estate joint ventures (includes $169 and $127, respectively, under the fair value option and $128 and $0, respectively, of real estate held-for-sale) | 11,933 | 10,741 |
Other limited partnership interests | 9,470 | 7,716 |
Short-term investments, principally at estimated fair value | 3,904 | 3,850 |
Other invested assets (includes $2,156 and $2,299, respectively, of leveraged and direct financing leases and $332 and $290, respectively, relating to variable interest entities) | 20,593 | 19,015 |
Total investments | 508,519 | 473,795 |
Cash and cash equivalents, principally at estimated fair value (includes $12 and $12, respectively, relating to variable interest entities) | 19,795 | 16,598 |
Accrued investment income | 3,388 | 3,523 |
Premiums, reinsurance and other receivables (includes $4 and $4, respectively, relating to variable interest entities) | 17,870 | 20,443 |
Deferred policy acquisition costs and value of business acquired | 16,389 | 17,833 |
Goodwill | 10,112 | 9,308 |
Assets held-for-sale | 7,418 | 0 |
Other assets (includes $1 and $2, respectively, relating to variable interest entities) | 11,685 | 10,518 |
Separate account assets | 199,970 | 188,445 |
Total assets | 795,146 | 740,463 |
Liabilities | ||
Future policy benefits | 206,656 | 194,909 |
Policyholder account balances | 205,176 | 192,627 |
Other policy-related balances | 17,101 | 17,171 |
Policyholder dividends payable | 587 | 681 |
Policyholder dividend obligation | 2,969 | 2,020 |
Payables for collateral under securities loaned and other transactions | 29,475 | 26,745 |
Short-term debt | 393 | 235 |
Long-term debt (includes $5 and $5, respectively, relating to variable interest entities) | 14,603 | 13,466 |
Collateral financing arrangement | 845 | 993 |
Junior subordinated debt securities | 3,153 | 3,150 |
Current income tax payable | 129 | 363 |
Deferred Income Tax Liabilities, Net | 11,008 | 9,097 |
Liabilities held-for-sale | 4,650 | 0 |
Other liabilities (includes $1 and $1, respectively, relating to variable interest entities) | 23,614 | 24,179 |
Separate account liabilities | 199,970 | 188,445 |
Total liabilities | 720,329 | 674,081 |
Contingencies, Commitments and Guarantees (Note 21) | ||
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value $0.01 per share; $4,405 and $3,405, respectively, aggregate liquidation preference | 0 | 0 |
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,181,614,288 and 1,177,680,299 shares issued, respectively; 892,910,600 and 915,338,098 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 33,812 | 32,680 |
Retained earnings | 36,491 | 33,078 |
Treasury stock, at cost; 288,703,688 and 262,342,201 shares, respectively | (13,829) | (12,678) |
Accumulated other comprehensive income (loss) | 18,072 | 13,052 |
Total MetLife, Inc.’s stockholders’ equity | 74,558 | 66,144 |
Noncontrolling interests | 259 | 238 |
Total equity | 74,817 | 66,382 |
Total liabilities and equity | $ 795,146 | $ 740,463 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | $ 310,811 | $ 297,655 |
Amortized cost of fixed maturity securities valuation allowances | 81 | 0 |
Contractholder-directed equity securities and fair value option securities relating to variable interest entities | 13,319 | 13,102 |
Mortgage loans valuation allowances | 590 | 353 |
Residential mortgage loans — FVO | 83,919 | 80,529 |
Mortgage loans held-for-sale | 0 | 59 |
Real estate and real estate joint ventures (includes $169 and $127, respectively, under the fair value option and $128 and $0, respectively, of real estate held-for-sale) | 11,933 | 10,741 |
Real Estate Held-for-sale | 128 | 0 |
Other Invested Assets - Leveraged and Direct Financing Leases | 2,156 | 2,299 |
Other invested assets, at estimated fair value | 20,593 | 19,015 |
Cash and cash equivalents | 19,795 | 16,598 |
Premiums, reinsurance and other receivables relating to variable interest entities | 17,870 | 20,443 |
Other assets | 11,685 | 10,518 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 14,603 | 13,466 |
Other liabilities | $ 23,614 | $ 24,179 |
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Liquidation Preference, Value | $ 4,405 | $ 3,405 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,181,614,288 | 1,177,680,299 |
Common stock, shares outstanding | 892,910,600 | 915,338,098 |
Treasury stock, shares | 288,703,688 | 262,342,201 |
Residential mortgage loans - FVO | ||
Assets | ||
Residential mortgage loans — FVO | $ 165 | $ 188 |
Real estate and real estate joint venture [Member] | ||
Assets | ||
Real estate and real estate joint ventures (includes $169 and $127, respectively, under the fair value option and $128 and $0, respectively, of real estate held-for-sale) | 169 | 127 |
Variable interest entities | ||
Assets | ||
Contractholder-directed equity securities and fair value option securities relating to variable interest entities | 0 | 3 |
Other invested assets, at estimated fair value | 332 | 290 |
Cash and cash equivalents | 12 | 12 |
Premiums, reinsurance and other receivables relating to variable interest entities | 4 | 4 |
Other assets | 1 | 2 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 5 | 5 |
Other liabilities | $ 1 | $ 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Premiums | $ 42,034 | $ 42,235 | $ 43,840 |
Universal life and investment-type product policy fees | 5,603 | 5,603 | 5,502 |
Net investment income | 17,117 | 18,868 | 16,166 |
Other revenues | 1,849 | 1,842 | 1,880 |
Net investment gains (losses) | (110) | 444 | (298) |
Net derivative gains (losses) | 1,349 | 628 | 851 |
Total revenues | 67,842 | 69,620 | 67,941 |
Expenses | |||
Policyholder benefits and claims | 41,461 | 41,461 | 42,656 |
Interest credited to policyholder account balances | 5,214 | 6,464 | 4,013 |
Policyholder dividends | 1,090 | 1,211 | 1,251 |
Other expenses | 13,150 | 13,689 | 13,714 |
Total expenses | 60,915 | 62,825 | 61,634 |
Income (loss) before provision for income tax | 6,927 | 6,795 | 6,307 |
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 |
Net income (loss) | 5,418 | 5,909 | 5,128 |
Less: Net income (loss) attributable to noncontrolling interests | 11 | 10 | 5 |
Net income (loss) attributable to MetLife, Inc. | 5,407 | 5,899 | 5,123 |
Less: Preferred stock dividends | 202 | 178 | 141 |
Preferred stock redemption premium | 14 | 0 | 0 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 5,191 | $ 5,721 | $ 4,982 |
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | $ 5.72 | $ 6.10 | $ 4.95 |
Diluted | $ 5.68 | $ 6.06 | $ 4.91 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 5,418 | $ 5,909 | $ 5,128 |
Other comprehensive income (loss): | |||
Unrealized investment gains (losses), net of related offsets | 5,198 | 14,591 | (8,719) |
Unrealized gains (losses) on derivatives | (286) | 60 | 674 |
Foreign currency translation adjustments | 1,169 | (42) | (587) |
Defined benefit plans adjustment | 181 | 30 | 263 |
Other comprehensive income (loss), before income tax | 6,262 | 14,639 | (8,369) |
Income tax (expense) benefit related to items of other comprehensive income (loss) | (1,237) | (3,324) | 1,754 |
Other comprehensive income (loss), net of income tax | 5,025 | 11,315 | (6,615) |
Comprehensive income (loss) | 10,443 | 17,224 | (1,487) |
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax | 16 | 16 | 7 |
Comprehensive income (loss) attributable to MetLife, Inc. | $ 10,427 | $ 17,208 | $ (1,494) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment [Member] | Total MetLife, Inc.'s Stockholders' Equity | Total MetLife, Inc.'s Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2017 | $ 58,870 | $ 7 | $ 0 | $ 12 | $ 31,111 | $ 26,527 | $ (905) | $ (6,401) | $ 7,427 | $ 912 | $ 58,676 | $ 7 | $ 194 |
Preferred stock redemption premium | 0 | ||||||||||||
Preferred stock issuance | 1,274 | 1,274 | 1,274 | ||||||||||
Treasury stock acquired in connection with share repurchases | (3,992) | (3,992) | (3,992) | ||||||||||
Stock-based compensation | 89 | 89 | 89 | ||||||||||
Dividends on preferred stock | $ (141) | (141) | (141) | ||||||||||
Dividend Per Share | $ 1.660 | ||||||||||||
Dividends on common stock | $ (1,678) | (1,678) | (1,678) | ||||||||||
Change in equity of noncontrolling interests | 16 | 0 | 16 | ||||||||||
Net income (loss) | 5,128 | 5,123 | 5,123 | 5 | |||||||||
Other comprehensive income (loss), net of income tax | (6,615) | (6,617) | (6,617) | 2 | |||||||||
Ending Balance at Dec. 31, 2018 | 52,958 | 95 | 0 | 12 | 32,474 | 28,926 | 74 | (10,393) | 1,722 | $ 21 | 52,741 | 95 | 217 |
Preferred stock redemption premium | 0 | ||||||||||||
Preferred stock issuance | 0 | ||||||||||||
Treasury stock acquired in connection with share repurchases | (2,285) | (2,285) | (2,285) | ||||||||||
Stock-based compensation | 206 | 206 | 206 | ||||||||||
Dividends on preferred stock | $ (178) | (178) | (178) | ||||||||||
Dividend Per Share | $ 1.740 | ||||||||||||
Dividends on common stock | $ (1,643) | (1,643) | (1,643) | ||||||||||
Change in equity of noncontrolling interests | 5 | 0 | 5 | ||||||||||
Net income (loss) | 5,909 | 5,899 | 5,899 | 10 | |||||||||
Other comprehensive income (loss), net of income tax | 11,315 | 11,309 | 11,309 | 6 | |||||||||
Ending Balance at Dec. 31, 2019 | 66,382 | $ (121) | 0 | 12 | 32,680 | 33,078 | $ (121) | (12,678) | 13,052 | 66,144 | $ (121) | 238 | |
Redemption of preferred stock | (989) | (989) | (989) | ||||||||||
Preferred stock redemption premium | (14) | (14) | (14) | ||||||||||
Preferred stock issuance | 1,961 | 1,961 | 1,961 | ||||||||||
Treasury stock acquired in connection with share repurchases | (1,151) | (1,151) | (1,151) | ||||||||||
Stock-based compensation | 160 | 160 | 160 | ||||||||||
Dividends on preferred stock | $ (202) | (202) | (202) | ||||||||||
Dividend Per Share | $ 1.820 | ||||||||||||
Dividends on common stock | $ (1,657) | (1,657) | (1,657) | ||||||||||
Change in equity of noncontrolling interests | 5 | 0 | 5 | ||||||||||
Net income (loss) | 5,418 | 5,407 | 5,407 | 11 | |||||||||
Other comprehensive income (loss), net of income tax | 5,025 | 5,020 | 5,020 | 5 | |||||||||
Ending Balance at Dec. 31, 2020 | $ 74,817 | $ 0 | $ 12 | $ 33,812 | $ 36,491 | $ (13,829) | $ 18,072 | $ 74,558 | $ 259 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ 5,418 | $ 5,909 | $ 5,128 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expenses | 619 | 630 | 628 |
Amortization of premiums and accretion of discounts associated with investments, net | (816) | (999) | (1,013) |
(Gains) losses on investments and from sales of businesses, net | 110 | (444) | 298 |
(Gains) losses on derivatives, net | (656) | (135) | (207) |
(Income) loss from equity method investments, net of dividends or distributions | 76 | 254 | 251 |
Interest credited to policyholder account balances | 5,348 | 6,464 | 4,013 |
Universal life and investment-type product policy fees | (3,664) | (5,603) | (5,502) |
Change in contractholder-directed equity securities and fair value option securities | 131 | (139) | 2,212 |
Change in accrued investment income | 104 | 8 | (121) |
Change in premiums, reinsurance and other receivables | 842 | (514) | (1,809) |
Change in deferred policy acquisition costs and value of business acquired, net | 101 | (463) | (249) |
Change in income tax | (11) | 233 | 940 |
Change in other assets | (361) | 426 | 260 |
Change in insurance-related liabilities and policy-related balances | 5,112 | 7,803 | 7,454 |
Change in other liabilities | (1,065) | 71 | (483) |
Other, net | 351 | 285 | (62) |
Net cash provided by (used in) operating activities | 11,639 | 13,786 | 11,738 |
Cash flows from investing activities | |||
Sales, maturities and repayments of fixed maturity securities available-for-sale | 77,979 | 77,820 | 106,677 |
Sales, maturities and repayments of equity securities | 367 | 294 | 342 |
Sales, maturities and repayments of mortgage loans | 11,300 | 12,838 | 9,918 |
Sales, maturities and repayments of real estate and real estate joint ventures | 120 | 1,123 | 1,227 |
Sales, maturities and repayments of other limited partnership interests | 597 | 625 | 675 |
Purchases of fixed maturity securities available-for-sale | (89,633) | (87,455) | (105,401) |
Purchases of equity securities | (169) | (130) | (235) |
Purchases of mortgage loans | (14,652) | (17,657) | (17,059) |
Purchases of real estate and real estate joint ventures | (1,287) | (1,962) | (1,118) |
Purchases of other limited partnership interests | (1,979) | (1,674) | (1,406) |
Cash received in connection with freestanding derivatives | 4,847 | 2,914 | 3,778 |
Cash paid in connection with freestanding derivatives | (4,247) | (3,749) | (4,173) |
Purchases of businesses | (1,684) | (32) | 0 |
Net change in policy loans | 250 | 5 | (37) |
Net change in short-term investments | (341) | 152 | 870 |
Net change in other invested assets | (176) | (567) | 340 |
Other, net | 139 | (131) | (32) |
Net cash provided by (used in) investing activities | (18,569) | (17,586) | (5,634) |
Cash flows from financing activities | |||
Policyholder account balances: Deposits | 93,497 | 92,122 | 92,327 |
Policyholder account balances: Withdrawals | (85,251) | (85,598) | (88,061) |
Net change in payables for collateral under securities loaned and other transactions | 3,538 | 2,019 | (821) |
Cash received for other transactions with tenors greater than three months | 150 | 125 | 200 |
Cash paid for other transactions with tenors greater than three months | (175) | (200) | 0 |
Long-term debt issued | 1,124 | 1,382 | 24 |
Long-term debt repaid | (99) | (906) | (1,871) |
Collateral financing arrangement repaid | (148) | (67) | (61) |
Financing element on certain derivative instruments and other derivative related transactions, net | (46) | (126) | 144 |
Treasury stock acquired in connection with share repurchases | (1,151) | (2,285) | (3,992) |
Preferred stock issued, net of issuance costs | 1,961 | 0 | 1,274 |
Redemption of preferred stock | (989) | 0 | 0 |
Preferred stock redemption premium | (14) | 0 | 0 |
Dividends on preferred stock | (202) | (178) | (141) |
Dividends on common stock | (1,657) | (1,643) | (1,678) |
Other, net | 191 | (77) | (145) |
Net cash provided by (used in) financing activities | 10,729 | 4,568 | (2,801) |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 163 | 9 | (183) |
Change in cash and cash equivalents | 3,962 | 777 | 3,120 |
Cash and cash equivalents, from continuing operations, beginning of year | 16,598 | 15,821 | 12,701 |
Cash and cash equivalents, including subsidiary held-for-sale, end of year | 20,560 | 16,598 | 15,821 |
Cash and cash equivalents, subsidiary held-for-sale, end of year | 765 | 0 | 0 |
Cash and cash equivalents, end of year | 19,795 | 16,598 | 15,821 |
Supplemental disclosures of cash flow information | |||
Net cash paid for Interest | 891 | 964 | 1,130 |
Net cash paid (received) for Income tax | 787 | 1,099 | 1,935 |
Business acquisitions: Assets | 2,190 | 0 | 0 |
Business acquisitions: Liabilities | 315 | 0 | 0 |
Business acquisitions: cash paid, excluding transaction costs | 1,875 | 0 | 0 |
Assets held-for-sale | 7,418 | 0 | 0 |
Liabilities held-for-sale | 4,650 | 0 | 0 |
Net assets held-for-sale | 2,768 | 0 | 0 |
Non-cash transactions: | |||
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | 2,037 | 637 | 3,016 |
Operating lease liability associated with the recognition of right-of-use assets | 70 | 341 | 0 |
Reduction of long-term debt | 0 | 0 | 944 |
Reduction of fair value option securities | 0 | 0 | 1,030 |
Reclassification of certain equity securities to other invested assets | $ 0 | $ 0 | $ 792 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 “MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. 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 consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the novel coronavirus COVID-19 pandemic (the “COVID-19 Pandemic”). Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Consolidation The accompanying consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. Held-for-Sale The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The business classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the business exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in Net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's consolidated balance sheets in the period in which the business is classified as held-for-sale. See Note 3 for information on a held-for-sale business. If a component of the Company has either been disposed of or is classified as held-for-sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the results of the component are reported in discontinued operations. Separate Accounts Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if: • such separate accounts are legally recognized; • assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; • investment objectives are directed by the contractholder; and • all investment performance, net of contract fees and assessments, is passed through to the contractholder. The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in fair value option (“FVO”) securities (“FVO Securities”). The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations. Summary of Significant Accounting Policies The following are the Company’s significant accounting policies with references to notes providing additional information on such policies and critical accounting estimates relating to such policies. Accounting Policy Note Insurance 4 Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles 5 Reinsurance 6 Investments 8 Derivatives 9 Fair Value 10 Goodwill 12 Employee Benefit Plans 18 Income Tax 19 Litigation Contingencies 21 Insurance Future Policy Benefit Liabilities and Policyholder Account Balances The Company establishes liabilities for amounts payable under insurance policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of future expected benefits to be paid, reduced by the present value of future expected 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 liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type and geographical area. These assumptions are established at the time the policy is issued and are intended to estimate the experience for the period the policy benefits are payable. Utilizing these assumptions, liabilities are established on a block of business basis. For long duration insurance contracts, assumptions such as mortality, morbidity and interest rates are “locked in” upon the issuance of new business. However, significant adverse changes in experience on such contracts may require the establishment of premium deficiency reserves. Such reserves are determined based on the then current assumptions and do not include a provision for adverse deviation. Premium deficiency reserves may also be established for short-duration contracts to provide for expected future losses. 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. Liabilities for 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 assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”), and are thus subject to the same variability and risk as further discussed herein. 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 Company regularly reviews its estimates of liabilities for future policy benefits and compares them with its actual experience. Differences result in changes to the liability balances with related charges or credits to benefit expenses in the period in which the changes occur. Policyholder account balances relate to contracts or contract features where the Company has no significant insurance risk. The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit adjusted for withdrawals. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of a specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”), elective annuitizations of guaranteed minimum income benefits (“GMIBs”), and the life contingent portion of GMIBs that require annuitization when the account balance goes to zero. Guarantees accounted for as embedded derivatives in policyholder account balances include guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and 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 liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired (“VOBA”). The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, dental and vision claims. In addition, included in other policy-related balances are claims which have been reported but not yet settled for death, disability 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 unearned revenue 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 using the product’s estimated gross profits and margins, similar to DAC as discussed further herein. Such amortization is recorded in universal life and investment-type product policy fees. See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative VOBA. Recognition of Insurance Revenues and Deposits Premiums related to traditional life, annuity contracts with life contingencies, long-duration accident & health, and credit insurance policies 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 and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the amount of expected future policy benefit payments. Premiums related to short-duration non-medical health and disability, accident & health, and certain credit insurance contracts are recognized on a pro rata basis over the applicable contract term. Deposits related to universal life and investment-type products are credited to policyholder account balances. 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. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related policyholder account balances. Premiums related to property & casualty contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are included in future policy benefits. 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; • other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and • the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. 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. 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. DAC and VOBA are amortized as follows: Products: In proportion to the following over estimated lives of the contracts: • Nonparticipating and non-dividend-paying traditional contracts: Actual and expected future gross premiums. • Term insurance • Nonparticipating whole life insurance • Traditional group life insurance • Non-medical health insurance • Accident & health insurance • Participating, dividend-paying traditional contracts Actual and expected future gross margins. • Fixed and variable universal life contracts Actual and expected future gross profits. • Fixed and variable deferred annuity contracts • Credit insurance contracts Actual and future earned premiums. • Property & casualty insurance contracts • Other short-duration contracts See Note 5 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated on the financial statements for reporting purposes. 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 methodology and assumptions used to amortize DAC. 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. 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 nine For certain acquired blocks of business, the estimated fair value of the in-force contract obligations exceeded the book value of assumed in-force insurance policy liabilities, resulting in negative VOBA, which is presented separately from VOBA as an additional insurance liability. The estimated fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized over the policy period in proportion to the approximate consumption of losses included in the liability usually expressed in terms of insurance in-force or account value. Such amortization is recorded as an offset in other expenses. 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. 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 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. 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, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. 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 revenues. 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. Investments Net Investment Income and Net Investment Gains (Losses) Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, intent-to-sell impairments, as well as provisions for credit loss in the allowance for credit loss (“ACL”) on fixed maturity securities available-for-sale (“AFS”), mortgage loans and investments in leases and subsequent changes in the ACL or for impairment losses on real estate investments and other asset classes, are reported within net investment gains (losses), unless otherwise stated herein. Accrued investment income is presented separately on the consolidated balance sheet and excluded from the carrying value of the related investments, primarily fixed maturity securities AFS and mortgage loans. Fixed Maturity Securities The majority of the Company’s fixed maturity securities are classified as AFS and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of other comprehensive income (loss) (“OCI”), net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Sales of securities are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount, and is based on the estimated economic life of the securities, which for mortgage-backed and asset-backed securities considers the estimated timing and amount of prepayments of the underlying loans. See Note 8 “— Fixed Maturity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Products.” The amortization of premium and accretion of discount also take into consideration call and maturity dates. The Company periodically evaluates these securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value as described in Note 8 “— Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss.” Prior to January 1, 2020, the Company applied other than temporary impairment (“OTTI”) guidance for securities in an unrealized loss position. An OTTI was recognized in earnings within net investment gains (losses) when it was anticipated that the amortized cost would not be recovered. When either: (i) the Company had the intent to sell the security, or (ii) it was more likely than not that the Company would be required to sell the security before recovery, the reduction of amortized cost and the OTTI recognized in earnings was the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions existed, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected was recognized as a reduction of amortized cost and an OTTI in earnings. If the estimated fair value was less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors was recorded in OCI. On January 1, 2020, the Company adopted accounting standards update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using a modified retrospective approach. Under ASU 2016-13, for securities in an unrealized loss position, a credit loss is recognized in earnings within net investment gains (losses) when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the reduction of amortized cost and the loss recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as a credit loss by establishing an ACL with a corresponding charge to earnings in net investment gains (losses). However, the ACL is limited by the amount that the fair value is less than the amortized cost. This limitation is known as the “fair value floor.” If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the decline in value related to other-than-credit factors (“noncredit loss”) is recorded in OCI. The new credit loss guidance also replaces the model for purchased credit impaired (“PCI”) fixed maturity securities AFS and financing receivables and requires the establishment of an ACL at acquisition, which is added to the purchase price to establish the initial amortized cost of the investment. Upon adoption, the replacement of the PCI model did not have a material impact on the Company’s consolidated financial statements. Equity Securities Equity securities are reported at their estimated fair value, with changes in estimated fair value included in net investment gains (losses). Sales of securities are determined on a specific identification basis. Dividends are recognized in net investment income when declared. Contractholder-Directed Equity Securities and FVO Securities Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) are investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value, and include: • contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily equity securities (including mutual funds) and, to a lesser extent, fixed income investments and cash and cash equivalents. The investment returns on these investments inure to contractholders and are offset by a corresponding change in policyholder account balances through interest credited to policyholder account balances; • fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts; and • securities held by consolidated securitization entities (“CSEs”). Mortgage Loans ASU 2016-13 requires an ACL based on expected lifetime credit loss on financing receivables carried at amortized cost, including, but not limited to, mortgage loans and leveraged and direct financing leases, as described in Note 8. The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural and residential. Also included in commercial mortgage loans are revolving line of credit loans collateralized by commercial properties. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 8. Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of ACL. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount. The Company ceases to accrue interest when the collection of interest is not considered probable, which is based on a current evaluation of the status of the borrower, including the number of days past due. When a loan is placed on non-accrual status, uncollected past due accrued interest income that is considered uncollectible is charged-off against net investment income. Generally, the accrual of interest income resumes after all delinquent amounts are paid and management believes all future principal and interest payments will be collected. The Company records cash receipts on non-accruing loans in accordance with the loan agreement. The Company records charge-offs upon the realization of a credit loss, typically through foreclosure or after a decision is made to sell a loan, or for residential loans when, after considering the individual consumer’s financial status, management believes amounts are not collectible. Gain or loss upon charge-off is recorded, net of previously established ACL, in net investment gains (losses). Cash recoveries on principal amounts previously charged-off are generally recorded in net investment gains. Also included in mortgage loans are residential mortgage loans for which the FVO was elected, and which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment income. Mortgage loans that were previously designated as held-for-investment, but now are designated as held-for-sale, are stated at the lower of amortized cost or estimated fair value. Policy Loans Policy loans a |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information MetLife is organized into five segments: U.S.; Asia; Latin America; EMEA; 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 three businesses: Group Benefits, Retirement and Income Solutions (“RIS”) and Property & Casualty. • The Group Benefits business offers products such as term, variable and universal life insurance, dental, group and individual disability, vision 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, and capital markets investment products, as well as solutions for funding postretirement benefits and company-, bank- and trust-owned life insurance. • The Property & Casualty business offers personal lines of property and casualty insurance, including private passenger automobile and homeowners’ insurance. See Note 3 for information on the pending disposition. Asia The Asia segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, accident & health insurance and retirement and savings. Latin America The Latin America segment offers a broad range of products to both individuals and corporations, as well as to other institutions, and their respective employees, which include life insurance, retirement and savings, accident & health insurance and credit insurance. EMEA The EMEA segment offers products to individuals, corporations, other institutions, and their respective employees, which include life insurance, accident & health insurance, retirement and savings and credit insurance. MetLife Holdings The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the United States. 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. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiative restructuring charges), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to affiliated reinsurance, investment expenses and intersegment loans, bearing interest rates commensurate with related borrowings), and the Company’s investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide). Financial Measures and Segment Accounting Policies Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax. The financial measures of adjusted revenues and adjusted expenses focus on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) and net derivative gains (losses). Adjusted expenses also excludes goodwill impairments. The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity GMIB fees (“GMIB fees”); • Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed equity securities, (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in net investment gains (losses) under GAAP; and • Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (“TSA fees”). The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iv) benefits and hedging costs related to GMIBs (“GMIB costs”) and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”); • Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes certain amounts related to net investment income earned on contractholder-directed equity securities; • Amortization of DAC and VOBA excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB fees and GMIB costs and (iii) Market value adjustments; • Amortization of negative VOBA excludes amounts related to Market value adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs, and (iii) acquisition, integration and other costs. Other expenses includes TSA fees. 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 years ended December 31, 2020, 2019 and 2018 and at December 31, 2020 and 2019. The segment accounting policies are the same as those used to prepare the Company’s 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 the Company’s business. The Company’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. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards. Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, net income (loss) or adjusted earnings. Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing. Year Ended December 31, 2020 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 27,265 $ 6,571 $ 2,265 $ 2,259 $ 3,600 $ 22 $ 41,982 $ 52 $ 42,034 Universal life and investment-type product policy fees 1,070 1,892 994 433 1,073 3 5,465 138 5,603 Net investment income 6,903 3,938 992 269 5,184 42 17,328 (211) 17,117 Other revenues 957 61 38 52 238 344 1,690 159 1,849 Net investment gains (losses) — — — — — — — (110) (110) Net derivative gains (losses) — — — — — — — 1,349 1,349 Total revenues 36,195 12,462 4,289 3,013 10,095 411 66,465 1,377 67,842 Expenses Policyholder benefits and claims and policyholder dividends 26,309 5,213 2,406 1,196 6,738 (3) 41,859 692 42,551 Interest credited to policyholder account balances 1,622 1,834 240 109 868 — 4,673 541 5,214 Capitalization of DAC (453) (1,652) (362) (491) (39) (11) (3,008) (5) (3,013) Amortization of DAC and VOBA 471 1,415 276 454 370 8 2,994 166 3,160 Amortization of negative VOBA — (37) — (8) — — (45) — (45) Interest expense on debt 7 — 4 1 6 895 913 — 913 Other expenses 4,162 3,481 1,318 1,344 942 625 11,872 263 12,135 Total expenses 32,118 10,254 3,882 2,605 8,885 1,514 59,258 1,657 60,915 Provision for income tax expense (benefit) 853 643 127 81 234 (556) 1,382 127 1,509 Adjusted earnings $ 3,224 $ 1,565 $ 280 $ 327 $ 976 $ (547) 5,825 Adjustments to: Total revenues 1,377 Total expenses (1,657) Provision for income tax (expense) benefit (127) Net income (loss) $ 5,418 $ 5,418 At December 31, 2020 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 291,483 $ 173,884 $ 75,047 $ 28,372 $ 184,566 $ 41,794 $ 795,146 Separate account assets $ 85,316 $ 10,825 $ 50,073 $ 6,083 $ 47,673 $ — $ 199,970 Separate account liabilities $ 85,316 $ 10,825 $ 50,073 $ 6,083 $ 47,673 $ — $ 199,970 __________________ (1) Total assets includes $146.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets. Year Ended December 31, 2019 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 26,801 $ 6,632 $ 2,723 $ 2,177 $ 3,748 $ 83 $ 42,164 $ 71 $ 42,235 Universal life and investment-type product policy fees 1,078 1,674 1,094 423 1,124 2 5,395 208 5,603 Net investment income 7,021 3,691 1,271 291 5,281 275 17,830 1,038 18,868 Other revenues 887 56 44 54 253 291 1,585 257 1,842 Net investment gains (losses) — — — — — — — 444 444 Net derivative gains (losses) — — — — — — — 628 628 Total revenues 35,787 12,053 5,132 2,945 10,406 651 66,974 2,646 69,620 Expenses Policyholder benefits and claims and policyholder dividends 26,165 5,185 2,623 1,176 6,970 73 42,192 480 42,672 Interest credited to policyholder account balances 1,984 1,710 332 98 905 — 5,029 1,435 6,464 Capitalization of DAC (484) (1,913) (396) (505) (28) (12) (3,338) (20) (3,358) Amortization of DAC and VOBA 475 1,288 291 428 299 6 2,787 109 2,896 Amortization of negative VOBA — (25) — (8) — — (33) — (33) Interest expense on debt 10 — 3 — 8 934 955 — 955 Other expenses 4,075 3,818 1,443 1,399 969 1,074 12,778 451 13,229 Total expenses 32,225 10,063 4,296 2,588 9,123 2,075 60,370 2,455 62,825 Provision for income tax expense (benefit) 724 585 227 75 249 (1,201) 659 227 886 Adjusted earnings $ 2,838 $ 1,405 $ 609 $ 282 $ 1,034 $ (223) 5,945 Adjustments to: Total revenues 2,646 Total expenses (2,455) Provision for income tax (expense) benefit (227) Net income (loss) $ 5,909 $ 5,909 At December 31, 2019 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 266,174 $ 161,018 $ 75,069 $ 27,281 $ 175,199 $ 35,722 $ 740,463 Separate account assets $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 Separate account liabilities $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 __________________ (1) Total assets includes $134.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets. Year Ended December 31, 2018 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 28,186 $ 6,766 $ 2,760 $ 2,131 $ 3,879 $ 118 $ 43,840 $ — $ 43,840 Universal life and investment-type product policy fees 1,053 1,630 1,050 431 1,218 — 5,382 120 5,502 Net investment income 6,977 3,317 1,239 293 5,379 178 17,383 (1,217) 16,166 Other revenues 821 51 35 66 250 333 1,556 324 1,880 Net investment gains (losses) — — — — — — — (298) (298) Net derivative gains (losses) — — — — — — — 851 851 Total revenues 37,037 11,764 5,084 2,921 10,726 629 68,161 (220) 67,941 Expenses Policyholder benefits and claims and policyholder dividends 27,765 5,326 2,602 1,127 6,833 80 43,733 174 43,907 Interest credited to policyholder account balances 1,790 1,465 394 100 944 — 4,693 (680) 4,013 Capitalization of DAC (449) (1,915) (377) (468) (36) (8) (3,253) (1) (3,254) Amortization of DAC and VOBA 477 1,302 209 434 332 6 2,760 215 2,975 Amortization of negative VOBA — (39) (1) (15) — — (55) (1) (56) Interest expense on debt 12 — 6 — 9 1,032 1,059 63 1,122 Other expenses 3,902 3,840 1,421 1,378 1,081 907 12,529 398 12,927 Total expenses 33,497 9,979 4,254 2,556 9,163 2,017 61,466 168 61,634 Provision for income tax expense (benefit) 736 548 238 88 308 (825) 1,093 86 1,179 Adjusted earnings $ 2,804 $ 1,237 $ 592 $ 277 $ 1,255 $ (563) 5,602 Adjustments to: Total revenues (220) Total expenses (168) Provision for income tax (expense) benefit (86) Net income (loss) $ 5,128 $ 5,128 The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: Years Ended December 31, 2020 2019 2018 (In millions) Life insurance $ 21,256 $ 20,759 $ 20,550 Accident & health insurance 15,346 15,159 14,489 Annuities 7,916 8,590 10,990 Property and casualty insurance 3,589 3,716 3,651 Other 1,379 1,456 1,542 Total $ 49,486 $ 49,680 $ 51,222 The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations: Years Ended December 31, 2020 2019 2018 (In millions) U.S. $ 34,717 $ 34,433 $ 36,078 Foreign: Japan 6,750 6,608 6,435 Other 8,019 8,639 8,709 Total $ 49,486 $ 49,680 $ 51,222 Revenues derived from any customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2020 and 2019. Revenues derived from one U.S. segment customer were $6.0 billion for the year ended December 31, 2018, which represented 12% of consolidated premiums, universal life and investment-type product policy fees and other revenues. The revenue was from a single premium received for a pension risk transfer. Revenues derived from any other customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the year ended December 31, 2018. |
Dispositions - Dispositions
Dispositions - Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisition and Dispositions Acquisition Acquisition of Versant Health On December 30, 2020, the Company completed its acquisition of all of the issued and outstanding capital stock of Versant Health, Inc. (“Versant Health”), a managed vision care company, for $1.8 billion in an all-cash transaction. Versant Health owns the well-established marketplace brands, Davis Vision and Superior Vision. Of the purchase price, $323 million and $95 million was allocated to the fair value of tangible assets acquired and liabilities assumed, respectively, at the acquisition date. The tangible assets primarily included $189 million of cash. Additionally, $890 million was allocated to goodwill, $790 million was allocated to VOCRA, and $115 million was allocated to other intangibles. The goodwill recorded includes the certain expected synergies, assembled workforce and other benefits that management believes will result from combining the operations of Versant Health with the operations of MetLife, including strengthening and differentiating the Company’s vision benefit offering, reported in the U.S. segment, with one of the industry’s broadest networks of providers and plan options. The value of VOCRA, included in other assets, reflects the estimated fair value of the expected future profits associated with Versant Health’s customer relationships acquired. VOCRA will be amortized over the assets’ useful lives ranging from nine The allocated purchase price also included deferred tax liabilities of $217 million, which are attributable to the intangible assets and liabilities, excluding goodwill, established at the acquisition date. No portion of goodwill is expected to be deductible for tax purposes. The valuation of the assets acquired and liabilities assumed is preliminary and subject to revision as more detailed analyses are completed. If additional information about the estimated fair value of assets acquired and liabilities assumed becomes available, the Company may further revise the preliminary purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Total revenue of Versant Health represented less than 2% of pro forma total revenue of MetLife for each of the years ended December 31, 2020, 2019 and 2018 when evaluated as though the acquisition had occurred at the beginning of the earliest period presented. Dispositions Pending Disposition of Metropolitan Property and Casualty Insurance Company In December 2020, the Company entered into a definitive agreement to sell its wholly-owned subsidiary, Metropolitan Property and Casualty Insurance Company and certain of its wholly-owned subsidiaries (collectively, “MetLife P&C”) to Farmers Group, Inc. for $3.9 billion in cash. In addition, the Company and the Farmers Exchanges have established a 10-year strategic partnership through which the Farmers Insurance Group will offer its personal line products on MetLife’s U.S. Group Benefits platform which will commence when the transaction closes. MetLife P&C results of operations are reported in the U.S. segment adjusted earnings through December 31, 2020. The transaction is expected to close in the second quarter of 2021 and is subject to regulatory approvals and satisfaction of other closing conditions. The pending disposition meets the criteria for held-for-sale accounting but does not meet the criteria to be classified as discontinued operations. As a result, the related assets and liabilities are included in the separate held-for-sale line items of the asset and liability sections of the consolidated balance sheet. The following table summarizes the assets and liabilities held-for-sale at December 31, 2020: December 31, 2020 (In millions) Assets: Fixed maturity securities available-for-sale $ 4,096 Equity securities 57 Mortgage loans 355 Other invested assets 29 Total investments 4,537 Cash and cash equivalents 765 Accrued investment income 38 Premiums, reinsurance and other receivables 1,411 Deferred policy acquisition costs 196 Goodwill 328 Other assets 143 Total assets held-for-sale $ 7,418 Liabilities: Future policy benefits $ 3,506 Other policy-related balances 33 Payables for collateral under securities loaned and other transactions 862 Other liabilities 249 Total liabilities held-for-sale $ 4,650 MetLife P&C income (loss) before provision for income tax as reflected in the consolidated statement of operations was $399 million, $291 million and $367 million for the years ended December 31, 2020, 2019 and 2018, respectively. Disposition of Joint-stock Company MetLife Insurance Company In December 2020, the Company entered into an agreement to sell its wholly-owned Russian subsidiary, the Joint-stock Company MetLife Insurance Company (“MetLife Russia”). In connection with the pending sale, a loss of $133 million, net of income tax, was recorded for the year ended December 31, 2020 and is reflected in net investment gains (losses). At December 31, 2020, MetLife Russia represented $382 million of total assets in the EMEA segment. MetLife Russia results of operations are reported in the EMEA segment adjusted earnings through December 31, 2020. In January 2021, the Company completed the sale of MetLife Russia. Disposition of MetLife Seguros de Retiro S.A. In October 2020, the Company sold one of its wholly-owned Argentinian subsidiaries, MetLife Seguros de Retiro S.A. (“MetLife Seguros de Retiro”). In connection with the sale, a loss of $162 million, net of income tax, was recorded for the year ended December 31, 2020. This loss was comprised of a $130 million pre-tax loss, which was reflected in net investment gains (losses). Additionally, the $162 million loss included a $32 million net tax charge, which was recorded in the provision for income tax expense (benefit) and included previously deferred tax items and losses which are not recognized for tax purposes. At December 31, 2019, MetLife Seguros de Retiro represented $237 million of total assets in the Latin America segment. MetLife Seguros de Retiro’s results of operations were reported in the Latin America segment adjusted earnings through June 30, 2020. See Note 2 for information on accounting for divested businesses. Disposition of MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited In June 2019, the Company entered into a definitive agreement to sell its two wholly-owned subsidiaries, MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively, “MetLife Hong Kong”). As a result of the agreement, a loss of $140 million, net of income tax, was recorded for the year ended December 31, 2019. This loss was comprised of a $100 million pre-tax loss, which was reflected in net investment gains (losses) and included allocated goodwill of $71 million. Additionally, the $140 million loss included a $40 million net tax charge, which was recorded in the provision for income tax expense (benefit) and included previously deferred tax items and losses which are not recognized for tax purposes. At December 31, 2019, MetLife Hong Kong represented $2.9 billion of total assets in the Asia segment. MetLife Hong Kong’s results of operations were reported in the Asia segment adjusted earnings through June 30, 2019. See Note 2 for information on accounting for divested businesses. In June 2020, the Company completed the sale and recorded a gain of $11 million, net of income tax, for the year ended December 31, 2020, which resulted in a total loss on the sale of $129 million, net of income tax. Separation of Brighthouse On August 4, 2017, MetLife, Inc. completed the separation of Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”) through a distribution of 96,776,670 shares of Brighthouse Financial, Inc. common stock outstanding, representing approximately 80.8% of those shares, to the MetLife, Inc. common shareholders (the “Separation”). MetLife, Inc. retained the remaining outstanding shares of Brighthouse Financial, Inc. common stock and recognized its investment in Brighthouse Financial, Inc. common stock based on the NASDAQ reported market price. In June 2018, the Company sold Brighthouse Financial, Inc. common stock (“FVO Brighthouse Common Stock”) in exchange for $944 million aggregate principal amount of MetLife, Inc. senior notes, which MetLife, Inc. canceled. The Company recorded $327 million of mark-to-market and disposition losses on the FVO Brighthouse Common Stock to net investment gains (losses) for the year ended December 31, 2018. At December 31, 2018, the Company no longer held any shares of Brighthouse Financial, Inc. for its own account; however, certain insurance company separate accounts managed by the Company held shares of Brighthouse Financial, Inc. See Note 13 for further information on this transaction. |
Insurance
Insurance | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Insurance | 4. Insurance Insurance Liabilities Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at: December 31, 2020 2019 (In millions) U.S. $ 162,524 $ 150,327 Asia 126,912 118,027 Latin America 16,849 15,911 EMEA 17,252 16,951 MetLife Holdings 103,937 101,945 Corporate & Other 1,459 1,546 Total $ 428,933 $ 404,707 Future policy benefits are measured as follows: Product Type: Measurement Assumptions: Participating life Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for U.S. businesses and less than 1% to 11% for non-U.S. businesses and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for U.S. businesses. Nonparticipating life Aggregate of the present value of future expected benefit payments and related expenses less the present value of future expected net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for U.S. businesses and less than 1% to 11% for non-U.S. businesses. Individual and group traditional fixed annuities after annuitization Present value of future expected payments. Interest rate assumptions used in establishing such liabilities range from 1% to 11% for U.S. businesses and less than 1% to 9% for non-U.S. businesses. Non-medical health insurance The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 1% to 7% (primarily related to U.S. businesses). Disabled lives Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 2% to 8% for U.S. businesses and less than 1% to 9% for non-U.S. businesses. Participating business represented 3% of the Company’s life insurance in-force at both December 31, 2020 and 2019. Participating policies represented 14%, 15% and 14% of gross traditional life insurance premiums for the years ended December 31, 2020, 2019 and 2018, respectively. Policyholder account balances are equal to: (i) policy account values, which consist of an accumulation of gross premium payments and investment performance; (ii) credited interest, ranging from less than 1% to 8% for U.S. businesses and less than 1% to 12% for non-U.S. businesses, less expenses, mortality charges and withdrawals; and (iii) fair value adjustments relating to business combinations. Guarantees The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. GMABs, the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 9. Guarantees accounted for as insurance liabilities include: Guarantee: Measurement Assumptions: GMDBs • A return of purchase payment upon death even if the account value is reduced to zero. • Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. • An enhanced death benefit may be available for an additional fee. • Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. • Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. • Benefit assumptions are based on the average benefits payable over a range of scenarios. GMIBs • After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. • Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. • Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. • Assumptions are consistent with those used for estimating GMDB liabilities. • Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. GMWBs • A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. • Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. • Certain contracts include guaranteed withdrawals that are life contingent. The Company also issues other annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: Annuity Contracts Universal and Variable GMDBs and GMWBs GMIBs Secondary Paid-Up Total (In millions) Direct and Assumed: Balance at January 1, 2018 $ 528 $ 720 $ 3,188 $ 347 $ 4,783 Incurred guaranteed benefits (1) (78) 178 291 12 403 Paid guaranteed benefits (22) — (37) — (59) Balance at December 31, 2018 428 898 3,442 359 5,127 Incurred guaranteed benefits (1) 62 (3) 358 68 485 Paid guaranteed benefits (25) (1) (38) — (64) Balance at December 31, 2019 465 894 3,762 427 5,548 Incurred guaranteed benefits (1) 195 240 602 26 1,063 Paid guaranteed benefits (21) (5) (99) (45) (170) Balance at December 31, 2020 $ 639 $ 1,129 $ 4,265 $ 408 $ 6,441 Ceded: Balance at January 1, 2018 $ 34 $ 6 $ 241 $ 242 $ 523 Incurred guaranteed benefits (38) 4 28 9 3 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2018 — 10 269 251 530 Incurred guaranteed benefits (4) — 80 30 106 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2019 — 10 349 281 640 Incurred guaranteed benefits (11) (3) 96 43 125 Paid guaranteed benefits 9 — (18) (32) (41) Balance at December 31, 2020 $ (2) $ 7 $ 427 $ 292 $ 724 Net: Balance at January 1, 2018 $ 494 $ 714 $ 2,947 $ 105 $ 4,260 Incurred guaranteed benefits (40) 174 263 3 400 Paid guaranteed benefits (26) — (37) — (63) Balance at December 31, 2018 428 888 3,173 108 4,597 Incurred guaranteed benefits 66 (3) 278 38 379 Paid guaranteed benefits (29) (1) (38) — (68) Balance at December 31, 2019 465 884 3,413 146 4,908 Incurred guaranteed benefits 206 243 506 (17) 938 Paid guaranteed benefits (30) (5) (81) (13) (129) Balance at December 31, 2020 $ 641 $ 1,122 $ 3,838 $ 116 $ 5,717 __________________ (1) Secondary guarantees include the effects of foreign currency translation of $125 million, $23 million and $62 million at December 31, 2020, 2019 and 2018, respectively. Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at: December 31, 2020 2019 In the At In the At (Dollars in millions) Annuity Contracts: Variable Annuity Guarantees: Total account value (1), (2), (3) $ 65,044 $ 24,170 $ 64,506 $ 24,036 Separate account value (1) $ 42,585 $ 22,370 $ 41,305 $ 22,291 Net amount at risk (2) $ 1,579 (4) $ 614 (5) $ 1,572 (4) $ 584 (5) Average attained age of contractholders 68 years 66 years 67 years 65 years Other Annuity Guarantees: Total account value (1), (3) N/A $ 6,030 N/A $ 5,671 Net amount at risk N/A $ 459 (6) N/A $ 408 (6) Average attained age of contractholders N/A 50 years N/A 51 years December 31, 2020 2019 Secondary Paid-Up Secondary Guarantees Paid-Up (Dollars in millions) Universal and Variable Life Contracts: Total account value (1), (3) $ 13,426 $ 2,808 $ 11,937 $ 2,940 Net amount at risk (7) $ 82,940 $ 13,557 $ 86,221 $ 14,500 Average attained age of policyholders 54 years 65 years 53 years 65 years __________________ (1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. (2) Includes amounts, which are not reported on the consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan. (3) Includes the contractholder’s investments in the general account and separate account, if applicable. (4) Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. (5) Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. (6) Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. (7) Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date. Guarantees — Separate Accounts Account balances of contracts with guarantees were invested in separate account asset classes as follows at: December 31, 2020 2019 (In millions) Fund Groupings: Equity $ 28,581 $ 25,097 Balanced 18,385 19,014 Bond 5,567 5,565 Money Market 149 117 Total $ 52,682 $ 49,793 Obligations Under Funding Agreements The Company issues fixed and floating rate funding agreements, which are denominated in either U.S. dollars or foreign currencies, to certain unconsolidated special purpose entities that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. For the years ended December 31, 2020, 2019 and 2018, the Company issued $40.4 billion, $37.3 billion and $41.8 billion, respectively, and repaid $36.7 billion, $36.4 billion and $43.7 billion, respectively, of such funding agreements. At December 31, 2020 and 2019, liabilities for funding agreements outstanding, which are included in policyholder account balances, were $39.9 billion and $34.6 billion, respectively. Certain of the Company’s subsidiaries are or were members of regional FHLBs. Holdings of common stock of regional FHLBs, included in other invested assets, were as follows at: December 31, 2020 2019 (In millions) FHLB of New York $ 812 $ 737 FHLB of Des Moines $ 2 $ 4 FHLB of Pittsburgh $ — $ 35 Certain subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at: Liability Collateral December 31, 2020 2019 2020 2019 (In millions) FHLB of New York (1) $ 16,200 $ 14,445 $ 18,539 (2) $ 16,570 (2) Farmer Mac (3) $ 2,375 $ 2,550 $ 2,450 $ 2,670 FHLB of Des Moines (1) $ 50 $ 100 $ 72 (2) $ 141 (2) FHLB of Pittsburgh (1) $ — $ 775 $ — $ 895 (2) __________________ (1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB. (2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. (3) Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. U.S. Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 6,318 $ 6,290 $ 6,293 $ 6,269 $ 6,287 $ 6,295 $ 6,294 $ 6,295 $ 6,297 $ 6,299 $ 1 208,202 2012 6,503 6,579 6,569 6,546 6,568 6,569 6,569 6,572 6,574 1 209,960 2013 6,637 6,713 6,719 6,720 6,730 6,720 6,723 6,724 1 212,572 2014 6,986 6,919 6,913 6,910 6,914 6,919 6,920 3 215,388 2015 7,040 7,015 7,014 7,021 7,024 7,025 3 217,729 2016 7,125 7,085 7,095 7,104 7,105 6 218,487 2017 7,432 7,418 7,425 7,427 9 257,925 2018 7,757 7,655 7,646 14 242,815 2019 7,935 7,900 23 239,317 2020 8,913 757 206,427 Total 72,533 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (70,179) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 18 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 2,372 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 4,982 $ 6,194 $ 6,239 $ 6,256 $ 6,281 $ 6,290 $ 6,292 $ 6,295 $ 6,296 $ 6,297 2012 5,132 6,472 6,518 6,532 6,558 6,565 6,566 6,569 6,572 2013 5,216 6,614 6,664 6,678 6,711 6,715 6,720 6,721 2014 5,428 6,809 6,858 6,869 6,902 6,912 6,915 2015 5,524 6,913 6,958 6,974 7,008 7,018 2016 5,582 6,980 7,034 7,053 7,086 2017 5,761 7,292 7,355 7,374 2018 6,008 7,521 7,578 2019 6,178 7,756 2020 6,862 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 70,179 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Life - Term 78.2% 20.0% 0.7% 0.2% 0.5% 0.1% —% —% —% —% Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 955 $ 916 $ 894 $ 914 $ 924 $ 923 $ 918 $ 917 $ 914 $ 910 $ — 21,644 2012 966 979 980 1,014 1,034 1,037 1,021 1,015 1,011 — 20,086 2013 1,008 1,027 1,032 1,049 1,070 1,069 1,044 1,032 — 21,138 2014 1,076 1,077 1,079 1,101 1,109 1,098 1,097 — 22,852 2015 1,082 1,105 1,093 1,100 1,087 1,081 — 21,209 2016 1,131 1,139 1,159 1,162 1,139 — 17,967 2017 1,244 1,202 1,203 1,195 — 16,313 2018 1,240 1,175 1,163 7 15,135 2019 1,277 1,212 33 15,044 2020 1,253 630 8,387 Total 11,093 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (5,657) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 1,543 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 6,979 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 44 $ 217 $ 337 $ 411 $ 478 $ 537 $ 588 $ 635 $ 670 $ 703 2012 43 229 365 453 524 591 648 694 730 2013 43 234 382 475 551 622 676 722 2014 51 266 428 526 609 677 732 2015 50 264 427 524 601 665 2016 49 267 433 548 628 2017 56 290 476 579 2018 54 314 497 2019 57 342 2020 59 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 5,657 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Long-Term Disability 4.6% 20.0% 14.6% 8.9% 7.2% 6.4% 5.4% 4.7% 3.7% 3.6% Significant Methodologies and Assumptions Group Life - Term and Group Long-Term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure. For Group Life - Term and Group Long-Term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2020 compared to the 2019 incurral year due to the growth in the size of the business. There were no significant changes in methodologies for the year ended December 31, 2020. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-Term Disability are updated annually to reflect emerging trends in claim experience. No additional premiums or return premiums have been accrued as a result of the prior year development. Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted. The liabilities for Group Long-Term Disability unpaid claims and claim adjustment expenses were $6.0 billion at both December 31, 2020 and 2019. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.2 billion at both December 31, 2020 and 2019. The amount of interest accretion recognized was $452 million, $470 million and $509 million for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts were reflected in policyholder benefits and claims. For Group Life - Term, claims were based upon individual death claims. For Group Long-Term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims. The Group Long-Term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis. Asia Group Disability & Group Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 63 $ 66 $ 87 $ 87 $ 93 $ 123 $ 130 $ 127 $ 120 $ 118 $ 3 3,561 2012 96 103 101 117 117 121 132 125 124 5 5,586 2013 147 148 171 166 165 174 174 177 12 6,503 2014 292 275 252 253 265 260 261 25 6,706 2015 276 264 267 260 272 275 27 6,570 2016 231 235 221 236 239 32 4,472 2017 299 278 286 307 52 5,052 2018 365 333 347 110 5,097 2019 394 369 175 4,530 2020 438 341 2,429 Total 2,655 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (1,874) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 11 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 792 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 12 $ 40 $ 53 $ 66 $ 80 $ 100 $ 107 $ 110 $ 114 $ 115 2012 30 64 84 97 105 110 112 115 119 2013 43 98 120 134 147 161 157 166 2014 69 142 177 199 224 225 237 2015 80 152 190 205 232 248 2016 65 133 152 190 206 2017 87 157 208 255 2018 96 176 237 2019 106 194 2020 97 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 1,874 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Disability & Group Life 24.8% 26.1% 13.6% 10.6% 8.6% 7.0% 2.5% 3.3% 3.3% 0.8% Significant Methodologies and Assumptions This business line consists of employer sponsored and industry sponsored Group Life and Group Disability risks. For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims. For Group Disability, the IBNR liability is calculated by applying a percentage to premiums in-force based on the expected delay as evidenced by the experience in the portfolio. The IBNR liability is then allocated back into different incurral years based on historical run-off patterns. As the benefit for this class of business is a regular series of payments, an additional reserve is required for the liability for ongoing benefit payments - claims in course of payment (“CICP”). The assumptions employed in the calculation of the CICP are adjusted for the Company’s own experience. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure. There were no significant changes in methodologies for the year ended December 31, 2020. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Disability and Group Life are updated annually to reflect emerging trends in claim experience. No additional premiums or return premiums have been accrued as a result of the prior year development. The liabilities for unpaid claims and claim adjustment expenses were $1.0 billion and $814 million at December 31, 2020 and 2019, respectively. These amounts were discounted using interest rates ranging from 1% to 7%, based on the incurral year. The total discount applied to these liabilities was $68 million and $52 million at December 31, 2020 and 2019, respectively. The amount of interest accretion recognized was $24 million, $20 million and $19 million for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts were reflected in policyholder benefits and claims. The Company tracks claim frequency by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts include claims that do not ultimately result in a liability. A liability is only established for those claims that are expected to result in a liability, based on historical factors. Latin America Protection Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 129 $ 201 $ 207 $ 208 $ 208 $ 208 $ 204 $ 207 $ 207 $ 207 $ — 27,458 2012 138 187 191 193 193 191 192 193 195 — 27,645 2013 150 212 218 219 218 220 221 221 — 32,040 2014 226 345 354 323 326 327 328 — 40,796 2015 295 424 395 399 399 401 — 46,605 2016 313 409 420 427 428 — 40,431 2017 323 314 314 313 (1) 32,201 2018 300 290 288 1 30,565 2019 325 297 10 32,072 2020 490 201 26,643 Total 3,168 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,772) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 8 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 404 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 127 $ 197 $ 202 $ 203 $ 203 $ 203 $ 204 $ 204 $ 206 $ 206 2012 136 184 188 190 190 189 190 192 192 2013 147 205 210 210 209 211 213 214 2014 201 301 306 309 313 315 316 2015 240 339 360 367 373 376 2016 221 395 414 421 424 2017 191 286 302 306 2018 151 257 268 2019 169 257 2020 213 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,772 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Protection Life 58.4% 30.8% 3.4% 1.0% 0.5% 0.4% 0.6% 0.5% 0.5% —% Protection Health Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 212 $ 236 $ 238 $ 239 $ 239 $ 239 $ 236 $ 236 $ 236 $ 237 $ — 106,659 2012 205 230 232 233 233 232 232 232 232 — 100,420 2013 222 251 252 253 250 250 250 251 — 104,293 2014 231 257 259 257 256 255 256 — 97,855 2015 198 225 227 226 225 225 — 87,290 2016 260 299 296 297 297 1 106,170 2017 376 350 351 350 2 120,810 2018 403 423 401 4 143,040 2019 134 175 9 127,651 2020 486 44 103,841 Total 2,910 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,808) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 4 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 106 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 212 $ 236 $ 238 $ 238 $ 239 $ 239 $ 236 $ 236 $ 236 $ 237 2012 205 230 232 233 233 232 232 232 232 2013 222 251 252 253 250 250 250 250 2014 229 255 257 253 253 253 254 2015 198 225 224 225 225 225 2016 244 292 295 295 296 2017 307 346 348 349 2018 344 392 395 2019 113 159 2020 411 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,808 Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Protection Health 84.9% 13.4% 0.6% —% (0.1%) (0.1)% (0.2%) —% —% 0.4% Significant Methodologies and Assumptions The Latin America segment establishes liabilities for unpaid losses, which are equal to the accumulation of unpaid reported claims, plus an estimate for claims IBNR. In general terms, for both the Protection Life and Protection Health products, the methodology for IBNR is the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. In the more recent incurral months, the credibility is higher on expected loss ratios and lower on claims calculated using the experience-derived factors. The credibility grows for the factors as incurral months become older. For Protection Health products, claim duration can be very long due to the multiple incidences that may occur over time for a single claim. The number of claims reported per year is based on the original claim occurrence date for each individual claim. Any subsequent claims that are considered part of the original claim occurrence are not counted as a new claim. For Protection Life products, claims are based upon individual death claims. There were no significant changes in methodologies or assumptions for the year ended December 31, 2020. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Protection Life and Protection Health are updated annually to reflect emerging trends in claim experience. No additional premiums or return premiums have been accrued as a result of the prior year development. Liabilities for unpaid claims and claim adjustment expenses were not discounted. For Protection Life and Protection Health products, claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at: December 31, 2020 (In millions) Short-Duration: Unpaid claims and allocated claims adjustment expenses, net of reinsurance: U.S.: Group Life - Term $ 2,372 Group Long-Term Disability 6,979 Total $ |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 5. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles See Note 1 for a description of capitalized acquisition costs. Nonparticipating and Non-Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. Participating, Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7. Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to significantly impact the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. Credit Insurance, Property and Casualty Insurance and Other Short-Duration Contracts The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Factors Impacting Amortization Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency, policyholder behavior and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. Information regarding DAC and VOBA was as follows: Years Ended December 31, 2020 2019 2018 (In millions) DAC: Balance at January 1, $ 14,790 $ 15,570 $ 14,789 Capitalizations 3,013 3,358 3,254 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (152) (117) (109) Other expenses (2,773) (2,534) (2,599) Total amortization (2,925) (2,651) (2,708) Unrealized investment gains (losses) (1,312) (1,461) 511 Effect of foreign currency translation and other 76 (26) (276) Reclassified to assets held-for-sale (1) (196) — — Balance at December 31, 13,446 14,790 15,570 VOBA: Balance at January 1, 3,043 3,325 3,630 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (2) — — Other expenses (233) (245) (267) Total amortization (235) (245) (267) Unrealized investment gains (losses) (4) (4) 10 Effect of foreign currency translation and other 139 (33) (48) Balance at December 31, 2,943 3,043 3,325 Total DAC and VOBA: Balance at December 31, $ 16,389 $ 17,833 $ 18,895 __________________ (1) See Note 3 for information on the pending disposition of MetLife P&C. Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: December 31, 2020 2019 (In millions) U.S. $ 434 $ 649 Asia 9,333 9,764 Latin America 2,092 2,038 EMEA 1,787 1,701 MetLife Holdings 2,712 3,656 Corporate & Other 31 25 Total $ 16,389 $ 17,833 Information regarding other intangibles was as follows: Years Ended December 31, 2020 2019 2018 (In millions) DSI: Balance at January 1, $ 158 $ 210 $ 220 Capitalization 6 7 7 Amortization (37) (39) (33) Unrealized investment gains (losses) (18) (20) 16 Effect of foreign currency translation (1) — — Balance at December 31, $ 108 $ 158 $ 210 VODA and VOCRA: Balance at January 1, $ 335 $ 384 $ 459 Acquisitions (1) 814 — — Amortization (41) (42) (47) Effect of foreign currency translation (9) (7) (28) Balance at December 31, $ 1,099 $ 335 $ 384 Accumulated amortization $ 475 $ 434 $ 392 Negative VOBA: Balance at January 1, $ 750 $ 779 $ 827 Amortization (45) (33) (56) Effect of foreign currency translation and other 33 4 8 Balance at December 31, $ 738 $ 750 $ 779 Accumulated amortization $ 3,308 $ 3,263 $ 3,230 __________________ (1) Primarily related to the acquisition of Versant Health. See Note 3. The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows: VOBA VODA and VOCRA Negative VOBA (In millions) 2021 $ 221 $ 94 $ (42) 2022 $ 215 $ 88 $ (39) 2023 $ 205 $ 85 $ (38) 2024 $ 200 $ 82 $ (36) 2025 $ 187 $ 81 $ (35) |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | |
Reinsurance | 6. ReinsuranceThe Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by third parties. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth. Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse the Company for the ceded amount in the event a claim is paid. Cessions under reinsurance agreements do not discharge the Company’s obligation as the primary insurer. In the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 8. U.S. For its Group Benefits business, the Company generally retains most of the risk and only cedes particular risk on certain client arrangements. The majority of the Company’s reinsurance activity within this business relates to client agreements for employer sponsored captive programs, risk-sharing agreements and multinational pooling. The risks ceded under these agreements are generally quota shares of group life and disability policies. The cessions vary from 50% to 100% of all the risks of the policies. The Company, through its Property & Casualty business, purchases reinsurance to manage its exposure to large losses (primarily catastrophe losses) and to protect statutory surplus. The Company cedes losses and premiums based upon the exposure of the policies subject to reinsurance. To manage exposure to large property & casualty losses, the Company purchases property catastrophe, casualty and property per risk excess of loss reinsurance protection. The Company’s RIS business has engaged in reinsurance activities on an opportunistic basis. In 2020, a U.S. life insurance subsidiary of the Company began reinsuring longevity risks for certain pension products issued by unaffiliated providers located in the United Kingdom (“U.K.”). Asia, Latin America and EMEA For selected large corporate clients, the Company reinsures group employee benefits or credit insurance business with various client-affiliated reinsurance companies, covering policies issued to the employees or customers of the clients. Additionally, the Company cedes and assumes risk with other insurance companies when either company requires a business partner with the appropriate local licensing to issue certain types of policies in certain jurisdictions. In these cases, the assuming company typically underwrites the risks, develops the products and assumes most or all of the risk. The Company also has reinsurance agreements in-force that reinsure a portion of the living and death benefit guarantees issued in connection with variable annuity products. Under these agreements, the Company pays reinsurance fees associated with the guarantees collected from policyholders, and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The Company may also reinsure certain risks with external reinsurers depending upon the nature of the risk and local regulatory requirements. MetLife Holdings For its life products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. The Company also assumes portions of the risk associated with certain whole life policies issued by a former affiliate and reinsures certain term life policies and universal life policies with secondary death benefit guarantees to such former affiliate. For its other products, the Company has a reinsurance agreement in-force to reinsure the living and death benefit guarantees issued in connection with certain variable annuity guarantees from the Company’s former operating joint venture in Japan. Under this agreement, the Company receives reinsurance fees associated with the guarantees collected from policyholders, and provides reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. Catastrophe Coverage The Company has exposure to catastrophes which could contribute to significant fluctuations in the Company’s results of operations. For the U.S. and EMEA, the Company purchases catastrophe coverage to reinsure risks issued within territories that the Company believes are subject to the greatest catastrophic risks. For its other segments, the Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks. Excess of retention reinsurance agreements provide for a portion of a risk to remain with the direct writing company and quota share reinsurance agreements provide for the direct writing company to transfer a fixed percentage of all risks of a class of policies. Reinsurance Recoverables The Company reinsures its business through a diversified group of well-capitalized reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at December 31, 2020 and 2019, were not significant. A U.S. life insurance subsidiary of the Company also secured collateral from its counterparties to mitigate counterparty default risk related to its longevity reinsurance agreements. The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $3.8 billion and $3.6 billion of unsecured reinsurance recoverable balances at December 31, 2020 and 2019, respectively. At December 31, 2020, the Company had $6.6 billion of net ceded reinsurance recoverables. Of this total, $4.2 billion, or 64%, were with the Company’s five largest ceded reinsurers, including $2.0 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2019, the Company had $6.7 billion of net ceded reinsurance recoverables. Of this total, $4.3 billion, or 64%, were with the Company’s five largest ceded reinsurers, including $1.7 billion of net ceded reinsurance recoverables which were unsecured. The Company has reinsured with an unaffiliated third-party reinsurer, 59.25% of the closed block through a modified coinsurance agreement. The Company accounts for this agreement under the deposit method of accounting. The Company, having the right of offset, has offset the modified coinsurance deposit with the deposit recoverable. The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Premiums Direct premiums $ 42,201 $ 42,513 $ 44,199 Reinsurance assumed 2,032 2,020 2,021 Reinsurance ceded (2,199) (2,298) (2,380) Net premiums $ 42,034 $ 42,235 $ 43,840 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 6,122 $ 6,109 $ 6,008 Reinsurance assumed 50 56 86 Reinsurance ceded (569) (562) (592) Net universal life and investment-type product policy fees $ 5,603 $ 5,603 $ 5,502 Policyholder benefits and claims Direct policyholder benefits and claims $ 42,221 $ 42,094 $ 43,456 Reinsurance assumed 1,745 1,584 1,583 Reinsurance ceded (2,505) (2,217) (2,383) Net policyholder benefits and claims $ 41,461 $ 41,461 $ 42,656 Other expenses Direct other expenses $ 13,013 $ 13,559 $ 13,704 Reinsurance assumed 371 382 321 Reinsurance ceded (234) (252) (311) Net other expenses $ 13,150 $ 13,689 $ 13,714 The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: December 31, 2020 2019 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 5,032 $ 2,107 $ 10,731 $ 17,870 $ 6,814 $ 2,190 $ 11,439 $ 20,443 Deferred policy acquisition costs and value of business acquired 16,482 230 (323) 16,389 17,822 301 (290) 17,833 Total assets $ 21,514 $ 2,337 $ 10,408 $ 34,259 $ 24,636 $ 2,491 $ 11,149 $ 38,276 Liabilities Future policy benefits $ 203,000 $ 3,656 $ — $ 206,656 $ 191,403 $ 3,506 $ — $ 194,909 Policyholder account balances 204,906 270 — 205,176 192,328 299 — 192,627 Other policy-related balances 15,769 1,332 — 17,101 15,806 1,351 14 17,171 Other liabilities 16,283 2,417 4,914 23,614 16,165 2,402 5,612 24,179 Total liabilities $ 439,958 $ 7,675 $ 4,914 $ 452,547 $ 415,702 $ 7,558 $ 5,626 $ 428,886 |
Closed Block
Closed Block | 12 Months Ended |
Dec. 31, 2020 | |
Closed Block Disclosure [Abstract] | |
Closed Block | 7. Closed Block On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) 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 MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. 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. Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes. 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. Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block. Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item. Information regarding the closed block liabilities and assets designated to the closed block was as follows at: December 31, 2020 2019 (In millions) Closed Block Liabilities Future policy benefits $ 38,758 $ 39,379 Other policy-related balances 321 423 Policyholder dividends payable 337 432 Policyholder dividend obligation 2,969 2,020 Deferred income tax liability 130 79 Other liabilities 172 81 Total closed block liabilities 42,687 42,414 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,186 25,977 Equity securities, at estimated fair value 24 49 Contractholder-directed equity securities and fair value option securities, at estimated fair value — 53 Mortgage loans 6,807 7,052 Policy loans 4,355 4,489 Real estate and real estate joint ventures 559 544 Other invested assets 468 314 Total investments 39,399 38,478 Cash and cash equivalents — 448 Accrued investment income 402 419 Premiums, reinsurance and other receivables 50 75 Current income tax recoverable 28 91 Total assets designated to the closed block 39,879 39,511 Excess of closed block liabilities over assets designated to the closed block 2,808 2,903 AOCI: Unrealized investment gains (losses), net of income tax 3,524 2,453 Unrealized gains (losses) on derivatives, net of income tax 23 97 Allocated to policyholder dividend obligation, net of income tax (2,346) (1,596) Total amounts included in AOCI 1,201 954 Maximum future earnings to be recognized from closed block assets and liabilities $ 4,009 $ 3,857 Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Balance at January 1, $ 2,020 $ 428 $ 2,121 Change in unrealized investment and derivative gains (losses) 949 1,592 (1,693) Balance at December 31, $ 2,969 $ 2,020 $ 428 Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Revenues Premiums $ 1,498 $ 1,580 $ 1,672 Net investment income 1,596 1,740 1,758 Net investment gains (losses) (25) (7) (71) Net derivative gains (losses) (17) 12 22 Total revenues 3,052 3,325 3,381 Expenses Policyholder benefits and claims 2,330 2,291 2,475 Policyholder dividends 791 924 968 Other expenses 104 111 117 Total expenses 3,225 3,326 3,560 Revenues, net of expenses before provision for income tax expense (benefit) (173) (1) (179) Provision for income tax expense (benefit) (36) (2) (39) Revenues, net of expenses and provision for income tax expense (benefit) $ (137) $ 1 $ (140) MLIC 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. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 8. Investments See Note 10 for information about the fair value hierarchy for investments and the related valuation methodologies. Investment Risks and Uncertainties Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of ACL and impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of ACL and impairments is highly subjective and is based upon quarterly evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO Securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. Fixed Maturity Securities AFS Fixed Maturity Securities AFS by Sector The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, alternative and sub-prime mortgage-backed securities. ABS includes securities collateralized by corporate loans and consumer 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 and CMBS are collectively, “Structured Products.” In accordance with new credit loss guidance adopted January 1, 2020, securities that incurred a credit loss after December 31, 2019 and were still held as of December 31, 2020, are presented net of ACL. In accordance with previous guidance, both the temporary loss and OTTI loss are presented for securities that were in an unrealized loss position as of December 31, 2019. December 31, 2020 December 31, 2019 Gross Unrealized (1) Estimated Gross Unrealized Estimated Sector ACL Gains Gains Temporary OTTI (In millions) U.S. corporate $ 79,788 $ (44) $ 13,924 $ 252 $ 93,416 $ 79,115 $ 8,943 $ 305 $ — $ 87,753 Foreign government 63,243 (21) 8,883 406 71,699 58,840 8,710 321 — 67,229 Foreign corporate 60,995 (16) 8,897 468 69,408 59,342 5,540 717 — 64,165 U.S. government and agency 39,094 — 8,095 89 47,100 37,586 4,604 106 — 42,084 RMBS 28,415 — 2,062 42 30,435 27,051 1,535 72 (33) 28,547 ABS 16,963 — 231 75 17,119 14,547 83 88 — 14,542 Municipals 10,982 — 2,746 6 13,722 11,081 2,001 29 — 13,053 CMBS 11,331 — 681 102 11,910 10,093 396 42 — 10,447 Total fixed maturity securities AFS $ 310,811 $ (81) $ 45,519 $ 1,440 $ 354,809 $ 297,655 $ 31,812 $ 1,680 $ (33) $ 327,820 __________________ (1) Excludes gross unrealized gains (losses) related to assets held-for-sale; however, the corresponding unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C. (2) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” Methodology for Amortization of Premium and Accretion of Discount on Structured Products Amortization of premium and accretion of discount on Structured Products considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis. 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 December 31, 2020: Due in One Year or Less Due After One Due After Five Due After Ten Structured Products Total Fixed (In millions) Amortized cost, net of ACL $ 14,784 $ 49,294 $ 59,170 $ 130,773 $ 56,709 $ 310,730 Estimated fair value $ 14,935 $ 52,294 $ 67,613 $ 160,503 $ 59,464 $ 354,809 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 by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position. Included in the table below are securities without an ACL as of December 31, 2020, in accordance with new credit loss guidance adopted January 1, 2020. Also included in the table below are all securities in an unrealized loss position as of December 31, 2019, in accordance with previous guidance. December 31, 2020 December 31, 2019 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 (1) Estimated Fair Value Gross Unrealized Losses (1) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (Dollars in millions) U.S. corporate $ 4,338 $ 196 $ 506 $ 50 $ 3,817 $ 107 $ 2,226 $ 198 Foreign government 6,795 305 836 100 3,295 149 1,490 172 Foreign corporate 4,856 321 1,255 147 3,188 133 5,873 584 U.S. government and agency 4,619 87 33 2 5,391 97 196 9 RMBS 1,531 27 152 14 2,341 25 584 14 ABS 3,428 26 2,842 49 3,692 22 4,843 66 Municipals 273 6 — — 1,156 29 1 — CMBS 1,887 63 612 39 1,926 16 487 26 Total fixed maturity securities AFS $ 27,727 $ 1,031 $ 6,236 $ 401 $ 24,806 $ 578 $ 15,700 $ 1,069 Investment grade 24,572 829 5,841 350 22,838 437 13,813 821 Below investment grade 3,155 202 395 51 1,968 141 1,887 248 Total fixed maturity securities AFS $ 27,727 $ 1,031 $ 6,236 $ 401 $ 24,806 $ 578 $ 15,700 $ 1,069 Total number of securities in an unrealized loss position 2,177 690 2,153 1,411 ________________ (1) Excludes gross unrealized losses related to assets held-for-sale; however, the corresponding unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C. Evaluation of Fixed Maturity Securities AFS for Credit Loss Evaluation and Measurement Methodologies Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators. The methodology and significant inputs used to determine the amount of credit loss are as follows: • The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments. After the adoption of new credit loss guidance on January 1, 2020, 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 recorded 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. In accordance with the previous guidance, methodologies to evaluate the recoverability of a security in an unrealized loss position were similar, except: (i) the length of time estimated fair value had been below amortized cost was considered for securities, and (ii) for non-functional currency denominated securities, the impact from weakening non-functional currencies on securities that were near maturity was considered in the evaluation. In addition, measurement methodologies were similar, except: (i) a fair value floor was not utilized to limit the credit loss recognized, (ii) the amortized cost of securities was adjusted for the OTTI to the expected recoverable amount and an ACL was not utilized, (iii) subsequent to a credit loss being recognized, increases in expected cash flows from the security did not result in an immediate increase in valuation recognized in earnings through net investment gains (losses) from reduction of the ACL instead such increases in value were recorded as unrealized gains in OCI, and (iv) in periods subsequent to the recognition of OTTI on a security, the Company accounted for the impaired security as if it had been purchased on the measurement date of the impairment; accordingly, the discount (or reduced premium) based on the new cost basis was accreted over the remaining term of the security in a prospective manner based on the amount and timing of estimated future cash flows. Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position Gross unrealized losses on securities without an ACL decreased $215 million for the year ended December 31, 2020 to $1.4 billion primarily due to decreases in interest rates and movement in foreign currency exchange rates, partially offset by widening 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 $401 million at December 31, 2020, or 28% of the total gross unrealized losses on securities without an ACL. Investment Grade Fixed Maturity Securities AFS Of the $401 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $350 million, or 87%, were related to 600 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 $401 million of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $51 million, or 13%, were related to 90 below investment grade securities. Unrealized losses on below investment grade securities are principally related to U.S. and foreign corporate securities (primarily industrial and consumer), foreign government securities and CMBS and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty, as well as with respect to fixed-rate securities, rising interest rates since purchase. Management evaluates U.S. corporate and foreign corporate securities based on factors such as expected cash flows, financial condition and near-term and long-term prospects of the issuers. Management evaluates foreign government securities based on factors impacting the issuers such as expected cash flows, financial condition of the issuers and any country specific economic conditions or public sector programs to restructure foreign government securities. Management evaluates CMBS based on actual and projected cash flows after considering the quality of underlying collateral, credit enhancements, expected prepayment speeds, current and forecasted loss severity, the payment terms of the underlying assets backing a particular security and the payment priority within the tranche structure of the security. Current Period Evaluation At December 31, 2020, 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 December 31, 2020. 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 for the year ended December 31, 2020 is as follows: U.S. Foreign Foreign RMBS Total (In millions) Balance at January 1, $ — $ — $ — $ — $ — Additions: ACL not previously recorded 81 139 18 2 240 Changes for securities with previously recorded ACL (5) (5) (2) (2) (14) Reductions: Securities sold or exchanged (31) (102) — — (133) Securities intended/required to be sold prior to recovery of amortized cost basis (1) — — — (1) Disposition (1) — (11) — — (11) Balance at December 31, $ 44 $ 21 $ 16 $ — $ 81 ________________ (1) In connection with the disposition of MetLife Seguros de Retiro, ACL was reduced by $11 million. See Note 3. Equity Securities Equity securities are summarized by security type as follows at: December 31, 2020 December 31, 2019 Estimated % of Estimated % of Security Type (Dollars in millions) Common stock $ 779 72.2 % $ 944 70.3 % Non-redeemable preferred stock 300 27.8 398 29.7 Total equity securities $ 1,079 100.0 % $ 1,342 100.0 % Contractholder-Directed Equity Securities and FVO Securities As described more fully in Note 1, Unit-linked and FVO Securities include three categories of investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value. Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: December 31, 2020 2019 Portfolio Segment Carrying % of Carrying % of (Dollars in millions) Mortgage loans: Commercial $ 52,434 62.5 % $ 49,624 61.6 % Agricultural 18,128 21.6 16,695 20.7 Residential 13,782 16.4 14,316 17.8 Total amortized cost 84,344 100.5 80,635 100.1 Allowance for credit loss (590) (0.7) (353) (0.4) Subtotal mortgage loans, net 83,754 99.8 80,282 99.7 Residential — FVO 165 0.2 188 0.2 Total mortgage loans held-for-investment, net 83,919 100.0 80,470 99.9 Mortgage loans held-for-sale — — 59 0.1 Total mortgage loans, net $ 83,919 100.0 % $ 80,529 100.0 % The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. See Note 10 for further information. The amount of net discounts, included within total amortized cost, primarily attributable to residential mortgage loans was $944 million and $867 million at December 31, 2020 and 2019, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2020 and 2019 was $209 million and $188 million; $174 million and $186 million; and $108 million and $94 million, respectively. Purchases of mortgage loans, primarily residential, were $3.3 billion, $4.8 billion and $3.5 billion for the years ended December 31, 2020, 2019 and 2018, respectively. Allowance for Credit Loss Rollforward by Portfolio Segment The changes in the ACL, by portfolio segment, were as follows: For the Years Ended December 31, 2020 2019 2018 Commercial Agricultural Residential Total Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance at January 1, $ 246 $ 52 $ 55 $ 353 $ 238 $ 46 $ 58 $ 342 $ 214 $ 41 $ 59 $ 314 Provision (release) 124 22 30 176 8 11 7 26 24 5 7 36 Adoption of new credit loss guidance (118) 35 161 78 — — — — — — — — Initial credit losses on PCD loans (1) — — 18 18 — — — — — — — — Charge-offs, net of recoveries — (2) (32) (34) — (5) (10) (15) — — (8) (8) Activity due to HFS Transfer — (1) — (1) — — — — — — — — Balance at December 31, $ 252 $ 106 $ 232 $ 590 $ 246 $ 52 $ 55 $ 353 $ 238 $ 46 $ 58 $ 342 __________________ (1) Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”). Allowance for Credit Loss Methodology After the adoption of new credit loss guidance on January 1, 2020, the Company records an allowance for expected lifetime credit loss 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: (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected troubled debt restructurings (“TDRs”) (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses). In accordance with the previous guidance, evaluation and measurement methodologies in determining the ACL were similar, except: (i) credit loss was recognized when incurred (when it was probable, based on current information and events, that all amounts due under the loan agreement would not be collected), (ii) pooling of loans with similar risk characteristics was permitted, but not required, (iii) forecasts of economic conditions were not considered in the evaluation, (iv) measurement of the expected lifetime credit loss over the contractual term, or expected term, was not considered in the measurement, and (v) the credit loss for loans evaluated individually could also be determined using either discounted cash flows using the loans’ original effective interest rate or observable market prices. 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 is recorded within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly. Residential Mortgage Loan Portfolio Segment The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience. For residential mortgage loans, the Company’s primary credit qua |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 9. Derivatives Accounting for Derivatives See Note 1 for a description of the Company’s accounting policies for derivatives and Note 10 for information about the fair value hierarchy for derivatives. 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. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets. Interest Rate Derivatives The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions, futures and forwards. Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and nonqualifying hedging relationships. The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S. government and agency, or other fixed maturity securities AFS. Structured interest rate swaps are included in interest rate swaps and are not designated as hedging instruments. Interest rate total return swaps are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. Interest rate total return swaps are used by the Company to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). The Company utilizes interest rate total return swaps in nonqualifying hedging relationships. The Company purchases interest rate caps primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, and interest rate floors primarily to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in nonqualifying hedging relationships. In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring, to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded interest rate futures in nonqualifying hedging relationships. Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions are included in interest rate options. The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow and nonqualifying hedging relationships. A synthetic GIC is a contract that simulates the performance of a traditional GIC through the use of financial instruments. The contractholder owns the underlying assets, and the Company provides a guarantee (or “wrap”) on the participant funds for an annual risk charge. The Company’s maximum exposure to loss on synthetic GICs is the notional amount, in the event the values of all of the underlying assets were reduced to zero. The Company’s risk is substantially lower due to contractual provisions that limit the portfolio to high quality assets, which are pre-approved and monitored for compliance, as well as the collection of risk charges. In addition, the crediting rates reset periodically to amortize market value gains and losses over a period equal to the duration of the wrapped portfolio, subject to a 0% floor. While plan participants may transact at book value, contractholder withdrawals may only occur immediately at market value, or at book value paid over a period of time per contract provisions. Synthetic GICs are not designated as hedging instruments. Foreign Currency Exchange Rate Derivatives The Company uses foreign currency exchange rate derivatives, including foreign currency swaps, foreign currency forwards, currency options and exchange-traded currency futures, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. The Company also uses foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of its net investments in foreign operations. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and nonqualifying hedging relationships. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in fair value, NIFO hedges and nonqualifying hedging relationships. The Company enters into currency options that give it the right, but not the obligation, to sell the foreign currency amount in exchange for a functional currency amount within a limited time at a contracted price. The contracts may also be net settled in cash, based on differentials in the foreign currency exchange rate and the strike price. The Company uses currency options to hedge against the foreign currency exposure inherent in certain of its variable annuity products. The Company also uses currency options as an economic hedge of foreign currency exposure related to the Company’s non-U.S. subsidiaries. The Company utilizes currency options in NIFO hedges and nonqualifying hedging relationships. To a lesser extent, the Company uses exchange-traded currency futures to hedge currency mismatches between assets and liabilities, and to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded currency futures in nonqualifying hedging relationships. Credit Derivatives The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations and involuntary restructuring for corporate obligors, as well as repudiation, moratorium or governmental intervention for sovereign obligors. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in nonqualifying hedging relationships. The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. government and agency, or other fixed maturity securities AFS. These credit default swaps are not designated as hedging instruments. The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these transactions as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships. Equity Derivatives The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps. Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the underlying equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in nonqualifying hedging relationships. Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in nonqualifying hedging relationships. In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts and to pledge initial margin based on futures exchange requirements. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products issued by the Company. The Company utilizes exchange-traded equity futures in nonqualifying hedging relationships. In an equity total return swap, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and a benchmark interest rate, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to synthetically create investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships. 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: Primary Underlying Risk Exposure December 31, 2020 2019 Estimated Fair Value Estimated Fair Value Gross Assets Liabilities Gross Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 3,186 $ 3,224 $ 4 $ 2,369 $ 2,667 $ 2 Foreign currency swaps Foreign currency exchange rate 1,106 8 78 1,304 16 17 Foreign currency forwards Foreign currency exchange rate 1,936 24 — 2,336 1 40 Subtotal 6,228 3,256 82 6,009 2,684 59 Cash flow hedges: Interest rate swaps Interest rate 4,750 44 — 3,675 145 27 Interest rate forwards Interest rate 7,377 513 120 7,364 83 144 Foreign currency swaps Foreign currency exchange rate 38,604 1,549 2,017 36,983 1,627 1,430 Subtotal 50,731 2,106 2,137 48,022 1,855 1,601 NIFO hedges: Foreign currency forwards Foreign currency exchange rate 164 — 3 1,059 — 10 Currency options Foreign currency exchange rate 3,600 70 — 4,200 33 91 Subtotal 3,764 70 3 5,259 33 101 Total qualifying hedges 60,723 5,432 2,222 59,290 4,572 1,761 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 49,561 3,683 38 58,083 2,867 185 Interest rate floors Interest rate 12,701 350 — 12,701 155 — Interest rate caps Interest rate 40,730 13 — 42,622 18 5 Interest rate futures Interest rate 1,498 — 2 2,423 2 3 Interest rate options Interest rate 17,746 502 5 27,344 764 1 Interest rate forwards Interest rate 351 — 10 129 1 2 Interest rate total return swaps Interest rate 1,048 — 59 1,048 5 49 Synthetic GICs Interest rate 38,646 — — 30,341 — — Foreign currency swaps Foreign currency exchange rate 13,265 603 693 13,699 644 461 Foreign currency forwards Foreign currency exchange rate 15,643 209 310 13,507 50 393 Currency futures Foreign currency exchange rate 914 3 — 880 7 — Currency options Foreign currency exchange rate 1,350 — — 1,801 — — Credit default swaps — purchased Credit 2,978 9 121 2,944 4 102 Credit default swaps — written Credit 9,609 196 — 11,520 272 1 Equity futures Equity market 5,427 14 38 4,540 6 8 Equity index options Equity market 22,954 834 437 27,105 694 677 Equity variance swaps Equity market 716 15 12 1,115 23 19 Equity total return swaps Equity market 3,294 3 282 761 — 70 Total non-designated or nonqualifying derivatives 238,431 6,434 2,007 252,563 5,512 1,976 Total $ 299,154 $ 11,866 $ 4,229 $ 311,853 $ 10,084 $ 3,737 The Effects of Derivatives on the Consolidated Statements of Operations and Comprehensive Income (Loss) The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives: Year Ended December 31, 2020 Net Net Net Policyholder Interest Other OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (10) $ — $ — $ 360 $ — $ — N/A Hedged items 12 — — (399) — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (46) 98 — — — — N/A Hedged items 44 (93) — — — — N/A Amount excluded from the assessment of hedge effectiveness — (47) — — — — N/A Subtotal — (42) — (39) — — 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 N/A $ 1,277 Amount of gains (losses) reclassified from AOCI into income 36 121 — — — 2 (159) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (445) Amount of gains (losses) reclassified from AOCI into income 4 851 — — — 2 (857) Foreign currency transaction gains (losses) on hedged items — (765) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (102) Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 40 207 — — — 4 (286) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 36 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A (20) Subtotal N/A N/A N/A N/A N/A N/A 16 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) (6) — 2,149 55 — — N/A Foreign currency exchange rate derivatives (1) — — (323) (3) — — N/A Credit derivatives — purchased (1) — — (28) — — — N/A Credit derivatives — written (1) — — (106) — — — N/A Equity derivatives (1) (28) — (1,151) (203) — — N/A Foreign currency transaction gains (losses) on hedged items — — (8) — — — N/A Subtotal (34) — 533 (151) — — N/A Earned income on derivatives 217 — 926 190 (152) — — Embedded derivatives (2) N/A N/A (110) — N/A N/A N/A Total $ 223 $ 165 $ 1,349 $ — $ (152) $ 4 $ (270) Year Ended December 31, 2019 Net Net Net Policyholder Interest Other OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (3) $ — $ — $ 339 $ 1 $ — N/A Hedged items 4 — — (369) — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (55) 24 — — — — N/A Hedged items 56 (23) — — — — N/A Amount excluded from the assessment of hedge effectiveness — (72) — — — — N/A Subtotal 2 (71) — (30) 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 N/A $ 622 Amount of gains (losses) reclassified from AOCI into income 23 4 — — — 2 (29) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (278) Amount of gains (losses) reclassified from AOCI into income (4) 240 — — — 2 (238) Foreign currency transaction gains (losses) on hedged items — (236) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 6 Amount of gains (losses) reclassified from AOCI into income 1 — — — — — (1) Subtotal 20 8 — — — 4 82 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (32) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A (4) Subtotal N/A N/A N/A N/A N/A N/A (36) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) (3) — 1,263 39 — — N/A Foreign currency exchange rate derivatives (1) — — (346) 2 — — N/A Credit derivatives — purchased (1) — — (38) — — — N/A Credit derivatives — written (1) — — 248 — — — N/A Equity derivatives (1) — — (1,339) (205) — — N/A Foreign currency transaction gains (losses) on hedged items — — 55 — — — N/A Subtotal (3) — (157) (164) — — N/A Earned income on derivatives 237 — 513 138 (147) — — Embedded derivatives (2) N/A N/A 272 — N/A N/A N/A Total $ 256 $ (63) $ 628 $ (56) $ (146) $ 4 $ 46 Year Ended December 31, 2018 Net Net Net Policyholder Interest Other OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ (220) $ — $ — $ — N/A Hedged items — — 226 — — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) — — 156 — — — N/A Hedged items — — (150) — — — N/A Amount excluded from the assessment of hedge effectiveness — — (58) — — — N/A Subtotal — — (46) — — — 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 N/A $ (257) Amount of gains (losses) reclassified from AOCI into income 20 — 21 — — 1 (42) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 414 Amount of gains (losses) reclassified from AOCI into income (5) — (558) — — 2 561 Foreign currency transaction gains (losses) on hedged items — — 569 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income 1 — 1 — — — (2) Subtotal 16 — 33 — — 3 674 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (125) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A — Subtotal N/A N/A N/A N/A N/A N/A (125) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 4 — (158) (6) — — N/A Foreign currency exchange rate derivatives (1) — — 518 (6) — — N/A Credit derivatives — purchased (1) — — 6 — — — N/A Credit derivatives — written (1) — — (132) — — — N/A Equity derivatives (1) 1 — 360 60 — — N/A Foreign currency transaction gains (losses) on hedged items — — (127) — — — N/A Subtotal 5 — 467 48 — — N/A Earned income on derivatives 360 — 547 11 (113) (11) — Embedded derivatives (2) N/A N/A (150) — N/A N/A N/A Total $ 381 $ — $ 851 $ 59 $ (113) $ (8) $ 549 __________________ (1) Excludes earned income on derivatives. (2) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment wer e ($10) million, ($116) million and $133 million for the years ended December 31, 2020, 2019 and 2018, respectively. Fair Value Hedges The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities; and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments. 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 Cumulative Amount December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Fixed maturity securities AFS $ 2,699 $ 2,736 $ (1) $ (1) Mortgage loans $ 952 $ 1,159 $ 20 $ 2 Future policy benefits $ (5,512) $ (4,475) $ (1,307) $ (908) __________________ (1) Includes ($1) million of hedging adjustments on discontinued hedging relationships at both December 31, 2020 and 2019. For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. The Company has elected to record changes in estimated fair value of excluded components in earnings. For all other derivatives, 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; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed rate borrowings. 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 $21 million, $58 million and $5 million for the years ended December 31, 2020, 2019 and 2018, respectively. At both the years ended December 31, 2020 and 2019, 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 eight years. At December 31, 2020 and 2019, the balance in AOCI associated with cash flow hedges was $1.9 billion and $2.2 billion, respectively. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. At December 31, 2020, the Company expected to reclassify $55 million of deferred net gains (losses) on derivatives in AOCI to earnings within the next 12 months. NIFO Hedges The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company also designates a portion of its foreign-denominated debt as a non-derivative hedging instrument of its net investments in foreign operations. The Company assesses hedge effectiveness of its derivatives based upon the change in forward rates and assesses its non-derivative hedging instruments based upon the change in spot rates. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations. At December 31, 2020 and 2019, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $164 million and $148 million, respectively. At December 31, 2020 and 2019, the carrying amount of debt designated as a non-derivative hedging instrument was $407 million and $387 million, respectively. See Note 13 for additional information on foreign-denominated debt. 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 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’s maximum amount at risk, assuming the value of all referenced credit obligations is zero, was $9.6 billion and $11.5 billion at December 31, 2020 and 2019, respectively. 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. At December 31, 2020 and 2019, the Company would have received $196 million and $271 million, respectively, to terminate all of these contracts. 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: December 31, 2020 2019 Rating Agency Designation of Referenced Estimated Maximum Weighted Estimated Maximum Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ 5 $ 208 2.7 $ 4 $ 298 1.7 Credit default swaps referencing indices 27 1,779 2.5 35 2,175 2.2 Subtotal 32 1,987 2.5 39 2,473 2.2 Baa Single name credit default swaps (3) 3 249 2.5 3 216 1.5 Credit default swaps referencing indices 156 7,318 5.5 203 8,539 5.0 Subtotal 159 7,567 5.4 206 8,755 4.9 Ba Single name credit default swaps (3) — — — — 9 5.0 Subtotal — — — — 9 5.0 B Single name credit default swaps (3) — — — — 10 0.5 Credit default swaps referencing indices 5 55 5.0 26 273 5.0 Subtotal 5 55 5.0 26 283 4.8 Total $ 196 $ 9,609 4.8 $ 271 $ 11,520 4.3 __________________ (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 and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by 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, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. 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. The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exch |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 10. Fair Value When developing estimated fair values, the Company considers three broad valuation approaches: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation approach to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS. Level 2 Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, as well as the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. 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: December 31, 2020 (1) Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 83,214 $ 10,202 $ 93,416 Foreign government — 71,582 117 71,699 Foreign corporate — 55,509 13,899 69,408 U.S. government and agency 23,180 23,920 — 47,100 RMBS — 27,133 3,302 30,435 ABS — 15,734 1,385 17,119 Municipals — 13,722 — 13,722 CMBS — 11,308 602 11,910 Total fixed maturity securities AFS 23,180 302,122 29,507 354,809 Equity securities 636 293 150 1,079 Unit-linked and FVO Securities (2) 10,559 2,059 701 13,319 Short-term investments (3) 2,762 568 43 3,373 Residential mortgage loans — FVO — — 165 165 Other investments 83 229 573 885 Derivative assets: (4) Interest rate — 7,840 489 8,329 Foreign currency exchange rate 3 2,287 176 2,466 Credit — 180 25 205 Equity market 14 830 22 866 Total derivative assets 17 11,137 712 11,866 Embedded derivatives within asset host contracts (5) — — 55 55 Separate account assets (6) 91,850 107,035 1,085 199,970 Total assets (7) $ 129,087 $ 423,443 $ 32,991 $ 585,521 Liabilities Derivative liabilities: (4) Interest rate $ 2 $ 168 $ 68 $ 238 Foreign currency exchange rate — 3,063 38 3,101 Credit — 121 — 121 Equity market 38 719 12 769 Total derivative liabilities 40 4,071 118 4,229 Embedded derivatives within liability host contracts (5) — — 1,196 1,196 Separate account liabilities (6) 12 8 6 26 Total liabilities $ 52 $ 4,079 $ 1,320 $ 5,451 December 31, 2019 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 81,501 $ 6,252 $ 87,753 Foreign government — 67,112 117 67,229 Foreign corporate — 56,188 7,977 64,165 U.S. government and agency 21,058 21,026 — 42,084 RMBS 3 25,682 2,862 28,547 ABS — 13,326 1,216 14,542 Municipals — 13,046 7 13,053 CMBS — 10,067 380 10,447 Total fixed maturity securities AFS 21,061 287,948 18,811 327,820 Equity securities 794 118 430 1,342 Unit-linked and FVO Securities (2) 10,598 1,879 625 13,102 Short-term investments (3) 2,042 1,108 32 3,182 Residential mortgage loans — FVO — — 188 188 Other investments 74 160 455 689 Derivative assets: (4) Interest rate 2 6,616 89 6,707 Foreign currency exchange rate 7 2,336 35 2,378 Credit — 244 32 276 Equity market 6 686 31 723 Total derivative assets 15 9,882 187 10,084 Embedded derivatives within asset host contracts (5) — — 60 60 Separate account assets (6) 86,790 100,668 987 188,445 Total assets (7) $ 121,374 $ 401,763 $ 21,775 $ 544,912 Liabilities Derivative liabilities: (4) Interest rate $ 3 $ 220 $ 195 $ 418 Foreign currency exchange rate — 2,324 118 2,442 Credit — 102 1 103 Equity market 8 747 19 774 Total derivative liabilities 11 3,393 333 3,737 Embedded derivatives within liability host contracts (5) — — 802 802 Separate account liabilities (6) 1 14 7 22 Total liabilities $ 12 $ 3,407 $ 1,142 $ 4,561 __________________ (1) Excludes amounts for financial instruments reclassified to assets held-for-sale or liabilities held-for-sale. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar instruments described herein. See Note 3 for information on the pending disposition of MetLife P&C. (2) Unit-linked and FVO Securities were primarily comprised of Unit-linked investments at both December 31, 2020 and 2019. (3) Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (4) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (5) Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the consolidated balance sheets. (6) 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. (7) 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 December 31, 2020 and 2019, the estimated fair value of such investments was $75 million and $95 million, respectively. 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 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. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances. The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein for securities. 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 Foreign government securities, U.S. government and agency securities and Municipals 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; debt-service coverage ratios • 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 Equity securities Valuation Approaches: Principally the market approach. Valuation Approaches: Principally the market and income approaches. Key Input: Key Inputs: • quoted prices in markets that are not considered active • credit ratings; issuance structures • 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 • independent non-binding broker quotations Unit-linked and FVO Securities, Short-term investments and Other investments • Unit-linked and FVO Securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs. • Unit-linked and FVO Securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. • Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above. Residential mortgage loans — FVO • N/A Valuation Approaches: Principally the market approach. Valuation Techniques and Key Inputs: These investments are based primarily on matrix pricing or other similar techniques that utilize inputs from mortgage servicers that are unobservable or cannot be derived principally from, or corroborated by, observable market data. Separate account assets and Separate account liabilities (1) Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly Key Input: • N/A • quoted prices or reported NAV provided by the fund managers Other limited partnership interests • N/A Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate. Key Inputs: • liquidity; bid/ask spreads; performance record of the fund manager • other relevant variables that may impact the exit value of the particular partnership interest __________________ (1) Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.” Derivatives The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments. Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income. The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period. Freestanding Derivatives Level 2 Valuation Approaches and Key Inputs: This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. Level 3 Valuation Approaches and Key Inputs: These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows: Instrument Interest Rate Foreign Currency 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) • currency 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) • currency correlation • repurchase rates • currency volatility (1) • independent non-binding broker quotations __________________ (1) Option-based only. (2) Extrapolation beyond the observable limits of the curve(s). Embedded Derivatives Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees, 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 Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The Company calculates the fair value of these embedded derivatives, which is estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates. Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc. Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income. The Company ceded the risk associated with certain of the GMIBs previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables on the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses) or policyholder benefits and claims depending on the statement of operations classification of the direct risk. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk. Embedded Derivatives Within Asset and Liability Host Contracts Level 3 Valuation Approaches and Key Inputs: Direct and assumed guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin. Reinsurance ceded on certain guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and assumed guaranteed minimum benefits” and also include counterparty credit spreads. 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: December 31, 2020 December 31, 2019 Impact of Valuation Techniques Significant Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) — - 186 117 5 - 145 110 Increase • Market pricing • Quoted prices (4) — - 116 98 25 - 131 100 Increase • Consensus pricing • Offered quotes (4) 54 - 104 101 81 - 109 102 Increase RMBS • Market pricing • Quoted prices (4) — - 159 98 — - 119 95 Increase (5) ABS • Market pricing • Quoted prices (4) 1 - 112 100 3 - 119 98 Increase (5) • Consensus pricing • Offered quotes (4) 100 - 100 100 99 - 104 100 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 92 - 184 149 190 - 251 Increase (7) • Repurchase rates (8) (12) - 1 (6) (6) - 6 Decrease (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) (309) - 248 (144) (125) - 328 Increase (7) Credit • Present value techniques • Credit spreads (9) 96 - 99 98 96 - 100 Decrease (7) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (11) 21% - 29% 28% 14% - 23% Increase (7) • Correlation (12) 10% - 30% 10% 10% - 30% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.17% 0.06% 0% - 0.18% Decrease (13) Ages 41 - 60 0.03% - 0.75% 0.30% 0.03% - 0.80% Decrease (13) Ages 61 - 115 0.12% - 100% 1.90% 0.13% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 6.86% 0.25% - 100% Decrease (14) Durations 11 - 20 0.50% - 100% 5.18% 0.50% - 100% Decrease (14) Durations 21 - 116 0.50% - 100% 5.18% 0.50% - 100% Decrease (14) • Utilization rates 0% - 22% 0.17% 0% - 22% Increase (15) • Withdrawal rates 0% - 20% 3.98% 0% - 20% (16) • Long-term equity volatilities 8.33% - 27% 18.70% 6.01% - 30% Increase (17) • Nonperformance risk spread 0.04% - 1.18% 0.40% 0.03% - 1.30% Decrease (18) __________________ (1) The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data. (2) The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions. (3) Significant increases (decreases) in expected def |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | 11. Leases The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 14 years. The remaining lease terms for the subleases are less than one year to nine years. ROU Assets and Lease Liabilities ROU assets and lease liabilities for operating leases were: December 31, 2020 December 31, 2019 (In millions) ROU assets $ 1,314 $ 1,488 Lease liabilities $ 1,470 $ 1,654 Lease Costs The components of operating lease costs were as follows: For the Year Ended December 31 2020 2019 (In millions) Operating lease cost $ 286 $ 282 Variable lease cost $ 39 $ 49 Sublease income $ (99) $ (89) Net lease cost $ 226 $ 242 Operating lease expense was $342 million for the year ended December 31, 2018. Non-cancelable sublease income was $72 million for the year ended December 31, 2018. Other Information Supplemental other information related to operating leases was as follows: December 31, 2020 December 31, 2019 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 289 $ 285 ROU assets obtained in exchange for new lease liabilities $ 70 $ 341 Weighted-average remaining lease term 8 years 8 years Weighted-average discount rate 3.4 % 3.3 % Maturities of Lease Liabilities Maturities of operating lease liabilities were as follows: December 31, 2020 (In millions) 2021 $ 283 2022 238 2023 219 2024 197 2025 185 Thereafter 553 Total undiscounted cash flows 1,675 Less: interest 205 Present value of lease liability $ 1,470 See Notes 8 and 13 for information about the Company’s investments in leased real estate, leveraged and direct financing leases, and financing lease obligations. See Note 17 for information on lease impairment charges. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 12. Goodwill Goodwill is the excess of cost over the estimated fair value of net assets acquired. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. The Company tests goodwill for impairment by either performing a qualitative assessment or a quantitative test. The qualitative impairment assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative impairment assessment for some or all of its reporting units and perform a quantitative impairment test. In performing the quantitative impairment test, the Company may determine the fair values of its reporting units by applying a market multiple, discounted cash flow, and/or an actuarial-based valuation approach. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of the Company’s reporting units could result in goodwill impairments in future periods which could materially adversely affect the Company’s results of operations or financial position. Information regarding goodwill by segment, as well as Corporate & Other, was as follows: U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Balance at January 1, 2018 Goodwill $ 1,451 $ 4,673 $ 1,306 $ 1,170 $ 1,567 $ 103 $ 10,270 Accumulated impairment (2) — — — — (680) — (680) Total goodwill, net 1,451 4,673 1,306 1,170 887 103 9,590 Effect of foreign currency translation and other — 17 (134) (51) — — (168) Balance at December 31, 2018 Goodwill 1,451 4,690 1,172 1,119 1,567 103 10,102 Accumulated impairment — — — — (680) — (680) Total goodwill, net 1,451 4,690 1,172 1,119 887 103 9,422 Acquisitions 15 4 — — — — 19 Disposition (3) — (71) — — — — (71) Effect of foreign currency translation and other — 13 (73) (2) — — (62) Balance at December 31, 2019 Goodwill 1,466 4,636 1,099 1,117 1,567 103 9,988 Accumulated impairment — — — — (680) — (680) Total goodwill, net 1,466 4,636 1,099 1,117 887 103 9,308 Acquisitions (4) 932 — — — — — 932 Effect of foreign currency translation and other — 127 44 29 — — 200 Reclassified to assets held-for-sale (5) (328) — — — — — (328) Balance at December 31, 2020 Goodwill 2,070 4,763 1,143 1,146 1,567 103 10,792 Accumulated impairment — — — — (680) — (680) Total goodwill, net $ 2,070 $ 4,763 $ 1,143 $ 1,146 $ 887 $ 103 $ 10,112 __________________ (1) Includes goodwill of $4.6 billion, $4.5 billion and $4.5 billion from the Company’s Japan operations at December 31, 2020, 2019 and 2018, respectively. (2) The $680 million accumulated impairment in the MetLife Holdings segment relates to the retail annuities business impaired in 2012 that was not part of the Separation. See Note 3. (3) In connection with the disposition of MetLife Hong Kong, goodwill was reduced by $71 million for the year ended December 31, 2019. See Note 3. (4) Primarily related to the acquisition of Versant Health. See Note 3 . (5) See Note 3 for information on the pending disposition of MetLife P&C. |
Long-term and Short-term Debt
Long-term and Short-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term Debt | 13. Long-term and Short-term Debt Long-term and short-term debt outstanding, excluding debt relating to CSEs, was as follows: December 31, Interest Rates (1) 2020 2019 Range Weighted Maturity Face Unamortized Carrying Face Unamortized Carrying (In millions) Senior notes 0.50 % - 6.50% 4.28% 2022 - 2046 $ 13,548 $ (85) $ 13,463 $ 12,460 $ (81) $ 12,379 Surplus notes 7.63 % - 7.88% 7.79% 2024 - 2025 507 (3) 504 507 (4) 503 Other notes 0.14 % - 3.75% 2.89% 2021 - 2058 527 (2) 525 457 (3) 454 Financing lease obligations 106 — 106 125 — 125 Total long-term debt 14,688 (90) 14,598 13,549 (88) 13,461 Total short-term debt 393 — 393 235 — 235 Total $ 15,081 $ (90) $ 14,991 $ 13,784 $ (88) $ 13,696 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2020. The aggregate maturities of long-term debt at December 31, 2020 for the next five years and thereafter are $77 million in 2021, $527 million in 2022, $1.0 billion in 2023, $2.1 billion in 2024, $1.2 billion in 2025 and $9.6 billion thereafter. Financing lease obligations are collateralized and rank highest in priority, followed by unsecured senior notes and other notes, followed by subordinated debt which consists of junior subordinated debt securities (see Note 15). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations of the operating company issuing the notes and are senior to obligations of MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile of the notes issuer. The Company’s collateral financing arrangement (see Note 14) is supported by surplus notes of a subsidiary and, accordingly, has priority consistent with surplus notes. Certain of the Company’s debt instruments and committed facilities, as well as its unsecured revolving credit facility, contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all applicable financial covenants at December 31, 2020. Senior Notes In March 2020, MetLife, Inc. issued $1.0 billion of senior notes due March 2030 which bear interest at a fixed rate of 4.550%, the interest on which is payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $6 million of related costs which will be amortized over the term of the senior notes. In June 2019, MetLife, Inc. redeemed for cash and canceled its £400 million ($509 million at repayment) aggregate principal amount 5.250% senior notes due June 2020 and the remaining $368 million aggregate principal amount of its 4.750% senior notes due February 2021. The Company recorded a premium of $40 million paid in excess of the debt principal and accrued and unpaid interest to other expenses for the year ended December 31, 2019. In May 2019, MetLife, Inc. issued the following fixed rate senior notes (“Senior Notes”), interest on which is payable semi-annually beginning in November 2019: • ¥25.2 billion ($230 million at issuance) due May 2026 which bear interest annually at 0.495%; • ¥64.9 billion ($591 million at issuance) due May 2029 which bear interest annually at 0.769%; • ¥10.7 billion ($98 million at issuance) due May 2031 which bear interest annually at 0.898%; • ¥26.5 billion ($241 million at issuance) due May 2034 which bear interest annually at 1.189%; and • ¥24.4 billion ($222 million at issuance) due May 2039 which bear interest annually at 1.385%. In connection with the issuances, MetLife, Inc. incurred $9 million of related costs which are amortized over the applicable term of each series of the Senior Notes. MetLife, Inc. may redeem each series of the Senior Notes at its option, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest thereon, if certain events occur affecting the U.S. tax treatment of the Senior Notes. In June 2018, MetLife, Inc. sold FVO Brighthouse Common Stock in exchange for $944 million aggregate principal amount of MetLife, Inc.’s senior notes. MetLife, Inc. purchased and canceled $343 million of its $1,035 million aggregate principal amount 6.817% senior notes due August 2018; $469 million of its $1,035 million aggregate principal amount 7.717% senior notes due February 2019 and $132 million of its $1,000 million aggregate principal amount 4.750% senior notes due February 2021. In June 2018, MetLife, Inc. additionally purchased for cash and canceled $160 million of its $1,035 million aggregate principal amount 6.817% senior notes due August 2018. The Company recorded a premium of $30 million paid in excess of the debt principal and incurred $37 million of advisory and other fees related to the exchange transaction to other expenses for the year ended December 31, 2018. See Note 3 for additional information on the FVO Brighthouse Common Stock exchange transaction. In August 2018, MetLife, Inc. purchased for cash and canceled the remaining $566 million of its $1,035 million aggregate principal amount 7.717% senior notes due February 2019. The Company recorded a premium of $14 million paid in excess of the debt principal and accrued, unpaid interest to other expenses for the year ended December 31, 2018. In December 2018, MetLife, Inc. purchased for cash and canceled an additional $500 million of its $1,000 million aggregate principal amount 4.750% senior notes due February 2021. The Company recorded a premium of $18 million paid in excess of the debt principal and accrued, unpaid interest to other expenses for the year ended December 31, 2018. Other Notes At December 31, 2020, MetLife Private Equity Holdings, LLC (“MPEH”), a wholly-owned indirect investment subsidiary of MLIC, was party to a credit agreement providing for $350 million of term loans and $75 million of a revolving loan (the “Credit Agreement”), which matures in November 2024. In December 2018, MPEH repaid $50 million of an initial borrowing of a $350 million term loan under the Credit Agreement. In March 2020, MPEH borrowed $75 million on a revolving loan under the Credit Agreement and repaid this loan in July 2020. Simultaneously, in July 2020, MPEH borrowed $50 million on the term loan under the Credit Agreement. MPEH has pledged invested assets to secure the loans; however, these loans are non-recourse to MLIC and MetLife, Inc. Short-term Debt Short-term debt with maturities of one year or less was as follows: December 31, 2020 2019 (Dollars in millions) Commercial paper $ 100 $ 99 Short-term borrowings (1) 293 136 Total short-term debt $ 393 $ 235 Average daily balance $ 326 $ 216 Average days outstanding 69 days 34 days __________________ (1) Includes $293 million and $136 million at December 31, 2020 and 2019, respectively, of short-term debt related to repurchase agreements, secured by assets of subsidiaries. For the years ended December 31, 2020, 2019 and 2018, the weighted average interest rate on short-term debt was 2.01%, 2.88% and 3.02%, respectively. Interest Expense Interest expense included in other expenses was $632 million, $656 million and $827 million for the years ended December 31, 2020, 2019 and 2018, respectively. Such amounts do not include interest expense on long-term debt related to CSEs, the collateral financing arrangement, or junior subordinated debt securities. See Notes 14 and 15. Credit and Committed Facilities At December 31, 2020, the Company maintained a $3.0 billion unsecured revolving credit facility (the “Credit Facility”) and certain committed facilities (the “Committed Facilities”) aggregating $3.3 billion. When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements. Credit Facility The Company’s Credit Facility is used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees associated with the Credit Facility were $14 million, $12 million and $10 million for the years ended December 31, 2020, 2019 and 2018, respectively, and were included in other expenses. Information on the Credit Facility at December 31, 2020 was as follows: Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. December 2021 (1) $ 3,000 (1) $ 463 $ — $ 2,537 __________________ (1) All borrowings under the Credit Facility must be repaid by December 20, 2021, except that letters of credit outstanding upon termination may remain outstanding until December 20, 2022. Committed Facilities Letters of credit issued under the Committed Facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees associated with the Committed Facilities, included in other expenses, were $12 million, $12 million and $15 million for the years ended December 31, 2020, 2019 and 2018, respectively. Information on the Committed Facilities at December 31, 2020 was as follows: Account Party/Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2024 (1), (2) $ 400 $ 396 $ — $ 4 MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2037 (1), (3) 2,896 2,483 — 413 Total $ 3,296 $ 2,879 $ — $ 417 __________________ (1) MetLife, Inc. is a guarantor under the applicable facility. (2) Capacity decreases in June 2022, December 2022, June 2023, December 2023 and December 2024 to $380 million, $360 million, $310 million, $260 million and $0, respectively. (3) Capacity at December 31, 2020 of $2.8 billion increases periodically to a maximum of $2.9 billion in 2024, decreases periodically commencing in 2025 to $2.0 billion in 2037, and decreases to $0 at expiration in December 2037. Unused commitment of $413 million is based on maximum capacity. At December 31, 2020, Brighthouse is a beneficiary of $2.5 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees. In addition to the Committed Facilities, see also “— Other Notes” for information about the Credit Agreement. |
Collateral Financing Arrangemen
Collateral Financing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Secured Debt [Abstract] | |
Collateral Financing Arrangements | 14. Collateral Financing Arrangement Information related to the collateral financing arrangement associated with the closed block (see Note 7) was as follows at: December 31, 2020 2019 (In millions) Surplus notes outstanding (1) $ 845 $ 993 Receivable from unaffiliated financial institution (1) $ 110 $ 130 Pledged collateral (2) $ 41 $ 58 Assets held in trust (2) $ 1,408 $ 1,390 __________________ (1) Carrying value. (2) Estimated fair value. Interest expense on the collateral financing arrangement was $20 million, $38 million and $37 million for the years ended December 31, 2020, 2019 and 2018, respectively, which is included in other expenses. In December 2007, MLIC reinsured a portion of its closed block liabilities to MetLife Reinsurance Company of Charleston (“MRC”), a wholly-owned subsidiary of MetLife, Inc. In connection with this transaction, MRC issued, to investors placed by an unaffiliated financial institution, $2.5 billion in aggregate principal amount of 35-year surplus notes to provide statutory reserve support for the assumed closed block liabilities. Interest on the surplus notes accrues at an annual rate of three-month LIBOR plus 0.55%, payable quarterly. The ability of MRC to make interest and principal payments on the surplus notes is contingent upon South Carolina regulatory approval. Simultaneously with the issuance of the surplus notes, MetLife, Inc. entered into an agreement with the unaffiliated financial institution, under which MetLife, Inc. is entitled to the interest paid by MRC on the surplus notes of three-month LIBOR plus 0.55% in exchange for the payment of three-month LIBOR plus 1.12%, payable quarterly on such amount as adjusted, as described below. MetLife, Inc. may also be required to pledge collateral or make payments to the unaffiliated financial institution related to any decline in the estimated fair value of the surplus notes. Any such payments are accounted for as a receivable and included in other assets on the Company’s consolidated balance sheets and do not reduce the principal amount outstanding of the surplus notes. Such payments, however, reduce the amount of interest payments due from MetLife, Inc. under the agreement. Any payment received from the unaffiliated financial institution reduces the receivable by an amount equal to such payment and also increases the amount of interest payments due from MetLife, Inc. under the agreement. In addition, the unaffiliated financial institution may be required to pledge collateral to MetLife, Inc. related to any increase in the estimated fair value of the surplus notes. For the years ended December 31, 2020, 2019 and 2018, following regulatory approval, MRC repurchased $148 million, $67 million and $61 million, respectively, in aggregate principal amount of the surplus notes. Cumulatively, since December 2007, MRC repurchased $1.7 billion in aggregate principal amount of the surplus notes as of December 31, 2020. Payments made by the Company in 2020, 2019 and 2018 associated with the repurchases were exclusive of accrued interest on the surplus notes. In connection with the repurchases for the years ended December 31, 2020, 2019 and 2018, the Company received payments in the aggregate amount of $20 million, $9 million and $7 million, respectively, from the unaffiliated financial institution, which reduced the amount receivable from the unaffiliated financial institution by the same amounts. No other payments related to an increase or decrease in the estimated fair value of the surplus notes were made by MetLife, Inc. or received from the unaffiliated financial institution for the years ended December 31, 2020, 2019 or 2018. A majority of the proceeds from the offering of the surplus notes was placed in a trust, which is consolidated by the Company, to support MRC’s statutory obligations associated with the assumed closed block liabilities. For the years ended December 31, 2019 and 2018, MRC transferred $2 million and $97 million, respectively, to the trust out of its general account. For the year ended December 31, 2020, MRC transferred $78 million out of the trust to its general account. The assets are principally invested in fixed maturity securities AFS and are presented as such within the Company’s consolidated balance sheets, with the related income included within net investment income on the Company’s consolidated statements of operations. |
Junior Subordinated Debt Securi
Junior Subordinated Debt Securities | 12 Months Ended |
Dec. 31, 2020 | |
Junior Subordinated Notes [Abstract] | |
Junior Subordinated Debt Securities | 15. Junior Subordinated Debt Securities Outstanding Junior Subordinated Debt Securities Outstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment, were as follows: December 31, 2020 2019 Issuer Issue Interest Scheduled Interest Rate Final Face Unamortized Carrying Face Unamortized Carrying (In millions) MetLife, Inc. December 2006 6.400% December 2036 LIBOR + 2.205% December 2066 $ 1,250 $ (17) $ 1,233 $ 1,250 $ (18) $ 1,232 MetLife Capital Trust IV (3) December 2007 7.875% December 2037 LIBOR + 3.960% December 2067 700 (14) 686 700 (15) 685 MetLife, Inc. April 2008 9.250% April 2038 LIBOR + 5.540% April 2068 750 (10) 740 750 (10) 740 MetLife, Inc. July 2009 10.750% August 2039 LIBOR + 7.548% August 2069 500 (6) 494 500 (7) 493 $ 3,200 $ (47) $ 3,153 $ 3,200 $ (50) $ 3,150 _________________ (1) Prior to the scheduled redemption date, interest is payable semiannually in arrears. (2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. (3) MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date, mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. In connection with each of the securities described above, MetLife, Inc. may redeem or may cause the redemption of the securities (i) in whole or in part, at any time on or after the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption, or (ii) in certain circumstances, in whole or in part, prior to the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption or, if greater, a make-whole price. MetLife, Inc. also has the right to, and in certain circumstances the requirement to, defer interest payments on the securities for a period up to 10 years. Interest compounds during such periods of deferral. If interest is deferred for more than five consecutive years, MetLife, Inc. is required to use proceeds from the sale of its common stock or warrants on common stock to satisfy this interest payment obligation. In connection with each of the securities described above, MetLife, Inc. entered into a separate replacement capital covenant (“RCC”). As part of each RCC, MetLife, Inc. agreed that it will not repay, redeem, or purchase the securities on or before a date 10 years prior to the final maturity date of each issuance, unless, subject to certain limitations, it has received cash proceeds during a specified period from the sale of specified replacement securities. Each RCC will terminate upon the occurrence of certain events, including an acceleration of the applicable securities due to the occurrence of an event of default. The RCCs are not intended for the benefit of holders of the securities and may not be enforced by them. Rather, each RCC is for the benefit of the holders of a designated series of MetLife, Inc.’s other indebtedness (the “Covered Debt”). Initially, the Covered Debt for each of the securities described above was MetLife, Inc.’s 5.700% senior notes due 2035 (the “5.700% Senior Notes”). As a result of the issuance of MetLife, Inc.’s 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.750% JSDs”), the 10.750% JSDs became the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066. The 5.700% Senior Notes continue to be the Covered Debt with respect to, and in accordance with, the terms of the RCCs relating to each of MetLife Capital Trust IV’s 7.875% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities, MetLife, Inc.’s 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures and the 10.750% JSDs. MetLife, Inc. also entered into a replacement capital obligation which will commence during the six-month period prior to the scheduled redemption date of each of the securities described above and under which MetLife, Inc. must use reasonable commercial efforts to raise replacement capital to permit repayment of the securities through the issuance of certain qualifying capital securities. Interest expense on outstanding junior subordinated debt securities was $261 million, $261 million and $258 million for the years ended December 31, 2020, 2019 and 2018, respectively, which is included in other expenses. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | 16. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows: December 31, 2020 December 31, 2019 Series Shares Shares Shares Shares Shares Shares Series A preferred stock 27,600,000 24,000,000 24,000,000 27,600,000 24,000,000 24,000,000 Series C preferred stock 1,500,000 500,000 500,000 1,500,000 1,500,000 1,500,000 Series D preferred stock 500,000 500,000 500,000 500,000 500,000 500,000 Series E preferred stock 32,200 32,200 32,200 32,200 32,200 32,200 Series F preferred stock 40,000 40,000 40,000 — — — Series G preferred stock 1,000,000 1,000,000 1,000,000 — — — Series A Junior Participating Preferred Stock 10,000,000 — — 10,000,000 — — Not designated 159,327,800 — — 160,367,800 — — Total 200,000,000 26,072,200 26,072,200 200,000,000 26,032,200 26,032,200 In September 2020, MetLife, Inc. delivered a notice of partial redemption to the holders of MetLife, Inc.’s 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the “Series C preferred stock”) pursuant to which it would redeem 1,000,000 of its 1,500,000 shares of Series C preferred stock at a redemption price of $1,000 per share, plus an amount equal to accrued but unpaid dividends on the Series C preferred stock to, but excluding, October 10, 2020, the redemption date. In connection with the redemption, MetLife, Inc. recognized a preferred stock redemption premium of $14 million (calculated as the difference between the carrying value of the Series C preferred stock and the total amount paid by MetLife, Inc. to the holders of the Series C preferred stock in connection with the redemption). In October 2020, MetLife, Inc. redeemed and canceled 1,000,000 shares of Series C preferred stock for an aggregate redemption price of $1.0 billion in cash. In September 2020, MetLife, Inc. issued 1,000,000 shares of 3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G (the “Series G preferred stock”) with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $989 million. In connection with the offering of the Series G preferred stock, MetLife, Inc. incurred approximately $11 million of issuance costs which have been recorded as a reduction of additional paid-in capital. In January 2020, MetLife, Inc. issued 40,000 shares of 4.75% Non-Cumulative Preferred Stock, Series F (the “Series F preferred stock”) with a $0.01 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $972 million. MetLife, Inc. deposited the Series F preferred stock under a deposit agreement with a depositary, which issued interests in fractional shares of the Series F preferred stock in the form of depositary shares (“Series F Depositary Shares”) evidenced by depositary receipts; each Series F Depositary Share representing 1/1,000th interest in a share of the Series F preferred stock. In connection with the offering of the Series F Depositary Shares, MetLife, Inc. incurred approximately $28 million of issuance costs which have been recorded as a reduction of additional paid-in capital. In June 2018, MetLife, Inc. issued 32,200 shares of 5.625% Non-Cumulative Preferred Stock, Series E (the “Series E preferred stock”) with a $0.01 par value per share and a liquidation preference of $25,000 per share, for aggregate net proceeds of $780 million. MetLife, Inc. deposited the Series E preferred stock under a deposit agreement with a depositary, which issued interests in fractional shares of the Series E preferred stock in the form of depositary shares (“Series E Depositary Shares”) evidenced by depositary receipts; each Series E Depositary Share representing 1/1,000th interest in a share of the Series E preferred stock. In connection with the offering of the Series E Depositary Shares, MetLife, Inc. incurred approximately $25 million of issuance costs which have been recorded as a reduction of additional paid-in capital. In March 2018, MetLife, Inc. issued 500,000 shares of 5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D (the “Series D preferred stock”) with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $494 million. In connection with the offering of the Series D preferred stock, MetLife, Inc. incurred $6 million of issuance costs which have been recorded as a reduction of additional paid-in capital. The outstanding preferred stock ranks senior to MetLife, Inc.’s common stock with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up. Holders of the outstanding preferred stock are entitled to receive dividend payments only when, as and if declared by MetLife, Inc.’s Board of Directors or a duly authorized committee thereof. Dividends on the preferred stock are not cumulative or mandatory. Accordingly, if dividends are not declared on the preferred stock of the applicable series for any dividend period, then any accrued dividends for that dividend period will cease to accrue and be payable. If a dividend is not declared before the dividend payment date for any such dividend period, MetLife, Inc. will have no obligation to pay dividends accrued for such dividend period whether or not dividends are declared for any future period. No dividends may be paid or declared on MetLife, Inc.’s common stock (or any other securities ranking junior to the preferred stock) and MetLife, Inc. may not purchase, redeem, or otherwise acquire its common stock (or other such junior stock) unless the full dividends for the latest completed dividend period on all outstanding shares of preferred stock, and any parity stock, have been declared and paid or provided for. The table below presents the dividend rates of MetLife, Inc.’s preferred stock outstanding at December 31, 2020: Series Per Annum Dividend Rate A Three-month LIBOR + 1.00%, with floor of 4.00%, payable quarterly in March, June, September and December C 5.250% from issuance date to, but excluding, June 15, 2020, payable semiannually in June and December; three-month LIBOR + 3.575%, payable quarterly in March, June, September and December, thereafter D 5.875% from issuance date to, but excluding, March 15, 2028, payable semiannually in March and September commencing in September 2018; three-month LIBOR + 2.959% payable quarterly in March, June, September and December, thereafter E 5.625% from issuance date, payable quarterly in March, June, September and December, commencing in September 2018 F 4.750% from issuance date, payable quarterly in March, June, September and December, commencing in June 2020 G 3.850% from issuance date, but excluding, September 15, 2025, payable semiannually in March and September commencing in March 2021; five year treasury rate, reset every five years, + 3.576% payable semiannually in March and September, thereafter In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified, if declared. MetLife, Inc. is prohibited from declaring dividends on the Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred stock”) if it fails to meet specified capital adequacy, net income and stockholders’ equity levels. See “— Dividend Restrictions — MetLife, Inc.” Holders of the preferred stock do not have voting rights except in certain circumstances, including where the dividends have not been paid for a specified number of dividend payment periods whether or not those periods are consecutive. Under such circumstances, the holders of the preferred stock have certain voting rights with respect to members of the Board of Directors of MetLife, Inc. The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. The Series A preferred stock is redeemable at MetLife, Inc.’s option in whole or in part, at a redemption price of $25 per share of Series A preferred stock, plus declared and unpaid dividends. The Series C preferred stock is redeemable at MetLife, Inc.’s option in whole or in part, at a redemption price of $1,000 per share of Series C preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date. MetLife, Inc. may, at its option, redeem the Series D preferred stock, (i) in whole but not in part at any time prior to March 15, 2028, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $1,020 per share of Series D preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date; (ii) in whole but not in part, at any time prior to March 15, 2028, within 90 days after the occurrence of a “regulatory capital event;” and (iii) in whole or in part, at any time or from time to time, on or after March 15, 2028, in the case of (ii) or (iii), at a redemption price equal to $1,000 per share of Series D preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date. MetLife, Inc. may, at its option, redeem the Series E preferred stock, (i) in whole but not in part at any time prior to June 15, 2023, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $25,500 per share of Series E preferred stock (equivalent to $25.50 per Series E Depositary Share), plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date; (ii) in whole but not in part, at any time prior to June 15, 2023, within 90 days after the occurrence of a “regulatory capital event;” and (iii) in whole or in part, at any time or from time to time, on or after June 15, 2023, in the case of (ii) or (iii), at a redemption price equal to $25,000 per share of Series E preferred stock (equivalent to $25 per Series E Depositary Share), plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date. MetLife, Inc. may, at its option, redeem the Series F preferred stock, (i) in whole but not in part at any time prior to March 15, 2025, within 90 days after the occurrence of a “rating agency event,” at a redemption price equal to $25,500 per share of Series F preferred stock (equivalent to $25.50 per Series F Depositary Share), plus an amount equal to any accrued and unpaid dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, the redemption date, (ii) in whole but not in part, at any time prior to March 15, 2025, within 90 days after the occurrence of a “regulatory capital event;” and (iii) in whole or in part, at any time or from time to time, on or after March 15, 2025, in the case of (ii) or (iii), at a redemption price equal to $25,000 per share of Series F preferred stock (equivalent to $25 per Series F Depositary Share), plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date. MetLife, Inc. may, at its option, redeem the Series G preferred stock, (a) in whole but not in part, at any time, within 90 days after the conclusion of any review or appeal process instituted by the Company following the occurrence of a “rating agency event” or, in the absence of any such review or appeal process, from such “rating agency event,” at a redemption price equal to $1,020 per share of Series G preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date and (b)(i) in whole but not in part, at any time, within 90 days after the occurrence of a “regulatory capital event,” or (ii) in whole or in part, on any dividend payment date, on or after September 15, 2025, in each case, at a redemption price equal to $1,000 per share of Series G preferred stock, plus an amount equal to any dividends per share that have accrued but have not been declared and paid for the then-current dividend period to, but excluding, such redemption date. A “rating agency event” means that any nationally recognized statistical rating organization that then publishes a rating for MetLife, Inc. amends, clarifies or changes the criteria used to assign equity credit to securities like the Series D preferred stock, Series E preferred stock, Series F preferred stock or Series G preferred stock, which results in the lowering of the equity credit assigned to the security, or shortens the length of time that the security is assigned a particular level of equity credit. A “regulatory capital event” could occur as a result of a change or proposed change in laws, rules, regulations or regulatory standards, including capital adequacy rules (or the interpretation or application thereof) of the United States or any political subdivision thereof, including any capital regulator, including but not limited to the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), the Federal Insurance Office, the National Association of Insurance Commissioners (“NAIC”) or any state insurance regulator as may then have group-wide oversight of MetLife, Inc.’s regulatory capital, from those laws, rules, regulations or regulatory standards (or the interpretation or application thereof) in effect as of March 22, 2018, in the case of the Series D preferred stock, June 4, 2018, in the case of the Series E preferred stock, January 15, 2020, in the case of the Series F preferred stock, or September 10, 2020, in the case of the Series G preferred stock, that would create a more than insubstantial risk, as determined by MetLife, Inc., that the security would not be treated as “Tier 1 capital” or as capital with attributes similar to those of Tier 1 capital, except that a “regulatory capital event” will not include a change or proposed change (or the interpretation or application thereof) that would result in the adoption of any criteria substantially the same as the criteria in the capital adequacy rules of the Federal Reserve Board applicable to bank holding companies as of March 22, 2018, in the case of the Series D preferred stock, June 4, 2018, in the case of the Series E preferred stock, January 15, 2020, in the case of the Series F preferred stock, or September 10, 2020, in the case of the Series G preferred stock. The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows for the years ended December 31, 2020, 2019 and 2018: For the Years Ended December 31, 2020 2019 2018 Series Per Share Aggregate Per Share Aggregate Per Share Aggregate (In million, except per share data) A $ 1.015 $ 24 $ 1.017 $ 24 $ 1.015 $ 25 C $ 45.860 59 $ 52.500 79 $ 52.500 79 D $ 58.750 30 $ 58.750 30 $ 28.233 14 E $ 1,406.252 45 $ 1,406.252 45 $ 746.094 23 F $ 1,088.542 44 $ — — $ — — G $ — — $ — — $ — — Total $ 202 $ 178 $ 141 Common Stock Issuances For the years ended December 31, 2020, 2019 and 2018, MetLife, Inc. issued 3,933,989 shares, 5,856,057 shares and 3,114,141 shares of its common stock for $153 million, $199 million and $108 million, respectively, in connection with stock option exercises and other stock-based awards. There were no shares of common stock issued from treasury stock for each of the years ended December 31, 2020, 2019 and 2018. Repurchase Authorizations MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows: Authorization Remaining at Announcement Date Authorization Amount December 31, 2020 (In millions) December 11, 2020 $ 3,000 $ 2,835 July 31, 2019 $ 2,000 $ — November 1, 2018 $ 2,000 $ — May 22, 2018 $ 1,500 $ — Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”)), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors. For the years ended December 31, 2020, 2019 and 2018, MetLife, Inc. repurchased 26,361,487 shares, 49,131,501 shares and 88,029,138 shares under these repurchase authorizations for $1.2 billion, $2.3 billion, and $4.0 billion, respectively. At December 31, 2020, MetLife, Inc. had $2.8 billion remaining under its December 2020 common stock repurchase authorization. Dividends The funding of the cash dividends and operating expenses of MetLife, Inc. is primarily provided by cash dividends from MetLife, Inc.’s insurance subsidiaries. The statutory capital and surplus, or net assets, of MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions except to the extent that dividends are allowed to be paid in a given year without prior regulatory approval. Dividends exceeding these limitations can generally be made subject to regulatory approval. The nature and amount of these dividend restrictions, as well as the statutory capital and surplus of MetLife, Inc.’s U.S. insurance subsidiaries, are disclosed in “— Statutory Equity and Income” and “— Dividend Restrictions — Insurance Operations.” MetLife, Inc.’s principal non-U.S. insurance operations are branches or subsidiaries of American Life Insurance Company (“American Life”), a U.S. insurance subsidiary of the Company. In addition, the payment of dividends by MetLife, Inc. to its shareholders is also subject to restrictions. See “— Dividend Restrictions — MetLife, Inc.” Stock-Based Compensation Plans Plans for Employees and Agents Under the MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”), MetLife, Inc. may grant awards to employees and agents in the form of Stock Options, Stock Appreciation Rights, Performance Shares or Performance Share Units, Restricted Stock or Restricted Stock Units, Cash-Based Awards and Stock-Based Awards (each, as applicable, as defined in the 2015 Stock Plan with reference to shares of MetLife, Inc. common stock (“Shares”)). Awards under the 2015 Stock Plan and its predecessor plan, the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “2005 Stock Plan”), were outstanding at December 31, 2020. MetLife, Inc. granted all awards to employees and agents in 2020 under the 2015 Stock Plan. The aggregate number of Shares authorized for issuance under the 2015 Stock Plan at December 31, 2020 was 33,701,004. MetLife recognizes compensation expense related to each award under the 2005 Stock Plan or 2015 Stock Plan in one of two ways: • For cash-settled awards and the Performance Shares it granted in 2017 and 2018, MetLife remeasures the compensation expense quarterly. • For other awards, MetLife recognizes an expense based on the number of awards it expects to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant. Unless MetLife observes a material deviation from the assumed forfeiture rate during the term in which the awards are expensed, MetLife recognizes any adjustment necessary to reflect differences in actual experience in the period the award becomes payable or exercisable. Compensation expense related to awards under the 2005 Stock Plan principally relates to the issuance of Stock Options. Under the 2015 Stock Plan, compensation expense principally relates to Stock Options, Unit Options, Performance Shares, Performance Units, Restricted Stock Units and Restricted Units. MetLife, Inc. granted the majority of each year’s awards under the 2005 Stock Plan and 2015 Stock Plan in the first quarter of the year. Awards that have become payable in Shares but the issuance of which has been deferred (“Deferred Shares”), payable to employees or agents related to awards under all plans equaled 806,715 Shares at December 31, 2020. MetLife granted cash-settled awards based in whole or in part on the price of Shares or changes in the price of Shares (“Phantom Stock-Based Awards”) under the MetLife, Inc. International Unit Option Incentive Plan, the MetLife International Performance Unit Incentive Plan, and the MetLife International Restricted Unit Incentive Plan prior to 2015, and under the 2015 Stock Plan in 2015 and later. Plans for Non-Management Directors Under the MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan (the “2015 Director Stock Plan”), MetLife, Inc. may grant non-management Directors of MetLife, Inc. awards in the form of nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, or Stock-Based Awards (each, as applicable, as defined in the 2015 Director Stock Plan with reference to Shares). The only awards MetLife, Inc. granted under the 2015 Director Stock Plan and its predecessor plan, the MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan (the “2005 Director Stock Plan”), through December 31, 2020 were Stock-Based Awards that vested immediately. As a result, no awards under the 2005 Director Stock Plan or 2015 Director Stock Plan remained outstanding at December 31, 2020. The aggregate number of Shares authorized for issuance under the 2015 Director Stock Plan at December 31, 2020 was 1,548,274. MetLife recognizes compensation expense related to awards under the 2015 Director Stock Plan based on the number of Shares awarded. Deferred Shares payable to Directors related to awards under the 2005 Director Stock Plan, 2015 Director Stock Plan, or earlier applicable plans equaled 298,808 Shares at December 31, 2020. Compensation Expense Related to Stock-Based Compensation The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards and excludes the insignificant compensation expense related to the 2015 Director Stock Plan. Those components were: Years Ended December 31, 2020 2019 2018 (In millions) Stock Options and Unit Options $ 6 $ 7 $ 6 Performance Shares and Performance Units (1) 63 89 23 Restricted Stock Units and Restricted Units 58 54 57 Total compensation expense $ 127 $ 150 $ 86 Income tax benefit $ 27 $ 32 $ 18 __________________ (1) The Company may further adjust the number of Performance Shares and Performance Units it expects to vest, and the related compensation expense, if management changes its estimate of the most likely final performance factor. The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at: December 31, 2020 Expense Weighted Average (In millions) (Years) Stock Options $ 2 1.57 Performance Shares $ 28 1.64 Restricted Stock Units $ 38 1.76 Equity Awards Stock Options Stock Options are the contingent right of award holders to purchase Shares at a stated price for a limited time. All Stock Options have an exercise price equal to the closing price of a Share reported on the New York Stock Exchange (“NYSE”) on the date of grant and have a maximum term of 10 years. The majority of Stock Options MetLife, Inc. has granted have become or will become exercisable at a rate of one-third of each award on each of the first three Stock Option Activity A summary of the activity related to Stock Options was as follows: Shares Weighted Weighted Aggregate (Years) (In millions) Outstanding at January 1, 2020 9,011,323 $ 39.20 3.73 $ 106 Granted 487,564 $ 47.58 Exercised (2,363,639) $ 37.79 Expired (2) (55,844) $ 34.27 Forfeited (3) (36,963) $ 46.56 Outstanding at December 31, 2020 7,042,441 $ 40.25 3.95 $ 47 Vested and expected to vest at December 31, 2020 7,030,683 $ 40.25 3.94 $ 47 Exercisable at December 31, 2020 6,005,334 $ 39.24 3.17 $ 46 __________________ (1) The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, so long as the difference is greater than zero. The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2020 of $46.95 and December 31, 2019 of $50.97, as applicable. (2) Expired options were exercisable, but unexercised, as of their expiration date. (3) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. MetLife estimates the fair value of Stock Options on the date of grant using a binomial lattice model. The significant assumptions the Company uses in its binomial lattice model include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate. MetLife bases expected volatility on an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements. The Company’s binomial lattice model incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury Strips for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods. The Company determines dividend yield based on historical dividend distributions compared to the price of the underlying Shares as of the valuation date and held constant over the life of the Stock Option. The Company’s binomial lattice model incorporates the term of the Stock Options, expected exercise behavior and a post-vesting termination rate, or the rate at which vested options are exercised or expire prematurely due to termination of employment. From these factors, the model derives an expected life of the Stock Option. The model’s exercise behavior is a multiple that reflects the ratio of stock price at the time of exercise over the exercise price of the Stock Option at the time the model expects holders to exercise. The model derives the exercise multiple from actual exercise activity. The model determines the post-vesting termination rate from actual exercise experience and expiration activity under the Incentive Plans. The following table presents the weighted average assumptions, with the exception of risk-free rate (which is expressed as a range), that the model uses to determine the fair value of unexercised Stock Options: Years Ended December 31, 2020 2019 2018 Dividend yield 3.70% 3.76% 3.52% Risk-free rate of return 1.30% - 1.57% 2.52% - 3.32% 2.02% - 3.40% Expected volatility 25.55% 30.27% 34.18% Exercise multiple 1.44 1.43 1.43 Post-vesting termination rate 3.79% 3.86% 3.77% Contractual term (years) 10 10 10 Expected life (years) 7 6 6 Weighted average exercise price of stock options granted $47.58 $44.65 $45.50 Weighted average fair value of stock options granted $9.02 $10.36 $11.87 The following table presents a summary of Stock Option exercise activity: Years Ended December 31, 2020 2019 2018 (In millions) Total intrinsic value of stock options exercised $ 29 $ 60 $ 24 Cash received from exercise of stock options $ 89 $ 125 $ 54 Income tax benefit realized from stock options exercised $ 6 $ 13 $ 5 Performance Shares Performance Shares are units that, if they vest, are multiplied by a performance factor to produce a number of final Shares payable. MetLife accounts for Performance Shares as equity awards. MetLife, Inc. does not credit Performance Shares with dividend-equivalents for dividends paid on Shares. Performance Share awards normally vest in their entirety at the end of the three-year performance period. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances. For awards granted for the 2018 – 2020 and earlier performance periods in progress through December 31, 2020, the vested Performance Shares will be multiplied by a performance factor of 0% to 175% that the MetLife, Inc. Compensation Committee will determine in its discretion (subject to MetLife, Inc. meeting threshold performance goals related to its adjusted income or total shareholder return). In doing so, the Compensation Committee may consider MetLife, Inc.’s total shareholder return relative to the performance of its competitors and adjusted return on MetLife, Inc.’s common stockholders’ equity relative to its financial plan. MetLife estimates the fair value of Performance Shares each quarter until they become payable. For awards granted for the 2019 – 2021 and later performance periods in progress through December 31, 2020, the vested Performance Shares will be multiplied by a performance factor of 0% to 175% that the MetLife, Inc. Compensation Committee will determine by (a) the Company’s annual adjusted return on equity performance over the three-year period compared to the Company’s three-year business plan goal; (b) the Company’s total shareholder return over the same three-year period compared to a peer group of companies; and (c) a cap of 100% if the Company’s total shareholder return for the three-year period is zero or less. The Compensation Committee will exclude the impact of a “Significant Event” from the Company’s adjusted return on equity or the business plan goal, to the extent the Committee determines in its informed judgment that the event changed the adjusted return on equity performance factor component. “Significant Events” include accounting changes, business combinations, restructuring, nonrecurring tax events, common share issuance or repurchases, catastrophes, litigation and regulatory settlements, asbestos and environment events, certain specified classes of non-coupon investments, and other significant nonrecurring, infrequent, or unusual items. The performance factor for the 2017 - 2019 performance period was 91.4%. Restricted Stock Units Restricted Stock Units are units that, if they vest, are payable in an equal number of Shares. MetLife accounts for Restricted Stock Units as equity awards. MetLife, Inc. does not credit Restricted Stock Units with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Restricted Stock Units is based upon the closing price of Shares on the date of grant, reduced by the present value of estimated dividends to be paid on that stock. The majority of Restricted Stock Units normally vest in thirds on or shortly after the first three anniversaries of their grant date. Other Restricted Stock Units normally vest in their entirety on the third or later anniversary of their grant date. Vesting is subject to continued service, except for employees who meet specified age and service criteria and in certain other limited circumstances. Performance Share and Restricted Stock Unit Activity The following table presents a summary of Performance Share and Restricted Stock Unit activity: Performance Shares Restricted Stock Units Shares Weighted Units Weighted Outstanding at January 1, 2020 3,945,742 $ 43.40 2,894,428 $ 40.31 Granted 1,341,997 $ 41.89 1,431,970 $ 41.21 Forfeited (2) (117,786) $ 39.72 (178,960) $ 40.87 Payable (3) (1,068,099) $ 46.24 (1,359,288) $ 40.78 Outstanding at December 31, 2020 4,101,854 $ 40.61 2,788,150 $ 40.51 Vested and expected t |
Other Revenues and Other Expens
Other Revenues and Other Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Revenues and Other Expenses Disclosure | 17. Other Revenues and Other Expenses Other Revenues Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Prepaid legal plans $ 395 $ 347 $ 296 Fee-based investment management 318 286 293 Recordkeeping and administrative services (1) 196 206 221 Administrative services-only contracts 218 210 205 Other revenue from service contracts from customers 227 240 241 Total revenues from service contracts from customers 1,354 1,289 1,256 Other 495 553 624 Total other revenues $ 1,849 $ 1,842 $ 1,880 __________________ (1) Related to products and businesses no longer actively marketed by the Company. Other Expenses Information on other expenses was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Employee related costs (1) $ 3,514 $ 3,665 $ 3,664 Third party staffing costs 1,335 1,755 1,703 General and administrative expenses 761 901 910 Pension, postretirement and postemployment benefit costs 165 233 185 Premium taxes, other taxes, and licenses & fees 764 674 758 Commissions and other variable expenses 5,596 6,001 5,707 Capitalization of DAC (3,013) (3,358) (3,254) Amortization of DAC and VOBA 3,160 2,896 2,975 Amortization of negative VOBA (45) (33) (56) Interest expense on debt 913 955 1,122 Total other expenses $ 13,150 $ 13,689 $ 13,714 __________________ (1) Includes ($147) million, ($219) million and $0 for the years ended December 31, 2020, 2019 and 2018, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. Capitalization of DAC and Amortization of DAC and VOBA See Note 5 for additional information on DAC and VOBA including impacts of capitalization and amortization. See also Note 7 for a description of the DAC amortization impact associated with the closed block. Expenses related to Debt Restructuring Charges In December 2019, the Company incurred the remaining restructuring charges related to its unit cost improvement program. During this program period, restructuring charges were included in other expenses and reported in Corporate & Other. Such restructuring charges were as follows: Years Ended December 31, 2020 2019 2018 Severance (In millions) Balance at January 1, $ 57 $ 23 $ 22 Restructuring charges — 108 63 Cash payments (51) (74) (62) Balance at December 31, $ 6 $ 57 $ 23 Total severance charges incurred since inception of initiative $ 244 $ 244 $ 136 In addition to the above severance charges, the Company recognized lease and asset impairment charges of $0, $43 million and $12 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 18. Employee Benefit Plans Pension and Other Postretirement Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor a U.S. qualified and various U.S. and non-U.S. nonqualified defined benefit pension plans covering employees who meet specified eligibility requirements. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and final average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as interest credits, determined annually based upon the annual rate of interest on 30-year U.S. Treasury securities, for each account balance. In September 2018, the U.S. qualified and nonqualified defined benefit pension plans were amended, effective January 1, 2023, to provide benefits accruals for all active participants under the cash balance formula and to cease future accruals under the traditional formula. The U.S. nonqualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding retirement or points earned on job grades and other factors in years of service. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees. U.S. employees of these subsidiaries who were hired prior to 2003 (or, in certain cases, rehired during or after 2003) and meet age and service criteria while working for one of the subsidiaries may become eligible for these other postretirement benefits, at various levels, in accordance with the applicable plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total costs of postretirement medical benefits. U.S. employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. In September 2018, the U.S. postretirement medical and life insurance benefit plans were amended, effective January 1, 2023, to discontinue the accrual of the employer subsidy credits for eligible employees. The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following: December 31, 2020 December 31, 2019 Pension Benefits Other Postretirement Pension Benefits Other Postretirement U.S. Non- Total U.S. Non- Total U.S. Non- Total U.S. Non- Total (In millions) Benefit obligations $ 11,700 $ 1,173 $ 12,873 $ 1,208 $ 44 $ 1,252 $ 10,824 $ 1,126 $ 11,950 $ 1,247 $ 42 $ 1,289 Estimated fair value of plan assets 10,692 564 11,256 1,465 27 1,492 9,742 488 10,230 1,441 27 1,468 Over (under) funded status $ (1,008) $ (609) $ (1,617) $ 257 $ (17) $ 240 $ (1,082) $ (638) $ (1,720) $ 194 $ (15) $ 179 Net periodic benefit costs $ 143 $ 103 $ 246 $ (94) $ 2 $ (92) $ 244 $ 92 $ 336 $ (70) $ 3 $ (67) Obligations and Funded Status December 31, 2020 2019 Pension Other Pension Other (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 11,950 $ 1,289 $ 10,591 $ 1,324 Service costs 226 5 214 5 Interest costs 363 42 425 53 Plan participants’ contributions — 32 — 32 Plan amendments — — 3 — Net actuarial (gains) losses (2) 928 (15) 1,360 (31) Acquisition, divestitures, settlements and curtailments (55) — (5) (3) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 50 — 9 2 Benefit obligations at December 31, 12,873 1,252 11,950 1,289 Change in plan assets: Estimated fair value of plan assets at January 1, 10,230 1,468 8,948 1,360 Actual return on plan assets 1,491 89 1,619 173 Acquisition, divestitures and settlements (55) — (5) (3) Plan participants’ contributions — 32 — 32 Employer contributions 155 4 311 (2) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 24 — 4 1 Estimated fair value of plan assets at December 31, 11,256 1,492 10,230 1,468 Over (under) funded status at December 31, $ (1,617) $ 240 $ (1,720) $ 179 Amounts recognized on the consolidated balance sheets: Other assets $ 390 $ 756 $ 147 $ 617 Other liabilities (2,007) (516) (1,867) (438) Net amount recognized $ (1,617) $ 240 $ (1,720) $ 179 AOCI: Net actuarial (gains) losses $ 2,780 $ (327) $ 3,009 $ (359) Prior service costs (credit) (86) 1 (100) (2) AOCI, before income tax $ 2,694 $ (326) $ 2,909 $ (361) Accumulated benefit obligation $ 12,510 N/A $ 11,616 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively. (2) For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at: December 31, 2020 2019 2020 2019 2020 2019 PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value APBO Exceeds Estimated Fair Value (In millions) Projected benefit obligations $ 2,469 $ 2,287 $ 2,441 $ 2,227 N/A N/A Accumulated benefit obligations $ 2,332 $ 2,162 $ 2,312 $ 2,113 N/A N/A Accumulated postretirement benefit obligations N/A N/A N/A N/A $ 868 $ 812 Estimated fair value of plan assets $ 564 $ 487 $ 539 $ 430 $ 355 $ 375 Net Periodic Benefit Costs The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: Years Ended December 31, 2020 2019 2018 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 226 $ 5 $ 214 $ 5 $ 223 $ 6 Interest costs 363 42 425 53 391 55 Settlement and curtailment costs 10 — — 2 (1) — Expected return on plan assets (528) (62) (489) (67) (533) (71) Amortization of net actuarial (gains) losses 189 (74) 201 (48) 182 (34) Amortization of prior service costs (credit) (14) (3) (15) (12) (3) (20) Total net periodic benefit costs (credit) 246 (92) 336 (67) 259 (64) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses (35) (42) 231 (138) 244 (248) Prior service costs (credit) — — 3 — (110) (7) Amortization of net actuarial (gains) losses (189) 74 (201) 48 (182) 34 Amortization of prior service (costs) credit 14 3 15 12 3 20 Settlement and curtailment (gains) losses (10) — — — — — Exchange rate changes 5 — — — — — Total recognized in OCI (215) 35 48 (78) (45) (201) Total recognized in net periodic benefit costs and OCI $ 31 $ (57) $ 384 $ (145) $ 214 $ (265) Assumptions Assumptions used in determining benefit obligations for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits December 31, 2020 Weighted average discount rate 2.65% 2.85% Weighted average interest crediting rate 3.46% N/A Rate of compensation increase 2.50% - 8.00% N/A December 31, 2019 Weighted average discount rate 3.30% 3.45% Weighted average interest crediting rate 3.99% N/A Rate of compensation increase 2.25% - 8.50% N/A Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2020 Weighted average discount rate 3.30% 3.45% Weighted average interest crediting rate 3.38% N/A Weighted average expected rate of return on plan assets 5.50% 4.31% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2019 Weighted average discount rate 4.35% 4.35% Weighted average interest crediting rate 4.01% N/A Weighted average expected rate of return on plan assets 5.75% 5.04% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2018 Weighted average discount rate 3.65% 3.70% Weighted average interest crediting rate 4.13% N/A Weighted average expected rate of return on plan assets 5.75% 5.11% Rate of compensation increase 2.25% - 8.50% N/A The weighted average discount rate for the U.S. plans is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the measurement date, which would provide the necessary future cash flows to pay the aggregate PBO when due. The weighted average expected rate of return on plan assets for the U.S. plans is based on anticipated performance of the various asset sectors in which the plans invest, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the long-term expectations on the performance of the markets. While the precise expected rate of return derived using this approach will fluctuate from year to year, the policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate. The weighted average expected rate of return on plan assets for use in that plan’s valuation in 2021 is currently anticipated to be 5.00% for U.S. pension benefits and 3.87% for U.S. other postretirement benefits. The weighted average interest crediting rate is determined annually based on the plan selected rate, long-term financial forecasts of that rate and the demographics of the plan participants. The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: December 31, 2020 2019 Before Age 65 and Before Age 65 and Following year 5.8 % 5.6 % 4.9 % (1.0) % Ultimate rate to which cost increase is assumed to decline 3.8 % 3.8 % 3.8 % 3.8 % Year in which the ultimate trend rate is reached 2074 2074 2074 2074 Plan Assets Certain U.S. subsidiaries provide employees with benefits under various Employee Retirement Income Security Act of 1974 (“ERISA”) benefit plans. These include qualified pension plans, postretirement medical plans and certain retiree life insurance coverage. The assets of these U.S. subsidiaries’ qualified pension plans are held in an insurance group annuity contract, and the vast majority of the assets of the postretirement medical plan are held in a trust which largely utilizes insurance contracts to hold the assets. All of these contracts are issued by the Company’s insurance affiliates, and the assets under the contracts are held in insurance separate accounts that have been established by the Company. The underlying assets of the separate accounts are principally comprised of cash and cash equivalents, short-term investments, fixed maturity securities AFS, equity securities, derivatives, real estate and private equity investments. The assets backing the retiree life coverage also utilize insurance contracts issued by the Company’s insurance affiliate and are held in a general account Life Insurance Funding Agreement. The insurance contract provider engages investment management firms (“Managers”) to serve as sub-advisors for the separate accounts based on the specific investment needs and requests identified by the plan fiduciary. These Managers have portfolio management discretion over the purchasing and selling of securities and other investment assets pursuant to the respective investment management agreements and guidelines established for each insurance separate account. The assets of the qualified pension plans and postretirement medical plans (the “Invested Plans”) are well diversified across multiple asset categories and across a number of different Managers, with the intent of minimizing risk concentrations within any given asset category or with any of the given Managers. The Invested Plans, other than those held in participant directed investment accounts, are managed in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters. Specifically, investment policies are oriented toward (i) maximizing the Invested Plan’s funded status; (ii) minimizing the volatility of the Invested Plan’s funded status; (iii) generating asset returns that exceed liability increases; and (iv) targeting rates of return in excess of a custom benchmark and industry standards over appropriate reference time periods. These goals are expected to be met through identifying appropriate and diversified asset classes and allocations, ensuring adequate liquidity to pay benefits and expenses when due and controlling the costs of administering and managing the Invested Plan’s investments. Independent investment consultants are periodically used to evaluate the investment risk of the Invested Plan’s assets relative to liabilities, analyze the economic and portfolio impact of various asset allocations and management strategies and recommend asset allocations. Derivative contracts may be used to reduce investment risk, to manage duration and to replicate the risk/return profile of an asset or asset class. Derivatives may not be used to leverage a portfolio in any manner, such as to magnify exposure to an asset, asset class, interest rates or any other financial variable. Derivatives are also prohibited for use in creating exposures to securities, currencies, indices or any other financial variable that is otherwise restricted. The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2020 for the Invested Plans: December 31, 2020 2019 U.S. Pension U.S. Other Postretirement Benefits (1) U.S. Pension U.S. Other Target Actual Target Actual Actual Actual Asset Class Fixed maturity securities AFS 85 % 85 % 95 % 95 % 81 % 95 % Equity securities (2) 11 % 8 % 5 % 5 % 12 % 5 % Alternative securities (3) 4 % 7 % — % — % 7 % — % Total assets 100 % 100 % 100 % 100 % __________________ (1) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS. (2) Equity securities percentage includes derivative assets. (3) Alternative securities primarily include private equity and real estate funds. Estimated Fair Value The pension and other postretirement benefit plan assets are categorized into a three-level fair value hierarchy, as described in Note 10, based upon the significant input with the lowest level in its valuation. The Level 2 asset category includes certain separate accounts that are primarily invested in liquid and readily marketable securities. The estimated fair value of such separate accounts is based upon reported NAV provided by fund managers and this value represents the amount at which transfers into and out of the respective separate account are effected. These separate accounts provide reasonable levels of price transparency and can be corroborated through observable market data. Directly held investments are primarily invested in U.S. and foreign government and corporate securities. The Level 3 asset category includes separate accounts that are invested in assets that provide little or no price transparency due to the infrequency with which the underlying assets trade and generally require additional time to liquidate in an orderly manner. Accordingly, the values for separate accounts invested in these alternative asset classes are based on inputs that cannot be readily derived from or corroborated by observable market data. The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows: December 31, 2020 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: Corporate $ — $ 4,704 $ — $ 4,704 $ — $ 244 $ — $ 244 U.S. government bonds 1,820 48 — 1,868 51 — — 51 Foreign bonds — 990 — 990 — 69 — 69 Federal agencies — 114 — 114 — 2 — 2 Municipals — 310 — 310 — 8 — 8 Short-term investments — 265 — 265 471 503 — 974 Other (1) 399 757 — 1,156 44 44 — 88 Total fixed maturity securities AFS 2,219 7,188 — 9,407 566 870 — 1,436 Equity securities 826 275 — 1,101 56 — — 56 Other investments 26 — 708 734 — — — — Derivative assets 14 — — 14 — — — — Total assets $ 3,085 $ 7,463 $ 708 $ 11,256 $ 622 $ 870 $ — $ 1,492 December 31, 2019 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: Corporate $ — $ 3,750 $ — $ 3,750 $ — $ 278 $ — $ 278 U.S. government bonds 1,599 457 — 2,056 259 — — 259 Foreign bonds — 996 — 996 — 63 — 63 Federal agencies — 106 — 106 — 9 — 9 Municipals — 280 — 280 — 20 — 20 Short-term investments — 192 — 192 24 383 — 407 Other (1) 328 620 — 948 151 219 3 373 Total fixed maturity securities AFS 1,927 6,401 — 8,328 434 972 3 1,409 Equity securities 962 215 — 1,177 59 — — 59 Other investments 23 3 686 712 — — — — Derivative assets 10 3 — 13 — — — — Total assets $ 2,922 $ 6,622 $ 686 $ 10,230 $ 493 $ 972 $ 3 $ 1,468 __________________ (1) Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS. A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities AFS: Corporate Other (1) Equity Securities Other Derivative (In millions) Balance, January 1, 2019 $ 1 $ 1 $ — $ 688 $ 1 Realized gains (losses) — — — — — Unrealized gains (losses) — — — (1) (1) Purchases, sales, issuances and settlements, net (1) 2 — (1) — Transfers into and/or out of Level 3 — — — — — Balance, December 31, 2019 $ — $ 3 $ — $ 686 $ — Realized gains (losses) — — — — — Unrealized gains (losses) — — — (55) — Purchases, sales, issuances and settlements, net — (3) — 77 — Transfers into and/or out of Level 3 — — — — — Balance, December 31, 2020 $ — $ — $ — $ 708 $ — __________________ (1) Other includes ABS and collateralized mortgage obligations. Expected Future Contributions and Benefit Payments It is the subsidiaries’ practice to make contributions to the U.S. qualified pension plan to comply with minimum funding requirements of ERISA. In accordance with such practice, no contributions are expected to be required for 2021. The subsidiaries do not expect to make any discretionary contributions to the qualified pension plan in 2021. For information on employer contributions, see “— Obligations and Funded Status.” Benefit payments due under the U.S. nonqualified pension plans are primarily funded from the subsidiaries’ general assets as they become due under the provisions of the plans, and therefore benefit payments equal employer contributions. The U.S. subsidiaries expect to make contributions of $74 million to fund the benefit payments in 2021. Postretirement benefits are either: (i) not vested under law; (ii) a non-funded obligation of the subsidiaries; or (iii) both. Current regulations do not require funding for these benefits. The subsidiaries use their general assets, net of participant’s contributions, to pay postretirement medical claims as they come due. As permitted under the terms of the governing trust document, the subsidiaries may be reimbursed from plan assets for postretirement medical claims paid from their general assets. The U.S. subsidiaries expect to make contributions of $28 million towards benefit obligations in 2021 to pay postretirement medical claims. Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: Pension Benefits Other Postretirement Benefits (In millions) 2021 $ 674 $ 71 2022 $ 684 $ 70 2023 $ 704 $ 68 2024 $ 722 $ 68 2025 $ 732 $ 66 2026-2030 $ 3,781 $ 314 Defined Contribution Plans Certain subsidiaries sponsor defined contribution plans under which a portion of employee contributions are matched. These subsidiaries contributed $95 million, $96 million and $63 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 19. Income Tax The provision for income tax was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Current: U.S. federal $ 271 $ (189) $ (207) U.S. state and local 27 4 11 Non-U.S. 882 850 932 Subtotal 1,180 665 736 Deferred: U.S. federal (115) (235) 342 U.S. state and local 1 — — Non-U.S. 443 456 101 Subtotal 329 221 443 Provision for income tax expense (benefit) $ 1,509 $ 886 $ 1,179 The Company’s income (loss) before income tax expense (benefit) was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Income (loss): U.S. $ 2,970 $ 2,094 $ (803) Non-U.S. 3,957 4,701 7,110 Total $ 6,927 $ 6,795 $ 6,307 The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Tax provision at U.S. statutory rate $ 1,455 $ 1,427 $ 1,325 Tax effect of: Dividend received deduction (34) (37) (35) Tax-exempt income (45) (64) (29) Prior year tax (1), (2) (27) (179) (197) Low income housing tax credits (202) (254) (284) Other tax credits (45) (52) (79) Foreign tax rate differential (3), (4), (5) 414 395 335 Change in valuation allowance (5) (22) (2) U.S. Tax Reform impact (6), (7) — (326) 78 Other, net (8) (2) (2) 67 Provision for income tax expense (benefit) $ 1,509 $ 886 $ 1,179 __________________ (1) For the year ended December 31, 2020, prior year tax includes a $40 million tax benefit related to an Internal Revenue Service (“IRS”) audit matter. (2) As discussed further below, prior year tax includes a non-cash benefit related to an uncertain tax position of $158 million and $168 million for the years ended December 31, 2019 and 2018, respectively. (3) For the year ended December 31, 2020, foreign tax rate differential includes tax charges of $60 million and $24 million related to the sales of MetLife Seguros de Retiro and MetLife Russia, respectively, and $43 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”). See Note 3 for information on the Company’s business dispositions. (4) For the year ended December 31, 2019, foreign tax rate differential includes tax charges of $61 million from the definitive agreement to sell MetLife Hong Kong and $12 million related to GILTI, of which $35 million is a current year charge offset by a $23 million tax benefit revising the 2018 estimate. See Note 3 for information on the disposition of MetLife Hong Kong. (5) For the year ended December 31, 2018, foreign tax rate differential includes tax charges of $45 million related to GILTI, $17 million related to a tax adjustment in Chile and $13 million from changes in the valuation of the peso in Argentina. (6) For the year ended December 31, 2019, U.S. Tax Reform impact includes a $317 million tax benefit related to the deemed repatriation transition tax and $9 million related to the effect of sequestration on the alternative minimum tax credit. (7) For the year ended December 31, 2018, U.S. Tax Reform impact includes a $468 million tax charge related to the deemed repatriation transition tax, offset by a $390 million tax benefit related to the adjustment of deferred taxes due to the U.S. tax rate change. This excludes $12 million of tax provision at the U.S. statutory rate for a total tax reform charge of $66 million. (8) For the year ended December 31, 2018, other includes tax charges of $69 million related to the non-deductible loss incurred on the mark-to-market and exchange of FVO Brighthouse Common Stock and $18 million related to a non-deductible Patient Protection and Affordable Care Act excise tax, offset by a tax benefit of $36 million related to a non-cash transfer of assets from a wholly-owned U.K. subsidiary to its U.S. parent. In December 2017, U.S. Tax Reform was signed into law. U.S. Tax Reform includes numerous changes in tax law, including a permanent reduction in the U.S. federal corporate income tax rate from 35% to 21%, which took effect for taxable years beginning on or after January 1, 2018. U.S. Tax Reform moves the United States from a worldwide tax system to a participation exemption system by providing corporations a 100% dividends received deduction for dividends distributed by a controlled foreign corporation. To transition to that new system, U.S. Tax Reform imposed a one-time deemed repatriation tax on unremitted earnings and profits at a rate of 8.0% for illiquid assets and 15.5% for cash and cash equivalents. The Company recorded estimates of the impacts of U.S. Tax Reform in the period of enactment, the fourth quarter of 2017. In 2018, these estimates were updated in accordance with SAB 118. However, the impact of certain provisions of U.S. Tax Reform remains uncertain. For instance, many regulations under the new law have not been finalized or have only recently been finalized, including certain rules on international taxation. As a result, the Company continued to report additional revisions resulting from U.S. Tax Reform in 2019. The incremental financial statement impact related to U.S. Tax Reform was as follows: Years Ended December 31, 2019 2018 (In millions) Income (loss) before provision for income tax $ — $ (58) Provision for income tax expense (benefit): Deemed repatriation (317) 468 Deferred tax revaluation (9) (402) Total provision for income tax expense (benefit) (326) 66 Income (loss), net of income tax 326 (124) Increase to net equity from U.S. Tax Reform $ 326 $ (124) In accordance with SAB 118, the Company recorded provisional amounts for certain items for which the income tax accounting was not complete. For these items, the Company recorded a reasonable estimate of the tax effects of U.S. Tax Reform. The estimates were reported as provisional amounts during the measurement period, which did not exceed one year from the date of enactment of U.S. Tax Reform. In 2018, the Company reflected adjustments to its provisional amounts upon obtaining, preparing, or analyzing additional information about facts and circumstances that existed as of the enactment date that, if known, would have affected the income tax effects initially reported as provisional amounts. While the SAB 118 provisional measurement period ended December 31, 2018, the Company continued to revise certain U.S. Tax Reform amounts in 2019. As of December 31, 2017, the following items were considered provisional estimates due to complexities and ambiguities in U.S. Tax Reform which resulted in incomplete accounting for the tax effects of these provisions. Further guidance, either legislative or interpretive, and analysis were completed and updates were made to complete the accounting for these items during the measurement period as of December 31, 2018 and subsequent to the measurement period as of December 31, 2019: • Deemed Repatriation Transition Tax - In 2018, the IRS issued proposed regulations related to the transition tax. As a result, for the year ended December 31, 2018, the Company recorded a $468 million charge. In 2019, as a result of executing a binding agreement with the IRS, the Company recorded a tax benefit of $317 million to settle this matter. This agreement resolved uncertainty regarding the taxation of certain dividends from certain foreign subsidiaries paid prior to U.S. Tax Reform. • GILTI - U.S. Tax Reform imposes a minimum tax on GILTI, which is generally the excess income of foreign subsidiaries over a 10% rate of routine return on tangible business assets. In 2018, the Company established an accounting policy in which it treats taxes due on GILTI as a current-period expense when incurred. Accordingly, the Company recorded tax charges of $43 million, $12 million and $45 million related to this income for the periods ended December 31, 2020, 2019 and 2018, respectively. • Alternative Minimum Tax Credits - U.S. Tax Reform eliminates the corporate alternative minimum tax and allows for minimum tax credit carryforwards to be used to offset future regular tax or to be refunded 50% each tax year beginning in 2018, with any remaining balance fully refunded in 2021. However, pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, refund payments issued for corporations claiming refundable prior year alternative minimum tax credits are subject to a sequestration rate of 6.2%. The application of this fee to refunds in future years is subject to further guidance. Additionally, the sequestration reduction rate in effect at the time is subject to uncertainty. For the year ended December 31, 2018, the Company determined that no additional adjustment was required. In early 2019, the IRS issued guidance indicating that for years beginning after December 31, 2017, refund payments and credit elect and refund offset transactions due to refundable alternative minimum tax credits will not be subject to the sequestration fee. Accordingly, to reflect this guidance the Company recorded a $9 million tax benefit in 2019. • Tax Credit Partnerships - The reduction in the federal corporate income tax rate due to U.S. Tax Reform required adjustments for multiple investment portfolios, including tax credit partnerships and tax-advantaged leveraged leases. Certain tax credit partnership investments derive returns in part from income tax credits. The Company recognizes changes in tax attributes at the partnership level when reported by the investee in its financial information. The Company did not receive the necessary investee financial information to determine the impact of U.S. Tax Reform on the tax attributes of its tax credit partnership investments until the third quarter of 2018. Accordingly, prior to the third quarter of 2018, the Company applied prior law to these equity method investments in accordance with SAB 118. For the year ended December 31, 2018, after receiving additional investee information, a reduction in tax credit partnerships’ equity method income of $46 million, net of income tax, was included in net investment income. The tax-advantaged leveraged lease portfolio is valued on an after-tax yield basis. In 2018, the Company received third party data that was used to complete a comprehensive review of its portfolio to determine the full and complete impact of U.S. Tax Reform on these investments. As a result of this review, a tax benefit of $125 million was recorded for the year ended December 31, 2018. No additional adjustment was required for the years ended December 31, 2020 and 2019. U.S. Tax Reform required the Company to recognize a transition tax on all previously unremitted non-U.S. earnings. However, the Company has not provided for U.S. deferred taxes on the remaining excess of book bases over tax bases of certain investments in non-U.S. subsidiaries that are essentially permanent in duration. The amount of deferred tax liability related to the Company’s remaining basis difference in these non-U.S. subsidiaries is $281 million at December 31, 2020. Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: December 31, 2020 2019 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 3,890 $ 3,635 Net operating loss carryforwards (1) 301 240 Employee benefits 673 692 Capital loss carryforwards 9 10 Tax credit carryforwards (2) 922 1,296 Litigation-related and government mandated 126 151 Other — 127 Total gross deferred income tax assets 5,921 6,151 Less: Valuation allowance (1) 309 294 Total net deferred income tax assets 5,612 5,857 Deferred income tax liabilities: Investments, including derivatives 4,421 4,170 Intangibles 1,387 1,181 Net unrealized investment gains 7,422 6,226 DAC 3,162 3,312 Other 134 — Total deferred income tax liabilities 16,526 14,889 Net deferred income tax asset (liability) (3) $ (10,914) $ (9,032) __________________ (1) The Company has recorded a deferred tax asset of $301 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2020. Certain net operating loss carryforwards will expire between 2021 and 2040, whereas others have an unlimited carryforward period. (2) Tax credit carryforwards for the year ended December 31, 2020 primarily reflect general business credits expiring between 2037 and 2040 and are reduced by $94 million related to unrecognized tax benefits. (3) On the consolidated balance sheet for the years ended December 31, 2020 and 2019, $11,008 million and $9,097 million, respectively, is reported in Deferred income tax liability for jurisdictions in a net deferred income tax liability position and $94 million and $65 million, respectively, of a deferred income tax asset is reported in Other assets for jurisdictions in a net deferred income tax asset position. The Company files income tax returns with the U.S. federal government and various U.S. state and local jurisdictions, as well as non-U.S. jurisdictions. The Company is under continuous examination by the IRS and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to U.S. federal, state, or local income tax examinations for years prior to 2010. For tax years 2007 through 2009, the Company has established adequate reserves for payment of tax liabilities resulting from the completed IRS audit of 2007-2009 which is expected to be settled in 2021. In material non-U.S. jurisdictions, the Company is no longer subject to income tax examinations for years prior to 2013. The Company filed refund claims in 2017 with the IRS for 2000 through 2002 to recover tax and interest predominantly related to the disallowance of certain foreign tax credits for which the Company received a statutory notice of deficiency in 2015 and paid the tax thereon. The disallowed foreign tax credits relate to certain non-U.S. investments held by MLIC in support of its life insurance business through a United Kingdom investment subsidiary that was structured as a joint venture until early 2009. In 2020, the Company received refunds from these claims filed in 2017, and as a result, the Company recorded a $28 million interest benefit ($22 million, net of tax) included in other expenses. For tax years 2000 through 2002 and tax years 2007 through 2009, the Company entered into binding agreements with the IRS in 2019 under which all remaining issues regarding the foreign tax credit matter noted above were resolved. Accordingly, in 2019, the Company recorded a non-cash benefit to net income of $226 million, net of tax, comprised of a $158 million tax benefit recorded in provision for income tax expense (benefit) and a $86 million interest benefit ($68 million, net of tax) included in other expenses. For tax years 2003 through 2006, the Company entered into binding agreements with the IRS in 2018 under which all remaining issues, including the foreign tax credit matter noted above, were resolved. Accordingly, in 2018, the Company recorded a non-cash benefit to net income of $349 million, net of tax, comprised of a $168 million tax benefit recorded in provision for income tax expense (benefit) and a $229 million interest benefit ($181 million, net of tax) included in other expenses. The Company’s overall liability for unrecognized tax benefits may increase or decrease in the next 12 months. For example, U.S. federal tax legislation and regulation could impact unrecognized tax benefits. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Balance at January 1, $ 256 $ 1,111 $ 1,102 Additions for tax positions of prior years (1) 16 6 269 Reductions for tax positions of prior years (2) (1) (493) (195) Additions for tax positions of current year (1) 12 13 226 Reductions for tax positions of current year — — (3) Settlements with tax authorities (3) (1) (381) (288) Lapses of statute of limitations (10) — — Balance at December 31, $ 272 $ 256 $ 1,111 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 203 $ 194 $ 1,046 __________________ (1) The increase in 2018 is primarily related to the deemed repatriation transition tax and related IRS regulations. (2) The decreases in 2019 and 2018 are primarily related to non-cash benefits from tax audit settlements. (3) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $377 million and $284 million, respectively, was reclassified to the current income tax payable account. The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses. Interest was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Interest expense (benefit) recognized on the consolidated statements of operations (1) $ 12 $ (179) $ (441) December 31, 2020 2019 (In millions) Interest included in other liabilities on the consolidated balance sheets $ 51 $ 39 __________________ (1) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $60 million and $168 million, respectively, was recorded in other expenses and $119 million and $273 million, respectively, was reclassified to the current income tax payable account. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 20. Earnings Per Common Share The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share: Years Ended December 31, 2020 2019 2018 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding - basic 907.8 937.6 1,005.9 Incremental common shares from assumed exercise or issuance of stock-based awards 5.4 6.8 8.0 Weighted average common stock outstanding - diluted 913.2 944.4 1,013.9 Net Income (Loss): Net income (loss) $ 5,418 $ 5,909 $ 5,128 Less: Net income (loss) attributable to noncontrolling interests 11 10 5 Less: Preferred stock dividends 202 178 141 Preferred stock redemption premium $ 14 $ — $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 5,191 $ 5,721 $ 4,982 Basic $ 5.72 $ 6.10 $ 4.95 Diluted $ 5.68 $ 6.06 $ 4.91 |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 21. 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 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. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the United States permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the Company’s actual experience in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at December 31, 2020. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods. Matters as to Which an Estimate Can Be Made For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of December 31, 2020, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $200 million. Matters as to Which an Estimate Cannot Be Made For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Asbestos-Related Claims MLIC 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. MLIC has never engaged in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920s through approximately the 1950s and allege that MLIC 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. MLIC 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 MLIC. MLIC employs a number of resolution strategies to manage its asbestos loss exposure, including seeking resolution of pending litigation by judicial rulings and settling individual or groups of claims or lawsuits under appropriate circumstances. Claims asserted against MLIC have included negligence, intentional tort and conspiracy concerning the health risks associated with asbestos. MLIC’s defenses (beyond denial of certain factual allegations) include that: (i) MLIC owed no duty to the plaintiffs — it had no special relationship with the plaintiffs and did not manufacture, produce, distribute or sell the asbestos products that allegedly injured plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known; and (v) the applicable time with respect to filing suit has expired. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials. The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: December 31, 2020 2019 2018 (In millions, except number of claims) Asbestos personal injury claims at year end 60,618 61,134 62,522 Number of new claims during the year 2,496 3,187 3,359 Settlement payments during the year (1) $ 52.9 $ 49.4 $ 51.4 __________________ (1) Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC 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 MLIC 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 impact of the number of new claims filed in a particular jurisdiction and variations in the law in the jurisdictions in which claims are filed, the possible impact of tort reform efforts, the willingness of courts to allow plaintiffs to pursue claims against MLIC 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. 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 by management, 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 consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability is based on its estimation of the following elements, as informed by the facts presently known to it, its understanding of current law and its past experiences: (i) the probable and reasonably estimable liability for asbestos claims already asserted against MLIC, including claims settled but not yet paid; (ii) the probable and reasonably estimable liability for asbestos claims not yet asserted against MLIC, but which MLIC believes are reasonably probable of assertion; and (iii) the legal defense costs associated with the foregoing claims. Significant assumptions underlying MLIC’s analysis of the adequacy of its recorded liability with respect to asbestos litigation include: (i) the number of future claims; (ii) the cost to resolve claims; and (iii) the cost to defend claims. MLIC 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. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its recorded liability for asbestos-related claims to $425 million at December 31, 2020. City of Westland Police and Fire Retirement System v. MetLife, Inc., et. al. (S.D.N.Y., filed January 12, 2012) Plaintiff filed this class action on behalf of a class of persons who either purchased MetLife, Inc. common shares between February 9, 2011, and October 6, 2011, or purchased or acquired MetLife, Inc. common stock in the Company’s August 3, 2010 offering or the Company’s March 4, 2011 offering. Plaintiff alleges that MetLife, Inc. and several current and former directors and executive officers of MetLife, Inc. violated the Securities Act of 1933, as well as the Exchange Act and Rule 10b-5 promulgated thereunder by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have purportedly been paid to beneficiaries or escheated to the states. The parties reached an agreement on a class settlement of the case, and on June 17, 2020, plaintiff filed with the district court a motion to approve notice of the proposed settlement to the classes. The Company has accrued the full amount of the settlement payment. On November 24, 2020, the district court approved notice of the proposed settlement to the classes. Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed February 9, 2017) Plaintiffs filed this putative class and collective action on behalf of themselves and all current and former long-term disability (“LTD”) claims specialists between February 2011 and the present for alleged wage and hour violations under the Fair Labor Standards Act, the New York Labor Law, and the Connecticut Minimum Wage Act. The suit alleges that MLIC improperly reclassified the plaintiffs and similarly situated LTD claims specialists from non-exempt to exempt from overtime pay in November 2013. As a result, they and members of the putative class were no longer eligible for overtime pay even though they allege they continued to work more than 40 hours per week. Plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On March 22, 2018, the court conditionally certified the case as a collective action, requiring that notice be mailed to LTD claims specialists who worked for MLIC from February 8, 2014 to the present. MLIC intends to defend this action vigorously. 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., MLIC, 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. On April 3, 2019, the court granted MetLife, Inc.’s and MLIC’s motion to dismiss and dismissed the complaint in its entirety. The Relator filed an appeal with the Appellate Division of the New York State Supreme Court, First Department. On December 10, 2020, the Appellate Division reversed the court’s order granting MetLife, Inc. and MLIC’s motion to dismiss and remanded the case to the trial court where the Relator’s counsel will be permitted to file an amended complaint. Matters Related to Group Annuity Benefits and Assumed Variable Annuity Guarantee Reserves In 2018, the Company announced that it identified two material weaknesses in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits and the calculation of reserves associated with certain variable annuity guarantees assumed from the former operating joint venture in Japan. Several regulators have made inquiries into these issues and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company is exposed to lawsuits, and could be exposed to additional legal actions relating to these issues. 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, ERISA, or other laws or regulations. The Company could incur significant costs in connection with these actions. Litigation Matters Parchmann v. MetLife, Inc., et. al. (E.D.N.Y., filed February 5, 2018) Plaintiff filed this putative class action seeking to represent a class of persons who purchased MetLife, Inc. common stock from February 27, 2013 through January 29, 2018. Plaintiff alleges that MetLife, Inc., its former Chief Executive Officer and Chairman of the Board, and its former Chief Financial Officer violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder by issuing materially false and/or misleading financial statements. Plaintiff alleges that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate, and that MetLife had inadequate internal control over financial reporting. Plaintiff seeks unspecified compensatory damages and other relief. On January 11, 2021, the court granted MetLife’s motion to dismiss and dismissed the complaint in its entirety. Plaintiff filed an appeal with the United States Court of Appeals for the Second Circuit. Derivative Actions and Demands Shareholders, seeking to sue derivatively on behalf of MetLife, Inc., commenced three separate actions against certain current and former members of the MetLife, Inc. Board of Directors and/or certain current and former officers of MetLife, Inc., alleging that, among other things, they breached their fiduciary and other duties to the Company. In Kates v. Kandarian, et al. (E.D.N.Y., filed January 18, 2019, transferred to D. Del. July 8, 2019) and Felt, et al. v. Grise, et al. (D. Del., filed April 29, 2019), plaintiffs allege that the defendants disseminated or approved public statements that failed to disclose that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate and that MetLife had inadequate internal control over financial reporting. In Lifschitz v. Kandarian, et al. (Del. Ch., filed June 19, 2019), plaintiff alleges that the MetLife, Inc. Board of Directors knew or should have known that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate. Felt and Lifschitz have been consolidated in the Court of Chancery in Delaware under the caption In re: MetLife, Inc. Derivative Litigation. In all of these actions, plaintiffs allege that because of the defendants’ breaches of duty, MetLife, Inc. has incurred damage to its reputation and has suffered other unspecified damages. On August 17, 2020, the court dismissed the complaint in In re: MetLife, Inc. Derivative Litigation, and on September 8, 2020, the court dismissed the complaint in Kates . Plaintiffs in In re: MetLife, Inc. Derivative Litigation have filed an appeal with the Supreme Court of the State of Delaware, and on October 8, 2020, plaintiffs in Kates filed a third amended complaint with the district court. The MetLife, Inc. Board of Directors received six letters, dated March 28, 2018, May 11, 2018, July 16, 2018, December 20, 2018, February 5, 2019, and April 7, 2020, written on behalf of individual stockholders, demanding that MetLife, Inc. take action against current and former directors and officers for alleged breaches of fiduciary duty and/or investigate, remediate, and recover damages allegedly suffered by the Company as a result of (i) the Company’s allegedly inadequate practices and procedures for estimating reserves for certain group annuity benefits, (ii) the Company’s allegedly inadequate internal controls over financial reporting and corporate governance practices and procedures, and (iii) the alleged dissemination of false or misleading information related to these issues. The MetLife, Inc. Board of Directors appointed a special committee to investigate the allegations set forth in these six letters. Insolvency Assessments Many jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guaranty associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers or those that may become impaired, insolvent or fail. These associations levy assessments, up to prescribed limits, on all member insurers in a particular jurisdiction on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. In addition, certain jurisdictions have government owned or controlled organizations providing life, health and property and casualty insurance to their citizens, whose activities could place additional stress on the adequacy of guaranty fund assessments. Many of these organizations have the power to levy assessments similar to those of the guaranty associations. Some jurisdictions permit member insurers to recover assessments paid through full or partial premium tax offsets. Assets and liabilities held for insolvency assessments were as follows: December 31, 2020 2019 (In millions) Other Assets: Premium tax offset for future discounted and undiscounted assessments $ 40 $ 43 Premium tax offset currently available for paid assessments 35 43 Total $ 75 $ 86 Other Liabilities: Insolvency assessments $ 60 $ 62 Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.3 billion and $4.1 billion at December 31, 2020 and 2019, respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $8.5 billion and $8.1 billion at December 31, 2020 and 2019, respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $549 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are 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 guarantees in the future. The Company’s recorded liabilities were $20 million and $6 million at December 31, 2020 and 2019, respectively, for indemnities, guarantees and commitments. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 22. Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for 2020 and 2019 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions, except per share data) 2020 Total revenues $ 18,310 $ 14,099 $ 16,015 $ 19,418 Total expenses $ 12,667 $ 13,902 $ 15,092 $ 19,254 Net income (loss) $ 4,401 $ 150 $ 709 $ 158 Less: Net income (loss) attributable to noncontrolling interests $ 3 $ 5 $ 3 $ — Net income (loss) attributable to MetLife, Inc. $ 4,398 $ 145 $ 706 $ 158 Less: Preferred stock dividends $ 32 $ 77 $ 59 $ 34 Preferred stock redemption premium $ — $ — $ 14 $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 4,366 $ 68 $ 633 $ 124 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 4.81 $ 0.16 $ 0.78 $ 0.18 Net income (loss) available to MetLife, Inc.’s common shareholders $ 4.78 $ 0.07 $ 0.70 $ 0.14 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 4.78 $ 0.16 $ 0.77 $ 0.17 Net income (loss) available to MetLife, Inc.’s common shareholders $ 4.75 $ 0.07 $ 0.69 $ 0.14 2019 Total revenues $ 16,302 $ 17,497 $ 18,678 $ 17,143 Total expenses $ 14,558 $ 15,200 $ 15,887 $ 17,180 Net income (loss) $ 1,385 $ 1,746 $ 2,190 $ 588 Less: Net income (loss) attributable to noncontrolling interests $ 4 $ 5 $ 6 $ (5) Net income (loss) attributable to MetLife, Inc. $ 1,381 $ 1,741 $ 2,184 $ 593 Less: Preferred stock dividends $ 32 $ 57 $ 32 $ 57 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1,349 $ 1,684 $ 2,152 $ 536 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.44 $ 1.84 $ 2.35 $ 0.65 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.41 $ 1.78 $ 2.31 $ 0.58 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.43 $ 1.83 $ 2.33 $ 0.64 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.40 $ 1.77 $ 2.30 $ 0.58 |
Consolidated Summary of Investm
Consolidated Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Consolidated Summary of Investments - Other Than Investments in Related Parties | MetLife, Inc. Schedule I Consolidated Summary of Investments — Other Than Investments in Related Parties December 31, 2020 (In millions) Types of Investments Cost or Estimated Fair Amount at Fixed maturity securities AFS: Bonds: Foreign government $ 63,243 $ 71,699 $ 71,699 U.S. government and agency 39,094 47,100 47,100 Public utilities 12,399 14,948 14,948 Municipals 10,982 13,722 13,722 All other corporate bonds 127,375 146,741 146,741 Total bonds 253,093 294,210 294,210 Mortgage-backed and asset-backed securities 56,709 59,464 59,464 Redeemable preferred stock 1,009 1,135 1,135 Total fixed maturity securities AFS 310,811 354,809 354,809 Unit-linked and FVO Securities 11,339 13,319 13,319 Equity securities: Common stock: Industrial, miscellaneous and all other 493 596 596 Banks, trust and insurance companies 63 131 131 Public utilities 88 52 52 Non-redeemable preferred stock 297 300 300 Total equity securities 941 1,079 1,079 Mortgage loans 84,509 83,919 Policy loans 9,493 9,493 Real estate and real estate joint ventures 11,913 11,913 Real estate acquired in satisfaction of debt 20 20 Other limited partnership interests 9,470 9,470 Short-term investments 3,904 3,904 Other invested assets 20,593 20,593 Total investments $ 462,993 $ 508,519 __________________ (1) The Unit-linked and FVO Securities are primarily equity securities (including mutual funds) and fixed maturity securities. Amortized cost for fixed maturity securities AFS, mortgage loans and short-term investments represents original cost reduced by repayments and adjusted for amortization of premium or accretion of discount; for equity securities, cost represents original cost; for real estate, cost represents original cost reduced by impairments and depreciation; for real estate joint ventures and other limited partnerships interests, cost represents original cost reduced for impairments or original cost adjusted for equity in earnings and distributions. |
Condensed Financial Information
Condensed Financial Information (Parent Company) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company) | MetLife, Inc. Schedule II Condensed Financial Information (Parent Company Only) December 31, 2020 and 2019 (In millions, except share and per share data) 2020 2019 Condensed Balance Sheets Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) $ 3,443 $ 3,073 Short-term investments, principally at estimated fair value 156 2 Other invested assets, at estimated fair value 187 120 Total investments 3,786 3,195 Cash and cash equivalents 441 377 Accrued investment income 11 12 Investment in subsidiaries 88,684 79,571 Loans to subsidiaries — 100 Other assets 966 747 Total assets $ 93,888 $ 84,002 Liabilities and Stockholders’ Equity Liabilities Payables for collateral under derivatives transactions $ 65 $ 16 Long-term debt — unaffiliated 13,463 12,379 Long-term debt — affiliated 2,073 1,976 Junior subordinated debt securities 2,461 2,458 Other liabilities 1,268 1,029 Total liabilities 19,330 17,858 Stockholders’ Equity Preferred stock, par value $0.01 per share; $4,405 and $3,405, respectively, aggregate liquidation preference — — Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,181,614,288 and 1,177,680,299 shares issued, respectively; 892,910,600 and 915,338,098 shares outstanding, respectively 12 12 Additional paid-in capital 33,812 32,680 Retained earnings 36,491 33,078 Treasury stock, at cost; 288,703,688 and 262,342,201 shares, respectively (13,829) (12,678) Accumulated other comprehensive income (loss) 18,072 13,052 Total stockholders’ equity 74,558 66,144 Total liabilities and stockholders’ equity $ 93,888 $ 84,002 See accompanying notes to the condensed financial information. MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2020, 2019 and 2018 (In millions) 2020 2019 2018 Condensed Statements of Operations Revenues Net investment income $ 50 $ 77 $ 87 Other revenues 29 27 19 Net investment gains (losses) (154) (40) (277) Net derivative gains (losses) (61) (45) (56) Total revenues (136) 19 (227) Expenses Interest expense 833 850 1,009 Other expenses 154 153 158 Total expenses 987 1,003 1,167 Income (loss) before provision for income tax and equity in earnings of subsidiaries (1,123) (984) (1,394) Provision for income tax (expense) benefit 267 582 51 Equity in earnings of subsidiaries 6,263 6,301 6,466 Net income (loss) 5,407 5,899 5,123 Less: Preferred stock dividends 202 178 141 Preferred stock redemption premium $ 14 $ — $ — Net income (loss) available to common shareholders $ 5,191 $ 5,721 $ 4,982 Comprehensive income (loss) $ 10,427 $ 17,208 $ (1,494) See accompanying notes to the condensed financial information. MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2020, 2019 and 2018 (In millions) 2020 2019 2018 Condensed Statements of Cash Flows Cash flows from operating activities Net income (loss) $ 5,407 $ 5,899 $ 5,123 Earnings of subsidiaries (6,263) (6,301) (6,466) Dividends from subsidiaries 3,970 4,790 7,367 (Gains) losses on investments and from sales of businesses, net 154 40 277 Other, net 211 (251) (807) Net cash provided by (used in) operating activities 3,479 4,177 5,494 Cash flows from investing activities Sales and maturities of fixed maturity securities available-for-sale 3,693 3,153 9,635 Purchases of fixed maturity securities available-for-sale (3,858) (3,380) (8,178) Cash received in connection with freestanding derivatives 71 101 227 Cash paid in connection with freestanding derivatives (100) (392) (237) Purchases of businesses (1,875) — — Expense paid on behalf of subsidiaries (15) (13) (14) Receipts on loans to subsidiaries 100 — — Returns of capital from subsidiaries 16 10 87 Capital contributions to subsidiaries (422) (75) (767) Net change in short-term investments 4 14 14 Other, net (2) 28 (3) Net cash provided by (used in) investing activities (2,388) (554) 764 Cash flows from financing activities Net change in payables for collateral under derivative transactions 49 7 (27) Long-term debt issued 1,246 1,382 — Long-term debt repaid (251) (877) (1,759) Treasury stock acquired in connection with share repurchases (1,151) (2,285) (3,992) Preferred stock issued, net of issuance costs 1,961 — 1,274 Redemption of preferred stock (989) — — Preferred stock redemption premium (14) — — Dividends on preferred stock (202) (178) (141) Dividends on common stock (1,657) (1,643) (1,678) Other, net (19) (28) (75) Net cash provided by (used in) financing activities (1,027) (3,622) (6,398) Change in cash and cash equivalents 64 1 (140) Cash and cash equivalents, beginning of year 377 376 516 Cash and cash equivalents, end of year $ 441 $ 377 $ 376 MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) For the Years Ended December 31, 2020, 2019 and 2018 (In millions) 2020 2019 2018 Supplemental disclosures of cash flow information Net cash paid (received) for: Interest $ 815 $ 864 $ 1,040 Income tax: Amounts paid to (received from) subsidiaries, net $ (392) $ (152) $ (33) Amounts paid to Brighthouse in accordance with the tax separation agreement — — 909 Income tax paid (received) by MetLife, Inc., net 96 (3) 1 Total income tax, net $ (296) $ (155) $ 877 Non-cash transactions: Dividends from subsidiary $ 341 $ — $ — Returns of capital from subsidiaries $ 13 $ 29 $ 3,844 Capital contributions to subsidiaries $ 1 $ 30 $ 3,844 Brighthouse common stock exchange transaction (Note 3): Reduction of long-term debt $ — $ — $ 944 Reduction of fair value option securities $ — $ — $ 1,030 MetLife, Inc. Schedule II Notes to the Condensed Financial Information (Parent Company Only) The condensed financial information of MetLife, Inc. (parent company only) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting. The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and identifiable intangible assets and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates. MetLife, Inc. lends funds as necessary, through credit agreements or otherwise to its subsidiaries, some of which are regulated, to meet their capital requirements or to provide liquidity. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile. Interest income earned on loans to subsidiaries of $2 million, $3 million and $3 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in net investment income. Long-term debt outstanding was as follows: Interest Rates (1) December 31, Range Weighted Maturity 2020 2019 (Dollars in millions) Senior notes — unaffiliated (2) 0.50% - 6.50% 4.28% 2022 - 2046 $ 13,463 $ 12,379 Senior notes — affiliated 1.60% - 3.14% 2.31% 2021 - 2029 2,073 1,976 Total $ 15,536 $ 14,355 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2020. (2) Net of $85 million and $81 million of unamortized issuance costs and net premiums and discounts at December 31, 2020 and 2019, respectively. See Note 13 of the Notes to the Consolidated Financial Statements. The aggregate maturities of long-term debt at December 31, 2020 for the next five years and thereafter are $1.0 billion in 2021, $500 million in 2022, $1.4 billion in 2023, $1.5 billion in 2024, $1.2 billion in 2025 and $9.9 billion thereafter. Senior Notes – Affiliated In June 2020, MetLife, Inc. issued a new $250 million senior unsecured floating rate note to MetLife Insurance K.K. The senior unsecured floating rate note matures in June 2025 and bears interest at a variable rate of three-month LIBOR plus 1.82%, payable quarterly. In May 2018, $500 million in senior notes previously issued by MetLife, Inc. to MLIC and other subsidiaries were redenominated to new ¥54.6 billion senior notes. The ¥54.6 billion senior notes mature in December 2021 and bear interest at a rate per annum of 3.14%, payable semi-annually. In April 2018, $500 million in senior notes previously issued by MetLife, Inc. to MLIC and other subsidiaries were redenominated to new ¥53.7 billion senior notes. The ¥53.7 billion senior notes mature in July 2021 and bear interest at a rate per annum of 2.97%, payable semi-annually. In March 2018, three senior notes previously issued by MetLife, Inc. to MLIC were redenominated to Japanese yen, two of which have been refinanced upon maturity. • A $500 million senior note was redenominated to a new ¥53.3 billion senior note. The ¥53.3 billion senior note bore interest at a rate per annum of 1.45%, payable semi-annually. In July 2019, this note matured and was refinanced with a ¥37.3 billion 1.602% senior note due July 2023 and a ¥16.0 billion 1.637% senior note due July 2026, both issued to MLIC and payable semi-annually. • A $250 million senior note was redenominated to a new ¥26.5 billion senior note. The ¥26.5 billion senior note bore interest at a rate per annum of 1.72% payable semi-annually. In October 2019, this note matured and was refinanced with a ¥26.5 billion 1.81% senior note due October 2029 issued to MLIC, payable semi-annually. • A $250 million senior note was also redenominated to a new ¥26.5 billion senior note. The ¥26.5 billion senior note bore interest at a rate per annum of 0.82%, payable semi-annually. In September 2020, MetLife, Inc. repaid this note in cash at maturity. Interest Expense Interest expense was comprised of the following: Years Ended December 31, 2020 2019 2018 (In millions) Long-term debt — unaffiliated $ 570 $ 591 $ 755 Long-term debt — affiliated 52 48 45 Collateral financing arrangements 6 6 6 Junior subordinated debt securities 205 205 203 Total $ 833 $ 850 $ 1,009 See Notes 14 and 15 of the Notes to the Consolidated Financial Statements for information about the collateral financing arrangement and junior subordinated debt securities. MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations. MetLife, Inc. guarantees the obligations of its subsidiary, Missouri Reinsurance, Inc. (“MoRe”), under a retrocession agreement with RGA Reinsurance (Barbados) Inc., pursuant to which MoRe retrocedes a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC. MetLife, Inc. guarantees the obligations of MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. under a reinsurance agreement with Mitsui Sumitomo Primary Life Insurance Co., Ltd. (“Mitsui”), a former affiliate that is now an unaffiliated third party, under which MrB reinsures certain variable annuity business written by Mitsui. MetLife, Inc. guarantees the obligations of MrB in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife Europe d.a.c., in respect of MrB’s reinsurance of the guaranteed living benefits and guaranteed death benefits associated with certain unit-linked variable annuity type liability contracts issued by MetLife Europe d.a.c. MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause the two protected cells of MRV to maintain total adjusted capital in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes. MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its total adjusted capital in an amount that is equal to or greater than 200% of the Company Action Level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 14 of the Notes to the Consolidated Financial Statements. MetLife, Inc. guarantees obligations arising from OTC-bilateral derivatives of MrB. MrB is exposed to various risks relating to their ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. MrB uses a variety of strategies to manage these risks, including the use of derivatives. Further, MrB’s derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2020 and 2019, derivative transactions with positive mark-to-market values (in-the-money) were $366 million and $360 million, respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $158 million and $197 million, respectively. To secure the obligations represented by the out-of-the-money transactions, MrB had provided collateral to its counterparties with an estimated fair value of $158 million and $196 million at December 31, 2020 and 2019, respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $0 and $1 million at December 31, 2020 and 2019, respectively. MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 13 of the Notes to the Consolidated Financial Statements. |
Consolidated Supplementary Insu
Consolidated Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Consolidated Supplementary Insurance Information | MetLife, Inc. Schedule III Consolidated Supplementary Insurance Information December 31, 2020 and 2019 (In millions) Segment DAC Future Policy Benefits, Policyholder Policyholder Unearned Unearned 2020 U.S. $ 434 $ 85,037 $ 77,487 $ — $ 175 $ 42 Asia 9,333 45,202 81,710 87 2,493 587 Latin America 2,092 11,749 5,100 — 1 740 EMEA 1,787 5,215 12,037 6 23 555 MetLife Holdings 2,712 78,048 28,858 494 154 188 Corporate & Other 31 1,475 (16) — — — Total $ 16,389 $ 226,726 $ 205,176 $ 587 $ 2,846 $ 2,112 2019 U.S. $ 649 $ 79,147 $ 71,180 $ — $ 2,062 $ 41 Asia 9,764 42,328 75,699 75 2,275 973 Latin America 2,038 10,840 5,071 — 123 762 EMEA 1,701 5,221 11,730 5 23 509 MetLife Holdings 3,656 74,999 28,966 601 164 193 Corporate & Other 25 1,565 (19) — — — Total $ 17,833 $ 214,100 $ 192,627 $ 681 $ 4,647 $ 2,478 __________________ (1) Amounts are included within the future policy benefits, other policy-related balances and policyholder dividend obligation column. (2) Includes premiums received in advance. MetLife, Inc. Schedule III Consolidated Supplementary Insurance Information — (continued) For the Years Ended December 31, 2020, 2019 and 2018 (In millions) Segment Premiums and Net Policyholder Amortization of Other 2020 U.S. $ 28,335 $ 6,563 $ 27,966 $ 471 $ 3,716 Asia 8,554 3,931 7,249 1,468 1,825 Latin America 3,257 991 2,857 276 971 EMEA 2,709 697 1,623 452 860 MetLife Holdings 4,757 4,900 6,983 485 1,976 Corporate & Other 25 35 (3) 8 1,732 Total $ 47,637 $ 17,117 $ 46,675 $ 3,160 $ 11,080 2019 U.S. $ 27,879 $ 6,821 $ 28,165 $ 475 $ 3,603 Asia 8,482 3,920 7,278 1,380 1,907 Latin America 3,817 1,262 3,210 291 1,039 EMEA 2,615 1,442 2,361 420 921 MetLife Holdings 4,960 5,140 6,842 324 2,246 Corporate & Other 85 283 69 6 2,288 Total $ 47,838 $ 18,868 $ 47,925 $ 2,896 $ 12,004 2018 U.S. $ 29,239 $ 6,703 $ 29,539 $ 477 $ 3,466 Asia 8,390 3,055 6,559 1,297 1,903 Latin America 3,817 1,194 3,057 209 1,044 EMEA 2,587 (195) 772 433 909 MetLife Holdings 5,191 5,222 6,662 553 2,286 Corporate & Other 118 187 80 6 2,382 Total $ 49,342 $ 16,166 $ 46,669 $ 2,975 $ 11,990 ______________ (1) Includes other expenses and policyholder dividends, excluding amortization of DAC and VOBA charged to other expenses. |
Consolidated Reinsurance
Consolidated Reinsurance | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Consolidated Reinsurance | MetLife, Inc. Schedule IV Consolidated Reinsurance December 31, 2020, 2019 and 2018 (Dollars in millions) Gross Amount Ceded Assumed Net Amount % Amount Assumed to Net 2020 Life insurance in-force $ 5,222,988 $ 442,381 $ 597,903 $ 5,378,510 11.1 % Insurance premium Life insurance (1) $ 23,629 $ 1,620 $ 1,809 $ 23,818 7.6 % Accident & health insurance 14,958 516 208 14,650 1.4 % Property and casualty insurance 3,614 63 15 3,566 0.4 % Total insurance premium $ 42,201 $ 2,199 $ 2,032 $ 42,034 4.8 % 2019 Life insurance in-force $ 5,100,675 $ 488,958 $ 623,662 $ 5,235,379 11.9 % Insurance premium Life insurance (1) $ 23,938 $ 1,704 $ 1,794 $ 24,028 7.5 % Accident & health insurance 14,835 523 207 14,519 1.4 % Property and casualty insurance 3,740 71 19 3,688 0.5 % Total insurance premium $ 42,513 $ 2,298 $ 2,020 $ 42,235 4.8 % 2018 Life insurance in-force $ 4,963,820 $ 507,589 $ 532,511 $ 4,988,742 10.7 % Insurance premium Life insurance (1) $ 26,356 $ 1,792 $ 1,791 $ 26,355 6.8 % Accident & health insurance 14,166 515 212 13,863 1.5 % Property and casualty insurance 3,677 73 18 3,622 0.5 % Total insurance premium $ 44,199 $ 2,380 $ 2,021 $ 43,840 4.6 % __________________ (1) Includes annuities with life contingencies. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the novel coronavirus COVID-19 pandemic (the “COVID-19 Pandemic”). Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. |
Consolidation of Subsidiaries | Consolidation The accompanying consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. |
Held-for-Sale | Held-for-SaleThe Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The business classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the business exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in Net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's consolidated balance sheets in the period in which the business is classified as held-for-sale. See Note 3 for information on a held-for-sale business. If a component of the Company has either been disposed of or is classified as held-for-sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the results of the component are reported in discontinued operations. |
Separate Accounts | Separate Accounts Separate accounts are established in conformity with insurance laws. Generally, the assets of the separate accounts cannot be used to settle the liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if: • such separate accounts are legally recognized; • assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; • investment objectives are directed by the contractholder; and • all investment performance, net of contract fees and assessments, is passed through to the contractholder. The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line on the statements of operations. Separate accounts credited with a contractual investment return are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in fair value option (“FVO”) securities (“FVO Securities”). The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees on the statements of operations. |
Future Policy Benefit Liabilities and Policyholder Account Balances | Future Policy Benefit Liabilities and Policyholder Account Balances The Company establishes liabilities for amounts payable under insurance policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of future expected benefits to be paid, reduced by the present value of future expected 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 liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type and geographical area. These assumptions are established at the time the policy is issued and are intended to estimate the experience for the period the policy benefits are payable. Utilizing these assumptions, liabilities are established on a block of business basis. For long duration insurance contracts, assumptions such as mortality, morbidity and interest rates are “locked in” upon the issuance of new business. However, significant adverse changes in experience on such contracts may require the establishment of premium deficiency reserves. Such reserves are determined based on the then current assumptions and do not include a provision for adverse deviation. Premium deficiency reserves may also be established for short-duration contracts to provide for expected future losses. 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. Liabilities for 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 assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”), and are thus subject to the same variability and risk as further discussed herein. 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 Company regularly reviews its estimates of liabilities for future policy benefits and compares them with its actual experience. Differences result in changes to the liability balances with related charges or credits to benefit expenses in the period in which the changes occur. Future policy benefits are measured as follows: Product Type: Measurement Assumptions: Participating life Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for U.S. businesses and less than 1% to 11% for non-U.S. businesses and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for U.S. businesses. Nonparticipating life Aggregate of the present value of future expected benefit payments and related expenses less the present value of future expected net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for U.S. businesses and less than 1% to 11% for non-U.S. businesses. Individual and group traditional fixed annuities after annuitization Present value of future expected payments. Interest rate assumptions used in establishing such liabilities range from 1% to 11% for U.S. businesses and less than 1% to 9% for non-U.S. businesses. Non-medical health insurance The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 1% to 7% (primarily related to U.S. businesses). Disabled lives Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 2% to 8% for U.S. businesses and less than 1% to 9% for non-U.S. businesses. |
Variable Annuity Guaranteed Minimum Benefits | The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit adjusted for withdrawals. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of a specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”), elective annuitizations of guaranteed minimum income benefits (“GMIBs”), and the life contingent portion of GMIBs that require annuitization when the account balance goes to zero. Guarantees accounted for as embedded derivatives in policyholder account balances include guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees. The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. GMABs, the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 9. Guarantees accounted for as insurance liabilities include: Guarantee: Measurement Assumptions: GMDBs • A return of purchase payment upon death even if the account value is reduced to zero. • Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. • An enhanced death benefit may be available for an additional fee. • Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. • Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. • Benefit assumptions are based on the average benefits payable over a range of scenarios. GMIBs • After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. • Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. • Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. • Assumptions are consistent with those used for estimating GMDB liabilities. • Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. GMWBs • A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. • Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. • Certain contracts include guaranteed withdrawals that are life contingent. |
Other Policy-Related Balances | Other Policy-Related Balances Other policy-related balances include policy and contract claims, premiums received in advance, unearned revenue liabilities, obligations assumed under structured settlement assignments, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired (“VOBA”). The liability for policy and contract claims generally relates to incurred but not reported (“IBNR”) death, disability, dental and vision claims. In addition, included in other policy-related balances are claims which have been reported but not yet settled for death, disability 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 unearned revenue 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 using the product’s estimated gross profits and margins, similar to DAC as discussed further herein. Such amortization is recorded in universal life and investment-type product policy fees. |
Recognition of Insurance Revenues and Deposits | Recognition of Insurance Revenues and Deposits Premiums related to traditional life, annuity contracts with life contingencies, long-duration accident & health, and credit insurance policies 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 and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the amount of expected future policy benefit payments. Premiums related to short-duration non-medical health and disability, accident & health, and certain credit insurance contracts are recognized on a pro rata basis over the applicable contract term. Deposits related to universal life and investment-type products are credited to policyholder account balances. 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. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related policyholder account balances. Premiums related to property & casualty contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are included in future policy benefits. 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; • other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and • the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. 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. 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. DAC and VOBA are amortized as follows: Products: In proportion to the following over estimated lives of the contracts: • Nonparticipating and non-dividend-paying traditional contracts: Actual and expected future gross premiums. • Term insurance • Nonparticipating whole life insurance • Traditional group life insurance • Non-medical health insurance • Accident & health insurance • Participating, dividend-paying traditional contracts Actual and expected future gross margins. • Fixed and variable universal life contracts Actual and expected future gross profits. • Fixed and variable deferred annuity contracts • Credit insurance contracts Actual and future earned premiums. • Property & casualty insurance contracts • Other short-duration contracts See Note 5 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated on the financial statements for reporting purposes. Nonparticipating and Non-Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. Participating, Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7. Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to significantly impact the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. Credit Insurance, Property and Casualty Insurance and Other Short-Duration Contracts The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Factors Impacting Amortization Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency, policyholder behavior and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. |
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; • other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and • the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. 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. 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. DAC and VOBA are amortized as follows: Products: In proportion to the following over estimated lives of the contracts: • Nonparticipating and non-dividend-paying traditional contracts: Actual and expected future gross premiums. • Term insurance • Nonparticipating whole life insurance • Traditional group life insurance • Non-medical health insurance • Accident & health insurance • Participating, dividend-paying traditional contracts Actual and expected future gross margins. • Fixed and variable universal life contracts Actual and expected future gross profits. • Fixed and variable deferred annuity contracts • Credit insurance contracts Actual and future earned premiums. • Property & casualty insurance contracts • Other short-duration contracts See Note 5 for additional information on DAC and VOBA amortization. Amortization of DAC and VOBA is included in other expenses. The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated on the financial statements for reporting purposes. See Note 1 for a description of capitalized acquisition costs. Nonparticipating and Non-Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. Participating, Dividend-Paying Traditional Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7. Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to significantly impact the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. Credit Insurance, Property and Casualty Insurance and Other Short-Duration Contracts The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Factors Impacting Amortization Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency, policyholder behavior and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. |
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 methodology and assumptions used to amortize DAC. 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. |
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 nine |
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. 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 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. 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, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. 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 revenues. 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. |
Investments | Investments Net Investment Income and Net Investment Gains (Losses) Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, intent-to-sell impairments, as well as provisions for credit loss in the allowance for credit loss (“ACL”) on fixed maturity securities available-for-sale (“AFS”), mortgage loans and investments in leases and subsequent changes in the ACL or for impairment losses on real estate investments and other asset classes, are reported within net investment gains (losses), unless otherwise stated herein. Accrued investment income is presented separately on the consolidated balance sheet and excluded from the carrying value of the related investments, primarily fixed maturity securities AFS and mortgage loans. Fixed Maturity Securities The majority of the Company’s fixed maturity securities are classified as AFS and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of other comprehensive income (loss) (“OCI”), net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Sales of securities are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount, and is based on the estimated economic life of the securities, which for mortgage-backed and asset-backed securities considers the estimated timing and amount of prepayments of the underlying loans. See Note 8 “— Fixed Maturity Securities AFS — Methodology for Amortization of Premium and Accretion of Discount on Structured Products.” The amortization of premium and accretion of discount also take into consideration call and maturity dates. The Company periodically evaluates these securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value as described in Note 8 “— Fixed Maturity Securities AFS — Evaluation of Fixed Maturity Securities AFS for Credit Loss.” Prior to January 1, 2020, the Company applied other than temporary impairment (“OTTI”) guidance for securities in an unrealized loss position. An OTTI was recognized in earnings within net investment gains (losses) when it was anticipated that the amortized cost would not be recovered. When either: (i) the Company had the intent to sell the security, or (ii) it was more likely than not that the Company would be required to sell the security before recovery, the reduction of amortized cost and the OTTI recognized in earnings was the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions existed, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected was recognized as a reduction of amortized cost and an OTTI in earnings. If the estimated fair value was less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors was recorded in OCI. On January 1, 2020, the Company adopted accounting standards update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using a modified retrospective approach. Under ASU 2016-13, for securities in an unrealized loss position, a credit loss is recognized in earnings within net investment gains (losses) when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the reduction of amortized cost and the loss recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as a credit loss by establishing an ACL with a corresponding charge to earnings in net investment gains (losses). However, the ACL is limited by the amount that the fair value is less than the amortized cost. This limitation is known as the “fair value floor.” If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of the decline in value related to other-than-credit factors (“noncredit loss”) is recorded in OCI. The new credit loss guidance also replaces the model for purchased credit impaired (“PCI”) fixed maturity securities AFS and financing receivables and requires the establishment of an ACL at acquisition, which is added to the purchase price to establish the initial amortized cost of the investment. Upon adoption, the replacement of the PCI model did not have a material impact on the Company’s consolidated financial statements. Equity Securities Equity securities are reported at their estimated fair value, with changes in estimated fair value included in net investment gains (losses). Sales of securities are determined on a specific identification basis. Dividends are recognized in net investment income when declared. Contractholder-Directed Equity Securities and FVO Securities Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) are investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value, and include: • contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily equity securities (including mutual funds) and, to a lesser extent, fixed income investments and cash and cash equivalents. The investment returns on these investments inure to contractholders and are offset by a corresponding change in policyholder account balances through interest credited to policyholder account balances; • fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts; and • securities held by consolidated securitization entities (“CSEs”). Mortgage Loans ASU 2016-13 requires an ACL based on expected lifetime credit loss on financing receivables carried at amortized cost, including, but not limited to, mortgage loans and leveraged and direct financing leases, as described in Note 8. The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural and residential. Also included in commercial mortgage loans are revolving line of credit loans collateralized by commercial properties. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 8. Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of ACL. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premium and accretion of discount. The Company ceases to accrue interest when the collection of interest is not considered probable, which is based on a current evaluation of the status of the borrower, including the number of days past due. When a loan is placed on non-accrual status, uncollected past due accrued interest income that is considered uncollectible is charged-off against net investment income. Generally, the accrual of interest income resumes after all delinquent amounts are paid and management believes all future principal and interest payments will be collected. The Company records cash receipts on non-accruing loans in accordance with the loan agreement. The Company records charge-offs upon the realization of a credit loss, typically through foreclosure or after a decision is made to sell a loan, or for residential loans when, after considering the individual consumer’s financial status, management believes amounts are not collectible. Gain or loss upon charge-off is recorded, net of previously established ACL, in net investment gains (losses). Cash recoveries on principal amounts previously charged-off are generally recorded in net investment gains. Also included in mortgage loans are residential mortgage loans for which the FVO was elected, and which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment income. Mortgage loans that were previously designated as held-for-investment, but now are designated as held-for-sale, are stated at the lower of amortized cost or estimated fair value. Policy Loans Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest are deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. Real Estate Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of the asset (typically 20 to 55 years). Rental income is recognized on a straight-line basis over the term of the respective leases. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks. Real estate for which the Company commits to a plan to sell within one year and actively markets in its current condition for a reasonable price in comparison to its estimated fair value is classified as held-for-sale. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated. Real Estate Joint Ventures and Other Limited Partnership Interests The Company uses the equity method of accounting or the 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. The Company accounts for its interest in real estate joint ventures and other limited partnership interests in which it has virtually no influence over the investee’s operations at estimated fair value. Changes in estimated fair value of these investments are included in net investment gains (losses). Because of the nature and structure of these investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. The Company routinely evaluates its equity method investments for impairment. For equity method investees, the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. Short-term Investments Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost less ACL, which approximates estimated fair value. Other Invested Assets Other invested assets consist principally of the following: • Freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. • Tax credit and renewable energy partnerships which derive a significant source of investment return in the form of income tax credits or other tax incentives. Where tax credits are guaranteed by a creditworthy third party, the investment is accounted for under the effective yield method. Otherwise, the investment is accounted for under the equity method. See Note 19. • Annuities funding structured settlement claims represent annuities funding claims assumed by the Company in its capacity as a structured settlements assignment company. The annuities are stated at their contract value, which represents the present value of the future periodic claim payments to be provided. The net investment income recognized reflects the amortization of discount of the annuity at its implied effective interest rate. • Direct financing leases net investment is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, less ACL. Income is determined by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews its minimum lease payment receivables for credit loss and residual value for impairments. Certain direct financing leases are linked to inflation. • Leveraged leases net investment is equal to the minimum lease payment receivables plus the unguaranteed residual value, less the unearned income, less ACL and is recorded net of non-recourse debt. Income is determined by applying the leveraged lease’s estimated rate of return to the net investment in the lease in those periods in which the net investment at the beginning of the period is positive. Leveraged leases derive investment returns in part from their income tax treatment. The Company regularly reviews its minimum lease payment receivables for credit loss and residual value for impairments. • Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method. • Investments in Federal Home Loan Bank (“FHLB”) common stock are carried at redemption value and are considered restricted investments until redeemed by the respective regional FHLBs. • Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments. Securities Lending, Repurchase Agreements and FHLB of Boston Advance Agreements The Company accounts for securities lending transactions and repurchase agreements as financing arrangements and the associated liability is recorded at the amount of cash received. Income and expenses associated with securities lending transactions and repurchase agreements are reported as investment income and investment expense, respectively, within net investment income. While the collateral management practices are unique to the FHLB of Boston short-term advance agreements program, these transactions are accounted for, have collateral maintenance requirements and have restrictions on securities pledged similar to securities lending transactions. Securities Lending The Company enters into securities lending transactions, whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the Company’s consolidated financial statements. The Company monitors the ratio of the collateral held to the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary throughout the duration of the loan. Repurchase Agreements The Company participates in short-term repurchase agreements with unaffiliated financial institutions. Under these agreements, the Company lends fixed maturity securities and receives cash as collateral in an amount generally equal to 85% to 100% of the estimated fair value of the securities loaned at the inception of the transaction. The Company monitors the ratio of the collateral held to the estimated fair value of the securities loaned throughout the duration of the transaction and additional collateral is obtained as necessary. Securities loaned under such transactions may be sold or re-pledged by the transferee. FHLB of Boston Advance Agreements A subsidiary of the Company has entered into short-term advance agreements with the FHLB of Boston. Under these advance agreements, the subsidiary pledges fixed maturity securities AFS as collateral and receives cash, which is segregated and reinvested, primarily into fixed maturity securities AFS and cash equivalents. Securities pledged as collateral may not be sold or re-pledged by the transferee. Investment Risks and Uncertainties Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of ACL and impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. The determination of ACL and impairments is highly subjective and is based upon quarterly evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO Securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. Methodology for Amortization of Premium and Accretion of Discount on Structured Products Amortization of premium and accretion of discount on Structured Products considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for Structured Products are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive and certain prepayment-sensitive Structured Products, the effective yield is recalculated on a prospective basis. For all other Structured Products, the effective yield is recalculated on a retrospective basis. Maturities of Fixed Maturity Securities AFS Evaluation of Fixed Maturity Securities AFS for Credit Loss Evaluation and Measurement Methodologies Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators. The methodology and significant inputs used to determine the amount of credit loss are as follows: • The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities. • When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security. With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments. After the adoption of new credit loss guidance on January 1, 2020, 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 recorded 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. In accordance with the previous guidance, methodologies to evaluate the recoverability of a security in an unrealized loss position were similar, except: (i) the length of time estimated fair value had been below amortized cost was considered for securities, and (ii) for non-functional currency denominated securities, the impact from weakening non-functional currencies on securities that were near maturity was considered in the evaluation. In addition, measurement methodologies were similar, except: (i) a fair value floor was not utilized to limit the credit loss recognized, (ii) the amortized cost of securities was adjusted for the OTTI to the expected recoverable amount and an ACL was not utilized, (iii) subsequent to a credit loss being recognized, increases in expected cash flows from the security did not result in an immediate increase in valuation recognized in earnings through net investment gains (losses) from reduction of the ACL instead such increases in value were recorded as unrealized gains in OCI, and (iv) in periods subsequent to the recognition of OTTI on a security, the Company accounted for the impaired security as if it had been purchased on the measurement date of the impairment; accordingly, the discount (or reduced premium) based on the new cost basis was accreted over the remaining term of the security in a prospective manner based on the amount and timing of estimated future cash flows. Allowance for Credit Loss Methodology After the adoption of new credit loss guidance on January 1, 2020, the Company records an allowance for expected lifetime credit loss 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: (i) pools mortgage loans that share similar risk characteristics, (ii) considers expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considers past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected troubled debt restructurings (“TDRs”) (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses). In accordance with the previous guidance, evaluation and measurement methodologies in determining the ACL were similar, except: (i) credit loss was recognized when incurred (when it was probable, based on current information and events, that all amounts due under the loan agreement would not be collected), (ii) pooling of loans with similar risk characteristics was permitted, but not required, (iii) forecasts of economic conditions were not considered in the evaluation, (iv) measurement of the expected lifetime credit loss over the contractual term, or expected term, was not considered in the measurement, and (v) the credit loss for loans evaluated individually could also be determined using either discounted cash flows using the loans’ original effective interest rate or observable market prices. 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 |
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: Policyholder benefits and claims • Economic hedges of variable annuity guarantees included in future policy benefits Net investment income • Economic hedges of equity method investments in joint ventures • Derivatives held within Unit-linked investments • Economic hedges of 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. • Net investment in a foreign operation (“NIFO”) hedge - in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation. 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. Accruals on derivatives in net investment hedges are recognized in OCI. 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. Provided the hedged forecasted transaction is still probable of occurring, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. 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 The Company issues certain products, which include variable annuities, 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 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. 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; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed rate borrowings. 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 and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by 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, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. 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. The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives. See Note 10 for a description of the impact of credit risk on the valuation of derivatives. |
Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. Subsequent to initial recognition, fair values are based on unadjusted quoted prices for identical assets or liabilities in active markets that are readily and regularly obtainable. When such unadjusted quoted prices are not available, estimated fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management’s judgment are used to determine the estimated fair value of assets and liabilities. |
Fair Value Transfer | 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. |
Goodwill | Goodwill On January 1, 2020, the Company adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , using a prospective transition approach for goodwill impairment testing. Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of cost over the estimated fair value of such net assets acquired, is not amortized, and is tested for impairment based on a fair value approach at least annually, or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event. The impairment test is performed at the reporting unit level, which is the operating segment or a business one level below the operating segment, if discrete financial information is prepared and regularly reviewed by management at that level. For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, an impairment charge would be recognized for the amount by which the carrying value exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, the Company will consider income tax effects from any tax deductible goodwill on the carrying value of the reporting unit when measuring the goodwill impairment loss, if applicable. On an ongoing basis, the Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. Goodwill is the excess of cost over the estimated fair value of net assets acquired. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. The Company tests goodwill for impairment by either performing a qualitative assessment or a quantitative test. The qualitative impairment assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative impairment assessment for some or all of its reporting units and perform a quantitative impairment test. In performing the quantitative impairment test, the Company may determine the fair values of its reporting units by applying a market multiple, discounted cash flow, and/or an actuarial-based valuation approach. The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of the Company’s reporting units could result in goodwill impairments in future periods which could materially adversely affect the Company’s results of operations or financial position. |
Employee Benefit Plans | Employee Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor defined benefit pension plans and other postretirement benefit plans covering eligible employees. Measurement dates used for all of the subsidiaries’ defined benefit pension and other postretirement benefit plans correspond with the fiscal year ends of sponsoring subsidiaries, which is December 31 for U.S. and non-U.S. subsidiaries. The Company recognizes the funded status of each of its defined benefit pension and postretirement benefit plans, measured as the difference between the fair value of plan assets and the benefit obligation, which is the projected benefit obligation (“PBO”) for pension benefits and the accumulated postretirement benefit obligation (“APBO”) for other postretirement benefits in other assets or other liabilities. Actuarial gains and losses result from differences between each plan’s actual experience and the assumed experience on plan assets or PBO during a particular period and are recorded in accumulated OCI (“AOCI”). To the extent such gains and losses exceed 10% of the greater of the PBO or the estimated fair value of plan assets, the excess is amortized into net periodic benefit costs, generally over the average projected future service years of the active employees. In addition, prior service costs (credit) are recognized in AOCI at the time of the amendment and then amortized to net periodic benefit costs over the average projected future service years of the active employees. Net periodic benefit costs are determined using management’s estimates and actuarial assumptions and are comprised of service cost, interest cost, settlement and curtailment costs, expected return on plan assets, amortization of net actuarial (gains) losses, and amortization of prior service costs (credit). Fair value is used to determine the expected return on plan assets. The subsidiaries also sponsor defined contribution plans for substantially all U.S. employees under which a portion of employee contributions is matched. Applicable matching contributions are made each payroll period. Accordingly, the Company recognizes compensation cost for current matching contributions. As all contributions are transferred currently as earned to the defined contribution plans, no liability for matching contributions is recognized on the balance sheets. |
Income Tax | Income Tax MetLife, Inc. and its includable life insurance and non-life insurance subsidiaries file a consolidated U.S. federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended. Non-includable subsidiaries file either separate individual corporate tax returns or separate consolidated tax returns. The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established against deferred tax assets when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including: • the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; • the jurisdiction in which the deferred tax asset was generated; • the length of time that carryforward can be utilized in the various taxing jurisdictions; • future taxable income exclusive of reversing temporary differences and carryforwards; • future reversals of existing taxable temporary differences; • taxable income in prior carryback years; and • tax planning strategies. The Company may be required to change its provision for income taxes when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, the effect of changes in tax laws, tax regulations, or interpretations of such laws or regulations, is recognized in net income tax expense (benefit) in the period of change. The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded on the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made. The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax expense. |
Litigation Contingencies | Litigation Contingencies The Company is a defendant in a large number of litigation matters and is involved in a number of regulatory investigations. 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. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Except as otherwise disclosed in Note 21, legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected on the Company’s consolidated financial statements. |
Stock-based Compensation | Stock-Based Compensation The Company grants certain employees and directors stock-based compensation awards under various plans, subject to vesting conditions. The Company recognizes compensation expense in an amount fixed at grant date or remeasured quarterly as described in Note 16. The Company generally recognizes this expense over the vesting period. However, the Company truncates the expense period to the date the employee attained age-and-service criteria to exercise or receive payment for the award regardless of continued employment. In such a case, the Company does not accelerate award exercise or payment timing. The Company also takes an estimation of forfeitures into account. MetLife estimates the fair value of Stock Options on the date of grant using a binomial lattice model. The significant assumptions the Company uses in its binomial lattice model include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate. MetLife bases expected volatility on an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements. The Company’s binomial lattice model incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury Strips for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Securities included within cash equivalents are stated at estimated fair value, while other investments included within cash equivalents are stated at amortized cost which approximates estimated fair value. |
Property, Equipment, Leasehold Improvements and Computer Software | Property, Equipment, Leasehold Improvements and Computer Software Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one three s $2.8 billion and $2.7 billion at December 31, 2020 and 2019, respectively. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $1.5 billion and $1.4 billion at December 31, 2020 and 2019, respectively. Related depreciation and amortization expense was $194 million, $207 million a nd $191 million for the years ended December 31, 2020, 2019 and 2018, respectively. Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Such costs are amortized over a four $3.7 billion and $3.4 billion at December 31, 2020 and 2019, respectively. Accumulated amortization of capitalized software was $2.5 billion at both December 31, 2020 and 2019. Related amortization expense was $207 million , $262 million and $276 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Leases | Leases The Company, as lessee, has entered into various lease and sublease agreements for office space and equipment. At contract inception, the Company determines that an arrangement contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease, the Company recognizes the right-of-use (“ROU”) asset in Other assets and the lease liability in Other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are determined using the Company’s incremental borrowing rate based upon information available at commencement date to recognize the present value of lease payments over the lease term. ROU assets also include lease payments and excludes lease incentives. Lease terms may include options to extend or terminate the lease and are included in the lease measurement when it is reasonably certain that the Company will exercise that option. The Company has lease agreements with lease and non-lease components. The Company does not separate lease and non-lease components and accounts for these items as a single lease component for all asset classes. The majority of the Company’s leases and subleases are operating leases related to office space. The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. |
Other Revenues | Other Revenues Other revenues primarily include fees related to service contracts from customers for prepaid legal plans, administrative services-only contracts, and investment management services. Substantially all of the revenue from the services is recognized over time as the applicable services are provided or are made available to the customers. The revenue recognized includes variable consideration to the extent it is probable that a significant reversal will not occur. In addition to the service fees, other revenues also include certain stable value fees and other miscellaneous revenues. These fees and miscellaneous revenues are recognized as earned. |
Policyholder Dividends | Policyholder Dividends Policyholder dividends are approved annually by the insurance subsidiaries’ boards of directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management’s judgment as to the appropriate level of statutory surplus to be retained by the insurance subsidiaries. |
Foreign Currency | Foreign Currency Assets, liabilities and operations of foreign affiliates and subsidiaries are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. For most of the Company’s foreign operations, the local currency is the functional currency. For certain other foreign operations, such as Japan, the local currency and one or more other currencies qualify as functional currencies. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to U.S. dollars at the exchange rates in effect at each year-end and revenues and expenses are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported as part of net investment gains (losses) in the period in which they occur. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share are computed based on the weighted average number of common shares, or their equivalent, outstanding during the period. Diluted earnings per common share include the dilutive effect of the assumed exercise or issuance of stock-based awards using the treasury stock method. Under the treasury stock method, exercise or issuance of stock-based awards is assumed to occur with the proceeds used to purchase common stock at the average market price for the period. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares. |
Closed Block | On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) 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 MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. 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. Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes. 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. Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block. |
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 new ASUs issued by the FASB and the impact of the adoption on the Company’s consolidated financial statements. Adoption of New Accounting Pronouncements The table below describes the impacts of the ASUs adopted by the Company, effective January 1, 2020. Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848): Scope The new 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 (i.e., discount transition) to qualify for certain optional relief. Effective for contract modifications made between March 12, 2020 and December 31, 2022. The new guidance reduces the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate (LIBOR), affected by reference rate reform. The adoption of the new guidance provides relief from current GAAP and is not expected to have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022. ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The new guidance simplifies the former two-step goodwill impairment test by eliminating Step 2 of the test. The new guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. January 1, 2020, the Company adopted, using a prospective approach. The adoption of the new guidance reduced the complexity involved with the evaluation of goodwill for impairment and did not have an impact on the Company’s consolidated financial statements. Standard Description Effective Date and Method of Adoption Impact on Financial Statements ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as clarified and amended by ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses; ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments; ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief; and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses The new guidance requires an ACL based on expected lifetime credit loss on financing receivables carried at amortized cost, including, but not limited to, mortgage loans, premium receivables, reinsurance receivables and leveraged and direct financing leases. The former model for OTTI on fixed maturity securities AFS has been modified and requires the recording of an ACL instead of a reduction of the amortized cost. Any improvements in expected future cash flows will no longer be reflected as a prospective yield adjustment, but instead will be reflected as a reduction in the ACL. The new guidance also replaces the model for PCI fixed maturity securities AFS and financing receivables and requires the establishment of an ACL at acquisition, which is added to the purchase price to establish the initial amortized cost of the investment. The new guidance also requires enhanced disclosures. January 1, 2020 for substantially all financial assets, the Company adopted using a modified retrospective approach. For previously impaired fixed maturity securities AFS and certain fixed maturity securities AFS acquired with evidence of credit quality deterioration since origination, the Company adopted prospectively on January 1, 2020. The adoption of this guidance resulted in a $121 million, net of income tax, decrease to retained earnings primarily related to the Company’s mortgage loan investments. The Company has included the required disclosures within Note 8. ASU 2016-02, Leases (Topic 842), as clarified and amended by ASU 2018-10, Codification Improvements to Topic 842, Leases, ASU 2018-11 , Leases (Topic 842): Targeted Improvements, and ASU 2018-20 , Leases (Topic 842): Narrow-Scope Improvements for Lessors The guidance requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Leases are classified as finance or operating leases and both types of leases are recognized on the balance sheet. Lessor accounting remains largely unchanged from previous guidance except for certain targeted changes. The new guidance also requires new qualitative and quantitative disclosures. In July 2018, two amendments to the guidance were issued. The amendments provided the option to adopt the new guidance prospectively without adjusting comparative periods. Also, the amendments provided lessors with a practical expedient not to separate lease and non-lease components for certain operating leases. In December 2018, an amendment was issued to clarify lessor accounting relating to taxes, certain lessor’s costs and variable payments related to both lease and non-lease components. January 1, 2019. The Company adopted using a modified retrospective approach. The Company elected the package of practical expedients allowed under the transition guidance. This allowed the Company to carry forward its historical lease classification. In addition, the Company elected all other practical expedients that were allowed under the new guidance and were applicable, including the practical expedient to combine lease and non-lease components into one lease component for certain real estate leases. The adoption of this guidance resulted in the recording of additional net ROU assets and lease liabilities of approximately $1.5 billion and $1.7 billion, respectively, as of January 1, 2019. The reduction of ROU assets was a result of adjustments for prepaid/deferred rent, unamortized initial direct costs and impairment of certain ROU assets based on the net present value of the remaining minimum lease payments and sublease revenues. In addition, as of January 1, 2019, retained earnings increased by $95 million, net of income tax, as a result of the recognition of deferred gains on previous sale leaseback transactions. The guidance did not have a material impact on the Company’s consolidated net income and cash flows. The Company has included expanded disclosures on the consolidated balance sheets and in Notes 8 and 11. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Year Ended December 31, 2020 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 27,265 $ 6,571 $ 2,265 $ 2,259 $ 3,600 $ 22 $ 41,982 $ 52 $ 42,034 Universal life and investment-type product policy fees 1,070 1,892 994 433 1,073 3 5,465 138 5,603 Net investment income 6,903 3,938 992 269 5,184 42 17,328 (211) 17,117 Other revenues 957 61 38 52 238 344 1,690 159 1,849 Net investment gains (losses) — — — — — — — (110) (110) Net derivative gains (losses) — — — — — — — 1,349 1,349 Total revenues 36,195 12,462 4,289 3,013 10,095 411 66,465 1,377 67,842 Expenses Policyholder benefits and claims and policyholder dividends 26,309 5,213 2,406 1,196 6,738 (3) 41,859 692 42,551 Interest credited to policyholder account balances 1,622 1,834 240 109 868 — 4,673 541 5,214 Capitalization of DAC (453) (1,652) (362) (491) (39) (11) (3,008) (5) (3,013) Amortization of DAC and VOBA 471 1,415 276 454 370 8 2,994 166 3,160 Amortization of negative VOBA — (37) — (8) — — (45) — (45) Interest expense on debt 7 — 4 1 6 895 913 — 913 Other expenses 4,162 3,481 1,318 1,344 942 625 11,872 263 12,135 Total expenses 32,118 10,254 3,882 2,605 8,885 1,514 59,258 1,657 60,915 Provision for income tax expense (benefit) 853 643 127 81 234 (556) 1,382 127 1,509 Adjusted earnings $ 3,224 $ 1,565 $ 280 $ 327 $ 976 $ (547) 5,825 Adjustments to: Total revenues 1,377 Total expenses (1,657) Provision for income tax (expense) benefit (127) Net income (loss) $ 5,418 $ 5,418 At December 31, 2020 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 291,483 $ 173,884 $ 75,047 $ 28,372 $ 184,566 $ 41,794 $ 795,146 Separate account assets $ 85,316 $ 10,825 $ 50,073 $ 6,083 $ 47,673 $ — $ 199,970 Separate account liabilities $ 85,316 $ 10,825 $ 50,073 $ 6,083 $ 47,673 $ — $ 199,970 __________________ (1) Total assets includes $146.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets. Year Ended December 31, 2019 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 26,801 $ 6,632 $ 2,723 $ 2,177 $ 3,748 $ 83 $ 42,164 $ 71 $ 42,235 Universal life and investment-type product policy fees 1,078 1,674 1,094 423 1,124 2 5,395 208 5,603 Net investment income 7,021 3,691 1,271 291 5,281 275 17,830 1,038 18,868 Other revenues 887 56 44 54 253 291 1,585 257 1,842 Net investment gains (losses) — — — — — — — 444 444 Net derivative gains (losses) — — — — — — — 628 628 Total revenues 35,787 12,053 5,132 2,945 10,406 651 66,974 2,646 69,620 Expenses Policyholder benefits and claims and policyholder dividends 26,165 5,185 2,623 1,176 6,970 73 42,192 480 42,672 Interest credited to policyholder account balances 1,984 1,710 332 98 905 — 5,029 1,435 6,464 Capitalization of DAC (484) (1,913) (396) (505) (28) (12) (3,338) (20) (3,358) Amortization of DAC and VOBA 475 1,288 291 428 299 6 2,787 109 2,896 Amortization of negative VOBA — (25) — (8) — — (33) — (33) Interest expense on debt 10 — 3 — 8 934 955 — 955 Other expenses 4,075 3,818 1,443 1,399 969 1,074 12,778 451 13,229 Total expenses 32,225 10,063 4,296 2,588 9,123 2,075 60,370 2,455 62,825 Provision for income tax expense (benefit) 724 585 227 75 249 (1,201) 659 227 886 Adjusted earnings $ 2,838 $ 1,405 $ 609 $ 282 $ 1,034 $ (223) 5,945 Adjustments to: Total revenues 2,646 Total expenses (2,455) Provision for income tax (expense) benefit (227) Net income (loss) $ 5,909 $ 5,909 At December 31, 2019 U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Total assets $ 266,174 $ 161,018 $ 75,069 $ 27,281 $ 175,199 $ 35,722 $ 740,463 Separate account assets $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 Separate account liabilities $ 75,929 $ 9,250 $ 52,018 $ 5,639 $ 45,609 $ — $ 188,445 __________________ (1) Total assets includes $134.0 billion of assets from the Company’s Japan operations which represents 18% of total consolidated assets. Year Ended December 31, 2018 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total (In millions) Revenues Premiums $ 28,186 $ 6,766 $ 2,760 $ 2,131 $ 3,879 $ 118 $ 43,840 $ — $ 43,840 Universal life and investment-type product policy fees 1,053 1,630 1,050 431 1,218 — 5,382 120 5,502 Net investment income 6,977 3,317 1,239 293 5,379 178 17,383 (1,217) 16,166 Other revenues 821 51 35 66 250 333 1,556 324 1,880 Net investment gains (losses) — — — — — — — (298) (298) Net derivative gains (losses) — — — — — — — 851 851 Total revenues 37,037 11,764 5,084 2,921 10,726 629 68,161 (220) 67,941 Expenses Policyholder benefits and claims and policyholder dividends 27,765 5,326 2,602 1,127 6,833 80 43,733 174 43,907 Interest credited to policyholder account balances 1,790 1,465 394 100 944 — 4,693 (680) 4,013 Capitalization of DAC (449) (1,915) (377) (468) (36) (8) (3,253) (1) (3,254) Amortization of DAC and VOBA 477 1,302 209 434 332 6 2,760 215 2,975 Amortization of negative VOBA — (39) (1) (15) — — (55) (1) (56) Interest expense on debt 12 — 6 — 9 1,032 1,059 63 1,122 Other expenses 3,902 3,840 1,421 1,378 1,081 907 12,529 398 12,927 Total expenses 33,497 9,979 4,254 2,556 9,163 2,017 61,466 168 61,634 Provision for income tax expense (benefit) 736 548 238 88 308 (825) 1,093 86 1,179 Adjusted earnings $ 2,804 $ 1,237 $ 592 $ 277 $ 1,255 $ (563) 5,602 Adjustments to: Total revenues (220) Total expenses (168) Provision for income tax (expense) benefit (86) Net income (loss) $ 5,128 $ 5,128 |
Revenue from External Customers by Products and Services | The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: Years Ended December 31, 2020 2019 2018 (In millions) Life insurance $ 21,256 $ 20,759 $ 20,550 Accident & health insurance 15,346 15,159 14,489 Annuities 7,916 8,590 10,990 Property and casualty insurance 3,589 3,716 3,651 Other 1,379 1,456 1,542 Total $ 49,486 $ 49,680 $ 51,222 |
Revenue from External Customers by Geographic Areas | The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations: Years Ended December 31, 2020 2019 2018 (In millions) U.S. $ 34,717 $ 34,433 $ 36,078 Foreign: Japan 6,750 6,608 6,435 Other 8,019 8,639 8,709 Total $ 49,486 $ 49,680 $ 51,222 |
Dispositions - Dispositions (Ta
Dispositions - Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the assets and liabilities held-for-sale at December 31, 2020: December 31, 2020 (In millions) Assets: Fixed maturity securities available-for-sale $ 4,096 Equity securities 57 Mortgage loans 355 Other invested assets 29 Total investments 4,537 Cash and cash equivalents 765 Accrued investment income 38 Premiums, reinsurance and other receivables 1,411 Deferred policy acquisition costs 196 Goodwill 328 Other assets 143 Total assets held-for-sale $ 7,418 Liabilities: Future policy benefits $ 3,506 Other policy-related balances 33 Payables for collateral under securities loaned and other transactions 862 Other liabilities 249 Total liabilities held-for-sale $ 4,650 |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Insurance [Abstract] | |
Insurance Liabilities | Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at: December 31, 2020 2019 (In millions) U.S. $ 162,524 $ 150,327 Asia 126,912 118,027 Latin America 16,849 15,911 EMEA 17,252 16,951 MetLife Holdings 103,937 101,945 Corporate & Other 1,459 1,546 Total $ 428,933 $ 404,707 |
Liabilities for Guarantees | Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: Annuity Contracts Universal and Variable GMDBs and GMWBs GMIBs Secondary Paid-Up Total (In millions) Direct and Assumed: Balance at January 1, 2018 $ 528 $ 720 $ 3,188 $ 347 $ 4,783 Incurred guaranteed benefits (1) (78) 178 291 12 403 Paid guaranteed benefits (22) — (37) — (59) Balance at December 31, 2018 428 898 3,442 359 5,127 Incurred guaranteed benefits (1) 62 (3) 358 68 485 Paid guaranteed benefits (25) (1) (38) — (64) Balance at December 31, 2019 465 894 3,762 427 5,548 Incurred guaranteed benefits (1) 195 240 602 26 1,063 Paid guaranteed benefits (21) (5) (99) (45) (170) Balance at December 31, 2020 $ 639 $ 1,129 $ 4,265 $ 408 $ 6,441 Ceded: Balance at January 1, 2018 $ 34 $ 6 $ 241 $ 242 $ 523 Incurred guaranteed benefits (38) 4 28 9 3 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2018 — 10 269 251 530 Incurred guaranteed benefits (4) — 80 30 106 Paid guaranteed benefits 4 — — — 4 Balance at December 31, 2019 — 10 349 281 640 Incurred guaranteed benefits (11) (3) 96 43 125 Paid guaranteed benefits 9 — (18) (32) (41) Balance at December 31, 2020 $ (2) $ 7 $ 427 $ 292 $ 724 Net: Balance at January 1, 2018 $ 494 $ 714 $ 2,947 $ 105 $ 4,260 Incurred guaranteed benefits (40) 174 263 3 400 Paid guaranteed benefits (26) — (37) — (63) Balance at December 31, 2018 428 888 3,173 108 4,597 Incurred guaranteed benefits 66 (3) 278 38 379 Paid guaranteed benefits (29) (1) (38) — (68) Balance at December 31, 2019 465 884 3,413 146 4,908 Incurred guaranteed benefits 206 243 506 (17) 938 Paid guaranteed benefits (30) (5) (81) (13) (129) Balance at December 31, 2020 $ 641 $ 1,122 $ 3,838 $ 116 $ 5,717 __________________ (1) Secondary guarantees include the effects of foreign currency translation of $125 million, $23 million and $62 million at December 31, 2020, 2019 and 2018, respectively. |
Fund Groupings | Account balances of contracts with guarantees were invested in separate account asset classes as follows at: December 31, 2020 2019 (In millions) Fund Groupings: Equity $ 28,581 $ 25,097 Balanced 18,385 19,014 Bond 5,567 5,565 Money Market 149 117 Total $ 52,682 $ 49,793 |
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at: December 31, 2020 2019 In the At In the At (Dollars in millions) Annuity Contracts: Variable Annuity Guarantees: Total account value (1), (2), (3) $ 65,044 $ 24,170 $ 64,506 $ 24,036 Separate account value (1) $ 42,585 $ 22,370 $ 41,305 $ 22,291 Net amount at risk (2) $ 1,579 (4) $ 614 (5) $ 1,572 (4) $ 584 (5) Average attained age of contractholders 68 years 66 years 67 years 65 years Other Annuity Guarantees: Total account value (1), (3) N/A $ 6,030 N/A $ 5,671 Net amount at risk N/A $ 459 (6) N/A $ 408 (6) Average attained age of contractholders N/A 50 years N/A 51 years December 31, 2020 2019 Secondary Paid-Up Secondary Guarantees Paid-Up (Dollars in millions) Universal and Variable Life Contracts: Total account value (1), (3) $ 13,426 $ 2,808 $ 11,937 $ 2,940 Net amount at risk (7) $ 82,940 $ 13,557 $ 86,221 $ 14,500 Average attained age of policyholders 54 years 65 years 53 years 65 years __________________ (1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. (2) Includes amounts, which are not reported on the consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan. (3) Includes the contractholder’s investments in the general account and separate account, if applicable. (4) Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. (5) Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. (6) Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. (7) Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date. |
Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank | Certain of the Company’s subsidiaries are or were members of regional FHLBs. Holdings of common stock of regional FHLBs, included in other invested assets, were as follows at: December 31, 2020 2019 (In millions) FHLB of New York $ 812 $ 737 FHLB of Des Moines $ 2 $ 4 FHLB of Pittsburgh $ — $ 35 |
Schedule of liability recorded and collateral pledged for funding agreements | Certain subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at: Liability Collateral December 31, 2020 2019 2020 2019 (In millions) FHLB of New York (1) $ 16,200 $ 14,445 $ 18,539 (2) $ 16,570 (2) Farmer Mac (3) $ 2,375 $ 2,550 $ 2,450 $ 2,670 FHLB of Des Moines (1) $ 50 $ 100 $ 72 (2) $ 141 (2) FHLB of Pittsburgh (1) $ — $ 775 $ — $ 895 (2) __________________ (1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB. (2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. (3) Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at: December 31, 2020 2019 (In millions) Invested assets on deposit (regulatory deposits) $ 1,933 $ 2,034 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 3,475 2,991 Invested assets pledged as collateral (1) 25,884 24,493 Total invested assets on deposit, held in trust and pledged as collateral $ 31,292 $ 29,518 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt (see Note 13), and a collateral financing arrangement (see Note 14). |
Short-duration Insurance Contracts, Claims Development | Group Life - Term Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 6,318 $ 6,290 $ 6,293 $ 6,269 $ 6,287 $ 6,295 $ 6,294 $ 6,295 $ 6,297 $ 6,299 $ 1 208,202 2012 6,503 6,579 6,569 6,546 6,568 6,569 6,569 6,572 6,574 1 209,960 2013 6,637 6,713 6,719 6,720 6,730 6,720 6,723 6,724 1 212,572 2014 6,986 6,919 6,913 6,910 6,914 6,919 6,920 3 215,388 2015 7,040 7,015 7,014 7,021 7,024 7,025 3 217,729 2016 7,125 7,085 7,095 7,104 7,105 6 218,487 2017 7,432 7,418 7,425 7,427 9 257,925 2018 7,757 7,655 7,646 14 242,815 2019 7,935 7,900 23 239,317 2020 8,913 757 206,427 Total 72,533 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (70,179) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 18 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 2,372 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 4,982 $ 6,194 $ 6,239 $ 6,256 $ 6,281 $ 6,290 $ 6,292 $ 6,295 $ 6,296 $ 6,297 2012 5,132 6,472 6,518 6,532 6,558 6,565 6,566 6,569 6,572 2013 5,216 6,614 6,664 6,678 6,711 6,715 6,720 6,721 2014 5,428 6,809 6,858 6,869 6,902 6,912 6,915 2015 5,524 6,913 6,958 6,974 7,008 7,018 2016 5,582 6,980 7,034 7,053 7,086 2017 5,761 7,292 7,355 7,374 2018 6,008 7,521 7,578 2019 6,178 7,756 2020 6,862 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 70,179 Group Long-Term Disability Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 955 $ 916 $ 894 $ 914 $ 924 $ 923 $ 918 $ 917 $ 914 $ 910 $ — 21,644 2012 966 979 980 1,014 1,034 1,037 1,021 1,015 1,011 — 20,086 2013 1,008 1,027 1,032 1,049 1,070 1,069 1,044 1,032 — 21,138 2014 1,076 1,077 1,079 1,101 1,109 1,098 1,097 — 22,852 2015 1,082 1,105 1,093 1,100 1,087 1,081 — 21,209 2016 1,131 1,139 1,159 1,162 1,139 — 17,967 2017 1,244 1,202 1,203 1,195 — 16,313 2018 1,240 1,175 1,163 7 15,135 2019 1,277 1,212 33 15,044 2020 1,253 630 8,387 Total 11,093 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (5,657) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 1,543 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 6,979 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 44 $ 217 $ 337 $ 411 $ 478 $ 537 $ 588 $ 635 $ 670 $ 703 2012 43 229 365 453 524 591 648 694 730 2013 43 234 382 475 551 622 676 722 2014 51 266 428 526 609 677 732 2015 50 264 427 524 601 665 2016 49 267 433 548 628 2017 56 290 476 579 2018 54 314 497 2019 57 342 2020 59 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 5,657 Group Disability & Group Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 63 $ 66 $ 87 $ 87 $ 93 $ 123 $ 130 $ 127 $ 120 $ 118 $ 3 3,561 2012 96 103 101 117 117 121 132 125 124 5 5,586 2013 147 148 171 166 165 174 174 177 12 6,503 2014 292 275 252 253 265 260 261 25 6,706 2015 276 264 267 260 272 275 27 6,570 2016 231 235 221 236 239 32 4,472 2017 299 278 286 307 52 5,052 2018 365 333 347 110 5,097 2019 394 369 175 4,530 2020 438 341 2,429 Total 2,655 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (1,874) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 11 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 792 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 12 $ 40 $ 53 $ 66 $ 80 $ 100 $ 107 $ 110 $ 114 $ 115 2012 30 64 84 97 105 110 112 115 119 2013 43 98 120 134 147 161 157 166 2014 69 142 177 199 224 225 237 2015 80 152 190 205 232 248 2016 65 133 152 190 206 2017 87 157 208 255 2018 96 176 237 2019 106 194 2020 97 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 1,874 Protection Life Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 129 $ 201 $ 207 $ 208 $ 208 $ 208 $ 204 $ 207 $ 207 $ 207 $ — 27,458 2012 138 187 191 193 193 191 192 193 195 — 27,645 2013 150 212 218 219 218 220 221 221 — 32,040 2014 226 345 354 323 326 327 328 — 40,796 2015 295 424 395 399 399 401 — 46,605 2016 313 409 420 427 428 — 40,431 2017 323 314 314 313 (1) 32,201 2018 300 290 288 1 30,565 2019 325 297 10 32,072 2020 490 201 26,643 Total 3,168 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,772) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 8 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 404 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 127 $ 197 $ 202 $ 203 $ 203 $ 203 $ 204 $ 204 $ 206 $ 206 2012 136 184 188 190 190 189 190 192 192 2013 147 205 210 210 209 211 213 214 2014 201 301 306 309 313 315 316 2015 240 339 360 367 373 376 2016 221 395 414 421 424 2017 191 286 302 306 2018 151 257 268 2019 169 257 2020 213 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,772 Protection Health Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance At December 31, 2020 For the Years Ended December 31, Total IBNR Cumulative (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Dollars in millions) 2011 $ 212 $ 236 $ 238 $ 239 $ 239 $ 239 $ 236 $ 236 $ 236 $ 237 $ — 106,659 2012 205 230 232 233 233 232 232 232 232 — 100,420 2013 222 251 252 253 250 250 250 251 — 104,293 2014 231 257 259 257 256 255 256 — 97,855 2015 198 225 227 226 225 225 — 87,290 2016 260 299 296 297 297 1 106,170 2017 376 350 351 350 2 120,810 2018 403 423 401 4 143,040 2019 134 175 9 127,651 2020 486 44 103,841 Total 2,910 Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance (2,808) All outstanding liabilities for incurral years prior to 2011, net of reinsurance 4 Total unpaid claims and claim adjustment expenses, net of reinsurance $ 106 Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, (Unaudited) Incurral Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (In millions) 2011 $ 212 $ 236 $ 238 $ 238 $ 239 $ 239 $ 236 $ 236 $ 236 $ 237 2012 205 230 232 233 233 232 232 232 232 2013 222 251 252 253 250 250 250 250 2014 229 255 257 253 253 253 254 2015 198 225 224 225 225 225 2016 244 292 295 295 296 2017 307 346 348 349 2018 344 392 395 2019 113 159 2020 411 Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance $ 2,808 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Life - Term 78.2% 20.0% 0.7% 0.2% 0.5% 0.1% —% —% —% —% The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Long-Term Disability 4.6% 20.0% 14.6% 8.9% 7.2% 6.4% 5.4% 4.7% 3.7% 3.6% The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Group Disability & Group Life 24.8% 26.1% 13.6% 10.6% 8.6% 7.0% 2.5% 3.3% 3.3% 0.8% The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Protection Life 58.4% 30.8% 3.4% 1.0% 0.5% 0.4% 0.6% 0.5% 0.5% —% The following is supplementary information about average historical claims duration at December 31, 2020: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 Protection Health 84.9% 13.4% 0.6% —% (0.1%) (0.1)% (0.2%) —% —% 0.4% |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at: December 31, 2020 (In millions) Short-Duration: Unpaid claims and allocated claims adjustment expenses, net of reinsurance: U.S.: Group Life - Term $ 2,372 Group Long-Term Disability 6,979 Total $ 9,351 Asia - Group Disability & Group Life 792 Latin America: Protection Life 404 Protection Health 106 Total 510 Other insurance lines - all segments combined 1,991 Total unpaid claims and allocated claims adjustment expenses, net of reinsurance 12,644 Reinsurance recoverables on unpaid claims: U.S.: Group Life - Term 12 Group Long-Term Disability 128 Total 140 Asia - Group Disability & Group Life 313 Latin America: Protection Life 8 Protection Health 12 Total 20 Other insurance lines - all segments combined 437 Total reinsurance recoverable on unpaid claims 910 Total unpaid claims and allocated claims adjustment expense 13,554 Unallocated claims adjustment expenses 2 Discounting (1,254) Liability for unpaid claims and claim adjustment liabilities - short-duration 12,302 Liability for unpaid claims and claim adjustment liabilities - all long-duration lines 6,289 Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) (1) $ 18,591 |
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Balance at January 1, $ 19,216 $ 17,788 $ 17,094 Less: Reinsurance recoverables 2,377 2,332 2,198 Net balance at January 1, 16,839 15,456 14,896 Incurred related to: Current year 27,272 27,093 24,571 Prior years (1) 192 313 454 Total incurred 27,464 27,406 25,025 Paid related to: Current year (20,230) (20,141) (18,757) Prior years (6,241) (5,882) (5,708) Total paid (26,471) (26,023) (24,465) Reclassified to liabilities held-for-sale (2) (1,658) — — Net balance at December 31, 16,174 16,839 15,456 Add: Reinsurance recoverables 2,417 2,377 2,332 Balance at December 31, $ 18,591 $ 19,216 $ 17,788 __________________ (1) For the years ended December 31, 2020, 2019 and 2018, claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. (2) See Note 3 for information on the pending disposition of MetLife P&C. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: Years Ended December 31, 2020 2019 2018 (In millions) DAC: Balance at January 1, $ 14,790 $ 15,570 $ 14,789 Capitalizations 3,013 3,358 3,254 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (152) (117) (109) Other expenses (2,773) (2,534) (2,599) Total amortization (2,925) (2,651) (2,708) Unrealized investment gains (losses) (1,312) (1,461) 511 Effect of foreign currency translation and other 76 (26) (276) Reclassified to assets held-for-sale (1) (196) — — Balance at December 31, 13,446 14,790 15,570 VOBA: Balance at January 1, 3,043 3,325 3,630 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (2) — — Other expenses (233) (245) (267) Total amortization (235) (245) (267) Unrealized investment gains (losses) (4) (4) 10 Effect of foreign currency translation and other 139 (33) (48) Balance at December 31, 2,943 3,043 3,325 Total DAC and VOBA: Balance at December 31, $ 16,389 $ 17,833 $ 18,895 __________________ (1) See Note 3 for information on the pending disposition of MetLife P&C. |
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: Years Ended December 31, 2020 2019 2018 (In millions) DAC: Balance at January 1, $ 14,790 $ 15,570 $ 14,789 Capitalizations 3,013 3,358 3,254 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (152) (117) (109) Other expenses (2,773) (2,534) (2,599) Total amortization (2,925) (2,651) (2,708) Unrealized investment gains (losses) (1,312) (1,461) 511 Effect of foreign currency translation and other 76 (26) (276) Reclassified to assets held-for-sale (1) (196) — — Balance at December 31, 13,446 14,790 15,570 VOBA: Balance at January 1, 3,043 3,325 3,630 Amortization related to: Net investment gains (losses) and net derivative gains (losses) (2) — — Other expenses (233) (245) (267) Total amortization (235) (245) (267) Unrealized investment gains (losses) (4) (4) 10 Effect of foreign currency translation and other 139 (33) (48) Balance at December 31, 2,943 3,043 3,325 Total DAC and VOBA: Balance at December 31, $ 16,389 $ 17,833 $ 18,895 __________________ (1) See Note 3 for information on the pending disposition of MetLife P&C. |
Information regarding Deferred Policy Acquisition Costs and Value of Business Acquired by Segment | Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: December 31, 2020 2019 (In millions) U.S. $ 434 $ 649 Asia 9,333 9,764 Latin America 2,092 2,038 EMEA 1,787 1,701 MetLife Holdings 2,712 3,656 Corporate & Other 31 25 Total $ 16,389 $ 17,833 |
Deferred Sales Inducements of Business Acquired | Information regarding other intangibles was as follows: Years Ended December 31, 2020 2019 2018 (In millions) DSI: Balance at January 1, $ 158 $ 210 $ 220 Capitalization 6 7 7 Amortization (37) (39) (33) Unrealized investment gains (losses) (18) (20) 16 Effect of foreign currency translation (1) — — Balance at December 31, $ 108 $ 158 $ 210 VODA and VOCRA: Balance at January 1, $ 335 $ 384 $ 459 Acquisitions (1) 814 — — Amortization (41) (42) (47) Effect of foreign currency translation (9) (7) (28) Balance at December 31, $ 1,099 $ 335 $ 384 Accumulated amortization $ 475 $ 434 $ 392 Negative VOBA: Balance at January 1, $ 750 $ 779 $ 827 Amortization (45) (33) (56) Effect of foreign currency translation and other 33 4 8 Balance at December 31, $ 738 $ 750 $ 779 Accumulated amortization $ 3,308 $ 3,263 $ 3,230 __________________ (1) Primarily related to the acquisition of Versant Health. See Note 3. |
Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired | Information regarding other intangibles was as follows: Years Ended December 31, 2020 2019 2018 (In millions) DSI: Balance at January 1, $ 158 $ 210 $ 220 Capitalization 6 7 7 Amortization (37) (39) (33) Unrealized investment gains (losses) (18) (20) 16 Effect of foreign currency translation (1) — — Balance at December 31, $ 108 $ 158 $ 210 VODA and VOCRA: Balance at January 1, $ 335 $ 384 $ 459 Acquisitions (1) 814 — — Amortization (41) (42) (47) Effect of foreign currency translation (9) (7) (28) Balance at December 31, $ 1,099 $ 335 $ 384 Accumulated amortization $ 475 $ 434 $ 392 Negative VOBA: Balance at January 1, $ 750 $ 779 $ 827 Amortization (45) (33) (56) Effect of foreign currency translation and other 33 4 8 Balance at December 31, $ 738 $ 750 $ 779 Accumulated amortization $ 3,308 $ 3,263 $ 3,230 __________________ (1) Primarily related to the acquisition of Versant Health. See Note 3. |
Estimated Future Amortization Expense (Credit) | The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows: VOBA VODA and VOCRA Negative VOBA (In millions) 2021 $ 221 $ 94 $ (42) 2022 $ 215 $ 88 $ (39) 2023 $ 205 $ 85 $ (38) 2024 $ 200 $ 82 $ (36) 2025 $ 187 $ 81 $ (35) |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Reinsurance Disclosures [Abstract] | |
Effect of reinsurance | The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Premiums Direct premiums $ 42,201 $ 42,513 $ 44,199 Reinsurance assumed 2,032 2,020 2,021 Reinsurance ceded (2,199) (2,298) (2,380) Net premiums $ 42,034 $ 42,235 $ 43,840 Universal life and investment-type product policy fees Direct universal life and investment-type product policy fees $ 6,122 $ 6,109 $ 6,008 Reinsurance assumed 50 56 86 Reinsurance ceded (569) (562) (592) Net universal life and investment-type product policy fees $ 5,603 $ 5,603 $ 5,502 Policyholder benefits and claims Direct policyholder benefits and claims $ 42,221 $ 42,094 $ 43,456 Reinsurance assumed 1,745 1,584 1,583 Reinsurance ceded (2,505) (2,217) (2,383) Net policyholder benefits and claims $ 41,461 $ 41,461 $ 42,656 Other expenses Direct other expenses $ 13,013 $ 13,559 $ 13,704 Reinsurance assumed 371 382 321 Reinsurance ceded (234) (252) (311) Net other expenses $ 13,150 $ 13,689 $ 13,714 The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: December 31, 2020 2019 Direct Assumed Ceded Total Direct Assumed Ceded Total (In millions) Assets Premiums, reinsurance and other receivables $ 5,032 $ 2,107 $ 10,731 $ 17,870 $ 6,814 $ 2,190 $ 11,439 $ 20,443 Deferred policy acquisition costs and value of business acquired 16,482 230 (323) 16,389 17,822 301 (290) 17,833 Total assets $ 21,514 $ 2,337 $ 10,408 $ 34,259 $ 24,636 $ 2,491 $ 11,149 $ 38,276 Liabilities Future policy benefits $ 203,000 $ 3,656 $ — $ 206,656 $ 191,403 $ 3,506 $ — $ 194,909 Policyholder account balances 204,906 270 — 205,176 192,328 299 — 192,627 Other policy-related balances 15,769 1,332 — 17,101 15,806 1,351 14 17,171 Other liabilities 16,283 2,417 4,914 23,614 16,165 2,402 5,612 24,179 Total liabilities $ 439,958 $ 7,675 $ 4,914 $ 452,547 $ 415,702 $ 7,558 $ 5,626 $ 428,886 |
Closed Block (Tables)
Closed Block (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, 2020 2019 (In millions) Closed Block Liabilities Future policy benefits $ 38,758 $ 39,379 Other policy-related balances 321 423 Policyholder dividends payable 337 432 Policyholder dividend obligation 2,969 2,020 Deferred income tax liability 130 79 Other liabilities 172 81 Total closed block liabilities 42,687 42,414 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,186 25,977 Equity securities, at estimated fair value 24 49 Contractholder-directed equity securities and fair value option securities, at estimated fair value — 53 Mortgage loans 6,807 7,052 Policy loans 4,355 4,489 Real estate and real estate joint ventures 559 544 Other invested assets 468 314 Total investments 39,399 38,478 Cash and cash equivalents — 448 Accrued investment income 402 419 Premiums, reinsurance and other receivables 50 75 Current income tax recoverable 28 91 Total assets designated to the closed block 39,879 39,511 Excess of closed block liabilities over assets designated to the closed block 2,808 2,903 AOCI: Unrealized investment gains (losses), net of income tax 3,524 2,453 Unrealized gains (losses) on derivatives, net of income tax 23 97 Allocated to policyholder dividend obligation, net of income tax (2,346) (1,596) Total amounts included in AOCI 1,201 954 Maximum future earnings to be recognized from closed block assets and liabilities $ 4,009 $ 3,857 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Balance at January 1, $ 2,020 $ 428 $ 2,121 Change in unrealized investment and derivative gains (losses) 949 1,592 (1,693) Balance at December 31, $ 2,969 $ 2,020 $ 428 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Revenues Premiums $ 1,498 $ 1,580 $ 1,672 Net investment income 1,596 1,740 1,758 Net investment gains (losses) (25) (7) (71) Net derivative gains (losses) (17) 12 22 Total revenues 3,052 3,325 3,381 Expenses Policyholder benefits and claims 2,330 2,291 2,475 Policyholder dividends 791 924 968 Other expenses 104 111 117 Total expenses 3,225 3,326 3,560 Revenues, net of expenses before provision for income tax expense (benefit) (173) (1) (179) Provision for income tax expense (benefit) (36) (2) (39) Revenues, net of expenses and provision for income tax expense (benefit) $ (137) $ 1 $ (140) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity Available-for-Sale and Equity Securities | The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. RMBS includes agency, prime, alternative and sub-prime mortgage-backed securities. ABS includes securities collateralized by corporate loans and consumer 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 and CMBS are collectively, “Structured Products.” In accordance with new credit loss guidance adopted January 1, 2020, securities that incurred a credit loss after December 31, 2019 and were still held as of December 31, 2020, are presented net of ACL. In accordance with previous guidance, both the temporary loss and OTTI loss are presented for securities that were in an unrealized loss position as of December 31, 2019. December 31, 2020 December 31, 2019 Gross Unrealized (1) Estimated Gross Unrealized Estimated Sector ACL Gains Gains Temporary OTTI (In millions) U.S. corporate $ 79,788 $ (44) $ 13,924 $ 252 $ 93,416 $ 79,115 $ 8,943 $ 305 $ — $ 87,753 Foreign government 63,243 (21) 8,883 406 71,699 58,840 8,710 321 — 67,229 Foreign corporate 60,995 (16) 8,897 468 69,408 59,342 5,540 717 — 64,165 U.S. government and agency 39,094 — 8,095 89 47,100 37,586 4,604 106 — 42,084 RMBS 28,415 — 2,062 42 30,435 27,051 1,535 72 (33) 28,547 ABS 16,963 — 231 75 17,119 14,547 83 88 — 14,542 Municipals 10,982 — 2,746 6 13,722 11,081 2,001 29 — 13,053 CMBS 11,331 — 681 102 11,910 10,093 396 42 — 10,447 Total fixed maturity securities AFS $ 310,811 $ (81) $ 45,519 $ 1,440 $ 354,809 $ 297,655 $ 31,812 $ 1,680 $ (33) $ 327,820 __________________ (1) Excludes gross unrealized gains (losses) related to assets held-for-sale; however, the corresponding unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C. (2) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” Equity securities are summarized by security type as follows at: December 31, 2020 December 31, 2019 Estimated % of Estimated % of Security Type (Dollars in millions) Common stock $ 779 72.2 % $ 944 70.3 % Non-redeemable preferred stock 300 27.8 398 29.7 Total equity securities $ 1,079 100.0 % $ 1,342 100.0 % |
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 December 31, 2020: Due in One Year or Less Due After One Due After Five Due After Ten Structured Products Total Fixed (In millions) Amortized cost, net of ACL $ 14,784 $ 49,294 $ 59,170 $ 130,773 $ 56,709 $ 310,730 Estimated fair value $ 14,935 $ 52,294 $ 67,613 $ 160,503 $ 59,464 $ 354,809 |
Continuous Gross Unrealized Loss 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 by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position. Included in the table below are securities without an ACL as of December 31, 2020, in accordance with new credit loss guidance adopted January 1, 2020. Also included in the table below are all securities in an unrealized loss position as of December 31, 2019, in accordance with previous guidance. December 31, 2020 December 31, 2019 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 (1) Estimated Fair Value Gross Unrealized Losses (1) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (Dollars in millions) U.S. corporate $ 4,338 $ 196 $ 506 $ 50 $ 3,817 $ 107 $ 2,226 $ 198 Foreign government 6,795 305 836 100 3,295 149 1,490 172 Foreign corporate 4,856 321 1,255 147 3,188 133 5,873 584 U.S. government and agency 4,619 87 33 2 5,391 97 196 9 RMBS 1,531 27 152 14 2,341 25 584 14 ABS 3,428 26 2,842 49 3,692 22 4,843 66 Municipals 273 6 — — 1,156 29 1 — CMBS 1,887 63 612 39 1,926 16 487 26 Total fixed maturity securities AFS $ 27,727 $ 1,031 $ 6,236 $ 401 $ 24,806 $ 578 $ 15,700 $ 1,069 Investment grade 24,572 829 5,841 350 22,838 437 13,813 821 Below investment grade 3,155 202 395 51 1,968 141 1,887 248 Total fixed maturity securities AFS $ 27,727 $ 1,031 $ 6,236 $ 401 $ 24,806 $ 578 $ 15,700 $ 1,069 Total number of securities in an unrealized loss position 2,177 690 2,153 1,411 ________________ (1) Excludes gross unrealized losses related to assets held-for-sale; however, the corresponding unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C. |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The rollforward of ACL for fixed maturity securities AFS by sector for the year ended December 31, 2020 is as follows: U.S. Foreign Foreign RMBS Total (In millions) Balance at January 1, $ — $ — $ — $ — $ — Additions: ACL not previously recorded 81 139 18 2 240 Changes for securities with previously recorded ACL (5) (5) (2) (2) (14) Reductions: Securities sold or exchanged (31) (102) — — (133) Securities intended/required to be sold prior to recovery of amortized cost basis (1) — — — (1) Disposition (1) — (11) — — (11) Balance at December 31, $ 44 $ 21 $ 16 $ — $ 81 ________________ (1) In connection with the disposition of MetLife Seguros de Retiro, ACL was reduced by $11 million. See Note 3. |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: December 31, 2020 2019 Portfolio Segment Carrying % of Carrying % of (Dollars in millions) Mortgage loans: Commercial $ 52,434 62.5 % $ 49,624 61.6 % Agricultural 18,128 21.6 16,695 20.7 Residential 13,782 16.4 14,316 17.8 Total amortized cost 84,344 100.5 80,635 100.1 Allowance for credit loss (590) (0.7) (353) (0.4) Subtotal mortgage loans, net 83,754 99.8 80,282 99.7 Residential — FVO 165 0.2 188 0.2 Total mortgage loans held-for-investment, net 83,919 100.0 80,470 99.9 Mortgage loans held-for-sale — — 59 0.1 Total mortgage loans, net $ 83,919 100.0 % $ 80,529 100.0 % |
Allowance for Loan and Lease Losses, Provision for Loss, Net | The changes in the ACL, by portfolio segment, were as follows: For the Years Ended December 31, 2020 2019 2018 Commercial Agricultural Residential Total Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance at January 1, $ 246 $ 52 $ 55 $ 353 $ 238 $ 46 $ 58 $ 342 $ 214 $ 41 $ 59 $ 314 Provision (release) 124 22 30 176 8 11 7 26 24 5 7 36 Adoption of new credit loss guidance (118) 35 161 78 — — — — — — — — Initial credit losses on PCD loans (1) — — 18 18 — — — — — — — — Charge-offs, net of recoveries — (2) (32) (34) — (5) (10) (15) — — (8) (8) Activity due to HFS Transfer — (1) — (1) — — — — — — — — Balance at December 31, $ 252 $ 106 $ 232 $ 590 $ 246 $ 52 $ 55 $ 353 $ 238 $ 46 $ 58 $ 342 __________________ |
Schedule of Past Due and Non-Accrual Mortgage Loans | The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows: Past Due Greater than 90 Days Past Due and Still Nonaccrual Portfolio Segment December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Commercial $ 10 $ 10 $ 7 $ 9 $ 317 $ 176 Agricultural 252 129 20 7 266 137 Residential 556 452 64 35 534 418 Total $ 818 $ 591 $ 91 $ 51 $ 1,117 $ 731 |
Purchased Financial Assets with Credit Deterioration | The following table reconciles the contractual principal to the purchase price of PCD investments: Year Ended December 31, 2020 Contractual ACL at Non-Credit Purchase (In millions) PCD residential mortgage loans $ 593 $ (18) $ (13) $ 562 |
Disclosure of 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: December 31, 2020 December 31, 2019 Years Ended December 31, 2020 2019 2018 Income Type Carrying Value Income (In millions) Leased real estate investments $ 5,450 $ 4,893 $ 435 $ 380 $ 399 Other real estate investments 419 420 133 192 188 Real estate joint ventures 6,064 5,428 (36) 104 107 Total real estate and real estate joint ventures $ 11,933 $ 10,741 $ 532 $ 676 $ 694 |
Schedule of Operating Leases by Property Type | Leased real estate investments and income earned, by property type, were as follows at and for the periods indicated: December 31, 2020 December 31, 2019 Years Ended December 31, 2020 2019 2018 Property Type Carrying Value Income (In millions) Leased real estate investments: Office $ 2,351 $ 1,999 $ 188 $ 175 $ 169 Retail 1,147 1,127 93 102 95 Apartment 810 778 62 24 70 Land 621 514 25 21 19 Industrial 332 306 56 46 38 Hotel 96 93 5 7 3 Other 93 76 6 5 5 Total leased real estate investments $ 5,450 $ 4,893 $ 435 $ 380 $ 399 |
Components of Leveraged and Direct Financing Leases | Investment in leveraged and direct financing leases consisted of the following at: December 31, 2020 December 31, 2019 Leveraged Direct Leveraged Direct (In millions) Lease receivables, net (1) $ 597 $ 2,055 $ 666 $ 1,931 Estimated residual values 573 42 751 42 Subtotal 1,170 2,097 1,417 1,973 Unearned income (318) (749) (365) (726) Investment in leases, before ACL 852 1,348 1,052 1,247 ACL (36) (8) — — Investment in leases, net of ACL $ 816 $ 1,340 $ 1,052 $ 1,247 __________________ |
Schedule of Net Income From Investment In Leveraged and Direct Financing Leases | The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows: Years Ended December 31, 2020 2019 2018 Leveraged Direct Leveraged Direct Leveraged Direct (In millions) Lease investment income $ 39 $ 106 $ 48 $ 109 $ 47 $ 95 Less: Income tax expense 8 22 10 23 10 20 Lease investment income, net of income tax $ 31 $ 84 $ 38 $ 86 $ 37 $ 75 |
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: Years Ended December 31, 2020 2019 2018 (In millions) Fixed maturity securities AFS $ 44,415 $ 30,083 $ 11,381 Derivatives 1,924 2,209 2,127 Other 267 310 290 Subtotal 46,606 32,602 13,798 Amounts allocated from: Future policy benefits (7,828) (1,019) 31 DAC, VOBA and DSI (4,050) (2,716) (1,231) Policyholder dividend obligation (2,969) (2,020) (428) Subtotal (14,847) (5,755) (1,628) Deferred income tax benefit (expense) (8,009) (6,850) (3,505) Net unrealized investment gains (losses) 23,750 19,997 8,665 Net unrealized investment gains (losses) attributable to noncontrolling interests (20) (16) (10) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 23,730 $ 19,981 $ 8,655 The changes in net unrealized investment gains (losses) were as follows: Years Ended December 31, 2020 2019 2018 (In millions) Balance at January 1, $ 19,981 $ 8,655 $ 13,662 Cumulative effects of changes in accounting principles, net of income tax — 21 1,258 Unrealized investment gains (losses) during the year 14,004 18,778 (10,383) Unrealized investment gains (losses) relating to: Future policy benefits (6,809) (1,050) 108 DAC, VOBA and DSI (1,334) (1,485) 537 Policyholder dividend obligation (949) (1,592) 1,693 Deferred income tax benefit (expense) (1,159) (3,340) 1,782 Net unrealized investment gains (losses) 23,734 19,987 8,657 Net unrealized investment gains (losses) attributable to noncontrolling interests (4) (6) (2) Balance at December 31, $ 23,730 $ 19,981 $ 8,655 Change in net unrealized investment gains (losses) $ 3,753 $ 11,332 $ (5,005) Change in net unrealized investment gains (losses) attributable to noncontrolling interests (4) (6) (2) Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ 3,749 $ 11,326 $ (5,007) |
Securities Lending and Repurchase Agreements | A summary of the outstanding securities lending, repurchase agreements and FHLB of Boston short-term advance agreements is as follows: December 31, 2020 2019 Securities (1) Securities (1) Agreement Type Estimated Cash Reinvestment Estimated Cash Reinvestment (In millions) Securities lending $ 18,262 $ 18,628 $ 18,884 $ 16,926 $ 17,369 $ 17,451 Repurchase agreements $ 3,276 $ 3,210 $ 3,251 $ 2,333 $ 2,310 $ 2,320 FHLB of Boston advance agreements (4) $ — $ — $ — $ 1,083 $ 800 $ 843 __________________ (1) Securities on loan or securities pledged in connection with these programs are included within fixed maturity securities AFS and short-term investments. (2) In connection with securities lending and repurchase agreements, in addition to cash collateral received, the Company received from counterparties non-cash security collateral of $1 million and $0 at December 31, 2020 and 2019, respectively, which is not reflected on the consolidated financial statements. (3) The liability for cash collateral for these programs is included within payables for collateral under securities loaned and other transactions and other liabilities. (4) Excludes assets held-for-sale and liabilities held-for-sale at December 31, 2020. See Note 3 for information on the pending disposition of MetLife P&C. A summary of the remaining contractual maturities of securities lending, repurchase agreements and FHLB of Boston short-term advance agreements is as follows: December 31, 2020 2019 Remaining Maturities Remaining Maturities Security Type Open (1) 1 Month Over 1 Month to 6 Months Over 6 Months to 1 Year Total Open (1) 1 Month Over 1 Month to 6 Months Over 6 Months to 1 Year Total (In millions) Cash collateral liability by loaned security type: Securities lending: U.S. government and agency $ 2,946 $ 10,553 $ 4,009 $ — $ 17,508 $ 2,928 $ 6,676 $ 6,663 $ — $ 16,267 Foreign government — 291 826 — 1,117 — 259 767 — 1,026 U.S. corporate 3 — — — 3 — — — — — Agency RMBS — — — — — — 76 — — 76 Total $ 2,949 $ 10,844 $ 4,835 $ — $ 18,628 $ 2,928 $ 7,011 $ 7,430 $ — $ 17,369 Repurchase agreements: U.S. government and agency $ — $ 3,210 $ — $ — $ 3,210 $ — $ 2,310 $ — $ — $ 2,310 Cash collateral liability by pledged security type: (2) FHLB of Boston: Municipals (3) $ — $ — $ — $ — $ — $ — $ 250 $ 475 $ 75 $ 800 __________________ (1) The related loaned security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral. (2) The Company is permitted to withdraw any portion of the pledged collateral over the minimum collateral requirement at any time, other than in the event of a default by the Company. (3) Excludes assets held-for-sale at December 31, 2020. See Note 3 for information on the pending disposition of MetLife P&C. |
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Certain subsidiaries have also entered into funding agreements with regional FHLBs and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at: Liability Collateral December 31, 2020 2019 2020 2019 (In millions) FHLB of New York (1) $ 16,200 $ 14,445 $ 18,539 (2) $ 16,570 (2) Farmer Mac (3) $ 2,375 $ 2,550 $ 2,450 $ 2,670 FHLB of Des Moines (1) $ 50 $ 100 $ 72 (2) $ 141 (2) FHLB of Pittsburgh (1) $ — $ 775 $ — $ 895 (2) __________________ (1) Represents funding agreements issued to the applicable regional FHLB in exchange for cash and for which such regional FHLB has been granted a lien on certain assets, some of which are in the custody of such regional FHLB, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of such regional FHLB as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, the applicable regional FHLB’s recovery on the collateral is limited to the amount of such subsidiary’s liability to such regional FHLB. (2) Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. (3) Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at: December 31, 2020 2019 (In millions) Invested assets on deposit (regulatory deposits) $ 1,933 $ 2,034 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 3,475 2,991 Invested assets pledged as collateral (1) 25,884 24,493 Total invested assets on deposit, held in trust and pledged as collateral $ 31,292 $ 29,518 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt (see Note 13), and a collateral financing arrangement (see Note 14). |
Components of Net Investment Income | The components of net investment income were as follows: Years Ended December 31, Asset Type 2020 2019 2018 (In millions) Investment income: Fixed maturity securities AFS $ 11,304 $ 11,886 $ 11,946 Equity securities 50 61 64 FVO Securities (1) 140 184 51 Mortgage loans 3,518 3,782 3,340 Policy loans 498 512 506 Real estate and real estate joint ventures 532 676 694 Other limited partnership interests 1,000 825 731 Cash, cash equivalents and short-term investments 213 457 387 Operating joint ventures 93 84 51 Other 255 348 364 Subtotal 17,603 18,815 18,134 Less: Investment expenses 1,054 1,422 1,285 Subtotal, net 16,549 17,393 16,849 Unit-linked investments (1) 568 1,475 (683) Net investment income $ 17,117 $ 18,868 $ 16,166 __________________ (1) Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods and included in net investment income were principally from Unit-linked investments, and were $489 million, $1.0 billion and ($771) million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Components of Net Investment Gains (Losses) | Components of Net Investment Gains (Losses) The components of net investment gains (losses) were as follows: Years Ended December 31, Asset Type 2020 2019 2018 (In millions) Fixed maturity securities AFS: Net credit loss (provision) release (1) $ (154) $ (129) $ (40) Net gains (losses) on sales and disposals 451 396 45 Total gains (losses) on fixed maturity securities AFS 297 267 5 Equity securities: Net gains (losses) on sales and disposals 16 50 118 Change in estimated fair value (2) (153) 84 (193) Total gains (losses) on equity securities (137) 134 (75) Mortgage loans (213) (11) (56) Real estate and real estate joint ventures 7 399 326 Other limited partnership interests (15) 6 9 Other (3) 198 (142) (169) Subtotal 137 653 40 Change in estimated fair value of other limited partnership interest and real estate joint ventures (4) (14) 12 Non-investment portfolio gains (losses) (4) (243) (195) (350) Subtotal (247) (209) (338) Total net investment gains (losses) $ (110) $ 444 $ (298) __________________ (1) Net credit loss provision by sector for foreign government, consumer corporate, industrial corporate, RMBS and finance corporate securities for the year ended December 31, 2019 were ($81) million, ($23) million, ($22) million, ($2) million and ($1) million, respectively. Net credit loss provision by sector for foreign government, consumer corporate, industrial corporate, and finance corporate securities for the year ended December 31, 2018 were ($9) million, ($20) million, ($2) million and ($9) million, respectively. See “— Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector.” Due to the adoption of new credit loss guidance on January 1, 2020, prior period OTTI loss is presented as credit loss. (2) Changes in estimated fair value subsequent to purchase for equity securities still held as of the end of the period included in net investment gains (losses) were ($127) million, $122 million and ($81) million for the years ended December 31, 2020, 2019 and 2018, respectively. (3) Other gains (losses) included $129 million reclassified from AOCI to earnings due to the sale of certain investments that were hedged in qualifying cash flow hedges, leveraged lease gain of $87 million and tax credit partnership impairment losses of $9 million for the year ended December 31, 2020. Other gains (losses) included tax credit partnership impairment losses of $92 million, leveraged lease impairment losses of $30 million and a renewable energy partnership disposal gain of $46 million for the year ended December 31, 2019. Other gains (losses) included leveraged lease impairment losses of $105 million and renewable energy partnership disposal losses of $83 million for the year ended December 31, 2018. (4) See Note 3 for information on the Company’s business dispositions. |
Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains and losses | Proceeds from sales or disposals and the components of net investment gains (losses) were as shown in the table below: Years Ended December 31, 2020 2019 2018 (In millions) Proceeds $ 40,809 $ 51,052 $ 85,058 Gross investment gains $ 1,125 $ 889 $ 856 Gross investment (losses) (674) (493) (811) Net credit loss (provision) release (154) (129) (40) Net investment gains (losses) $ 297 $ 267 $ 5 |
Commercial Mortgage Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
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 December 31, 2020: Credit Quality Indicator 2020 2019 2018 2017 2016 Prior Revolving Total % of (Dollars in millions) LTV ratios: Less than 65% $ 4,960 $ 4,793 $ 5,620 $ 4,299 $ 5,103 $ 9,846 $ 2,318 $ 36,939 70.4 % 65% to 75% 1,455 4,057 2,450 1,554 960 1,861 — 12,337 23.5 76% to 80% 33 135 62 403 273 281 — 1,187 2.3 Greater than 80% 8 11 248 422 133 1,149 — 1,971 3.8 Total $ 6,456 $ 8,996 $ 8,380 $ 6,678 $ 6,469 $ 13,137 $ 2,318 $ 52,434 100.0 % DSCR: > 1.20x $ 5,896 $ 8,537 $ 8,194 $ 6,133 $ 6,129 $ 12,543 $ 2,318 $ 49,750 94.9 % 1.00x - 1.20x 351 — 18 204 340 492 — 1,405 2.7 <1.00x 209 459 168 341 — 102 — 1,279 2.4 Total $ 6,456 $ 8,996 $ 8,380 $ 6,678 $ 6,469 $ 13,137 $ 2,318 $ 52,434 100.0 % |
Residential Mortgage Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2020: Credit Quality Indicator 2020 2019 2018 2017 2016 Prior Revolving Total % of (Dollars in millions) Performance indicators: Performing $ 606 $ 2,310 $ 1,007 $ 473 $ 331 $ 8,499 $ — $ 13,226 96.0 % Nonperforming (1) 8 91 26 9 8 414 — 556 4.0 Total $ 614 $ 2,401 $ 1,033 $ 482 $ 339 $ 8,913 $ — $ 13,782 100.0 % __________________ (1) Includes residential mortgage loans in process of foreclosure of $103 million and $118 million at December 31, 2020 and 2019, respectively. |
Agricultural Mortgage Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at December 31, 2020: Credit Quality Indicator 2020 2019 2018 2017 2016 Prior Revolving Total % of (Dollars in millions) LTV ratios: Less than 65% $ 3,105 $ 2,240 $ 3,005 $ 1,047 $ 2,529 $ 3,687 $ 1,060 $ 16,673 92.0 % 65% to 75% 400 150 85 53 179 461 34 1,362 7.5 76% to 80% — — — — — 51 — 51 0.3 Greater than 80% — — — — — 42 — 42 0.2 Total $ 3,505 $ 2,390 $ 3,090 $ 1,100 $ 2,708 $ 4,241 $ 1,094 $ 18,128 100 % |
Variable Interest Entity, Primary Beneficiary | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
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: December 31, 2020 2019 Asset Type Total Total Total Total (In millions) Investment funds (1) $ 258 $ 1 $ 207 $ 1 Renewable energy partnership (1) 87 — 94 — Other investments (2) 4 5 10 5 Total $ 349 $ 6 $ 311 $ 6 __________________ (1) Assets of the investment funds and renewable energy partnership primarily consisted of other invested assets. (2) Assets of other investments primarily consisted of cash and cash equivalents at December 31, 2020 and other invested assets at December 31, 2019. |
Variable Interest Entity, Not Primary Beneficiary | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Variable Interest Entities | 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: December 31, 2020 2019 Asset Type Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS: Structured Products (2) $ 56,962 $ 56,962 $ 51,962 $ 51,962 U.S. and foreign corporate 3,011 3,011 1,764 1,764 Foreign government 142 142 136 136 Other limited partnership interests 8,355 14,911 6,674 12,016 Other invested assets 1,320 1,404 1,495 1,621 Other investments 619 639 450 497 Total $ 70,409 $ 77,069 $ 62,481 $ 67,996 __________________ (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 is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $3 million and $6 million at December 31, 2020 and 2019, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2) For these variable interests, 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. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | 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: Primary Underlying Risk Exposure December 31, 2020 2019 Estimated Fair Value Estimated Fair Value Gross Assets Liabilities Gross Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 3,186 $ 3,224 $ 4 $ 2,369 $ 2,667 $ 2 Foreign currency swaps Foreign currency exchange rate 1,106 8 78 1,304 16 17 Foreign currency forwards Foreign currency exchange rate 1,936 24 — 2,336 1 40 Subtotal 6,228 3,256 82 6,009 2,684 59 Cash flow hedges: Interest rate swaps Interest rate 4,750 44 — 3,675 145 27 Interest rate forwards Interest rate 7,377 513 120 7,364 83 144 Foreign currency swaps Foreign currency exchange rate 38,604 1,549 2,017 36,983 1,627 1,430 Subtotal 50,731 2,106 2,137 48,022 1,855 1,601 NIFO hedges: Foreign currency forwards Foreign currency exchange rate 164 — 3 1,059 — 10 Currency options Foreign currency exchange rate 3,600 70 — 4,200 33 91 Subtotal 3,764 70 3 5,259 33 101 Total qualifying hedges 60,723 5,432 2,222 59,290 4,572 1,761 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 49,561 3,683 38 58,083 2,867 185 Interest rate floors Interest rate 12,701 350 — 12,701 155 — Interest rate caps Interest rate 40,730 13 — 42,622 18 5 Interest rate futures Interest rate 1,498 — 2 2,423 2 3 Interest rate options Interest rate 17,746 502 5 27,344 764 1 Interest rate forwards Interest rate 351 — 10 129 1 2 Interest rate total return swaps Interest rate 1,048 — 59 1,048 5 49 Synthetic GICs Interest rate 38,646 — — 30,341 — — Foreign currency swaps Foreign currency exchange rate 13,265 603 693 13,699 644 461 Foreign currency forwards Foreign currency exchange rate 15,643 209 310 13,507 50 393 Currency futures Foreign currency exchange rate 914 3 — 880 7 — Currency options Foreign currency exchange rate 1,350 — — 1,801 — — Credit default swaps — purchased Credit 2,978 9 121 2,944 4 102 Credit default swaps — written Credit 9,609 196 — 11,520 272 1 Equity futures Equity market 5,427 14 38 4,540 6 8 Equity index options Equity market 22,954 834 437 27,105 694 677 Equity variance swaps Equity market 716 15 12 1,115 23 19 Equity total return swaps Equity market 3,294 3 282 761 — 70 Total non-designated or nonqualifying derivatives 238,431 6,434 2,007 252,563 5,512 1,976 Total $ 299,154 $ 11,866 $ 4,229 $ 311,853 $ 10,084 $ 3,737 |
Components of Net Derivatives Gains (Losses) | The following table presents the consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives: Year Ended December 31, 2020 Net Net Net Policyholder Interest Other OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (10) $ — $ — $ 360 $ — $ — N/A Hedged items 12 — — (399) — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (46) 98 — — — — N/A Hedged items 44 (93) — — — — N/A Amount excluded from the assessment of hedge effectiveness — (47) — — — — N/A Subtotal — (42) — (39) — — 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 N/A $ 1,277 Amount of gains (losses) reclassified from AOCI into income 36 121 — — — 2 (159) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (445) Amount of gains (losses) reclassified from AOCI into income 4 851 — — — 2 (857) Foreign currency transaction gains (losses) on hedged items — (765) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (102) Amount of gains (losses) reclassified from AOCI into income — — — — — — — Subtotal 40 207 — — — 4 (286) Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A 36 Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A (20) Subtotal N/A N/A N/A N/A N/A N/A 16 Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) (6) — 2,149 55 — — N/A Foreign currency exchange rate derivatives (1) — — (323) (3) — — N/A Credit derivatives — purchased (1) — — (28) — — — N/A Credit derivatives — written (1) — — (106) — — — N/A Equity derivatives (1) (28) — (1,151) (203) — — N/A Foreign currency transaction gains (losses) on hedged items — — (8) — — — N/A Subtotal (34) — 533 (151) — — N/A Earned income on derivatives 217 — 926 190 (152) — — Embedded derivatives (2) N/A N/A (110) — N/A N/A N/A Total $ 223 $ 165 $ 1,349 $ — $ (152) $ 4 $ (270) Year Ended December 31, 2019 Net Net Net Policyholder Interest Other OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ (3) $ — $ — $ 339 $ 1 $ — N/A Hedged items 4 — — (369) — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) (55) 24 — — — — N/A Hedged items 56 (23) — — — — N/A Amount excluded from the assessment of hedge effectiveness — (72) — — — — N/A Subtotal 2 (71) — (30) 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 N/A $ 622 Amount of gains (losses) reclassified from AOCI into income 23 4 — — — 2 (29) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A (278) Amount of gains (losses) reclassified from AOCI into income (4) 240 — — — 2 (238) Foreign currency transaction gains (losses) on hedged items — (236) — — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 6 Amount of gains (losses) reclassified from AOCI into income 1 — — — — — (1) Subtotal 20 8 — — — 4 82 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (32) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A (4) Subtotal N/A N/A N/A N/A N/A N/A (36) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) (3) — 1,263 39 — — N/A Foreign currency exchange rate derivatives (1) — — (346) 2 — — N/A Credit derivatives — purchased (1) — — (38) — — — N/A Credit derivatives — written (1) — — 248 — — — N/A Equity derivatives (1) — — (1,339) (205) — — N/A Foreign currency transaction gains (losses) on hedged items — — 55 — — — N/A Subtotal (3) — (157) (164) — — N/A Earned income on derivatives 237 — 513 138 (147) — — Embedded derivatives (2) N/A N/A 272 — N/A N/A N/A Total $ 256 $ (63) $ 628 $ (56) $ (146) $ 4 $ 46 Year Ended December 31, 2018 Net Net Net Policyholder Interest Other OCI (In millions) Gain (Loss) on Fair Value Hedges: Interest rate derivatives: Derivatives designated as hedging instruments (1) $ — $ — $ (220) $ — $ — $ — N/A Hedged items — — 226 — — — N/A Foreign currency exchange rate derivatives: Derivatives designated as hedging instruments (1) — — 156 — — — N/A Hedged items — — (150) — — — N/A Amount excluded from the assessment of hedge effectiveness — — (58) — — — N/A Subtotal — — (46) — — — 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 N/A $ (257) Amount of gains (losses) reclassified from AOCI into income 20 — 21 — — 1 (42) Foreign currency exchange rate derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A 414 Amount of gains (losses) reclassified from AOCI into income (5) — (558) — — 2 561 Foreign currency transaction gains (losses) on hedged items — — 569 — — — — Credit derivatives: (1) Amount of gains (losses) deferred in AOCI N/A N/A N/A N/A N/A N/A — Amount of gains (losses) reclassified from AOCI into income 1 — 1 — — — (2) Subtotal 16 — 33 — — 3 674 Gain (Loss) on NIFO Hedges: Foreign currency exchange rate derivatives (1) N/A N/A N/A N/A N/A N/A (125) Non-derivative hedging instruments N/A N/A N/A N/A N/A N/A — Subtotal N/A N/A N/A N/A N/A N/A (125) Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate derivatives (1) 4 — (158) (6) — — N/A Foreign currency exchange rate derivatives (1) — — 518 (6) — — N/A Credit derivatives — purchased (1) — — 6 — — — N/A Credit derivatives — written (1) — — (132) — — — N/A Equity derivatives (1) 1 — 360 60 — — N/A Foreign currency transaction gains (losses) on hedged items — — (127) — — — N/A Subtotal 5 — 467 48 — — N/A Earned income on derivatives 360 — 547 11 (113) (11) — Embedded derivatives (2) N/A N/A (150) — N/A N/A N/A Total $ 381 $ — $ 851 $ 59 $ (113) $ (8) $ 549 __________________ (1) Excludes earned income on derivatives. (2) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment wer e ($10) million, ($116) million and $133 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | 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 Cumulative Amount December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Fixed maturity securities AFS $ 2,699 $ 2,736 $ (1) $ (1) Mortgage loans $ 952 $ 1,159 $ 20 $ 2 Future policy benefits $ (5,512) $ (4,475) $ (1,307) $ (908) __________________ (1) Includes ($1) million of hedging adjustments on discontinued hedging relationships at both December 31, 2020 and 2019. |
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: December 31, 2020 2019 Rating Agency Designation of Referenced Estimated Maximum Weighted Estimated Maximum Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ 5 $ 208 2.7 $ 4 $ 298 1.7 Credit default swaps referencing indices 27 1,779 2.5 35 2,175 2.2 Subtotal 32 1,987 2.5 39 2,473 2.2 Baa Single name credit default swaps (3) 3 249 2.5 3 216 1.5 Credit default swaps referencing indices 156 7,318 5.5 203 8,539 5.0 Subtotal 159 7,567 5.4 206 8,755 4.9 Ba Single name credit default swaps (3) — — — — 9 5.0 Subtotal — — — — 9 5.0 B Single name credit default swaps (3) — — — — 10 0.5 Credit default swaps referencing indices 5 55 5.0 26 273 5.0 Subtotal 5 55 5.0 26 283 4.8 Total $ 196 $ 9,609 4.8 $ 271 $ 11,520 4.3 __________________ (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: December 31, 2020 2019 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) $ 11,348 $ 4,111 $ 9,574 $ 3,624 OTC-cleared (1) 593 20 606 81 Exchange-traded 17 40 15 11 Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) 11,958 4,171 10,195 3,716 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,926) (2,926) (2,664) (2,664) OTC-cleared (7) (7) (38) (38) Exchange-traded — — (2) (2) Cash collateral: (3), (4) OTC-bilateral (6,842) — (5,317) — OTC-cleared (530) (5) (560) (4) Exchange-traded — (23) — (5) Securities collateral: (5) OTC-bilateral (1,453) (1,100) (1,521) (935) OTC-cleared — (1) — (39) Exchange-traded — (1) — (4) Net amount after application of master netting agreements and collateral $ 200 $ 108 $ 93 $ 25 __________________ (1) At December 31, 2020 and 2019, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $92 million and $111 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of ($58) million and ($21) million, respectively. (2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals. (3) Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. (4) The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At December 31, 2020 and 2019, the Company received excess cash collateral of $265 million and $389 million, respectively, and provided excess cash collateral of $238 million and $266 million, respectively, which is not included in the table above due to the foregoing limitation. (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 December 31, 2020, 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 December 31, 2020 and 2019, the Company received excess securities collateral with an estimated fair value of $231 million and $156 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2020 and 2019, the Company provided excess securities collateral with an estimated fair value of $269 million and $189 million, respectively, for its OTC-bilateral derivatives, $2.1 billion and $1.0 billion, respectively, for its OTC-cleared derivatives, and $318 million and $143 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments | December 31, 2020 2019 Derivatives Subject to Credit-Contingent Provisions Derivatives Not Subject to Credit-Contingent Provisions Total Derivatives Subject to Credit-Contingent Provisions Derivatives Not Subject to Credit-Contingent Provisions Total (In millions) Estimated fair value of derivatives in a net liability position (1) $ 1,182 $ 3 $ 1,185 $ 874 $ 85 $ 959 Estimated fair value of collateral provided: Fixed maturity securities AFS $ 1,222 $ 2 $ 1,224 $ 983 $ 80 $ 1,063 __________________ (1) After taking into consideration the existence of netting agreements. |
Net Embedded Derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Derivative Instruments | 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: December 31, Balance Sheet Location 2020 2019 (In millions) Embedded derivatives within asset host contracts: Ceded guaranteed minimum benefits Premiums, reinsurance and other receivables $ 55 $ 60 Embedded derivatives within liability host contracts: Direct guaranteed minimum benefits Policyholder account balances $ 651 $ 312 Assumed guaranteed minimum benefits Policyholder account balances 283 312 Funds withheld on ceded reinsurance Other liabilities 100 36 Fixed annuities with equity indexed returns Policyholder account balances 138 130 Other guarantees Policyholder account balances 24 12 Embedded derivatives within liability host contracts $ 1,196 $ 802 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, 2020 (1) Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 83,214 $ 10,202 $ 93,416 Foreign government — 71,582 117 71,699 Foreign corporate — 55,509 13,899 69,408 U.S. government and agency 23,180 23,920 — 47,100 RMBS — 27,133 3,302 30,435 ABS — 15,734 1,385 17,119 Municipals — 13,722 — 13,722 CMBS — 11,308 602 11,910 Total fixed maturity securities AFS 23,180 302,122 29,507 354,809 Equity securities 636 293 150 1,079 Unit-linked and FVO Securities (2) 10,559 2,059 701 13,319 Short-term investments (3) 2,762 568 43 3,373 Residential mortgage loans — FVO — — 165 165 Other investments 83 229 573 885 Derivative assets: (4) Interest rate — 7,840 489 8,329 Foreign currency exchange rate 3 2,287 176 2,466 Credit — 180 25 205 Equity market 14 830 22 866 Total derivative assets 17 11,137 712 11,866 Embedded derivatives within asset host contracts (5) — — 55 55 Separate account assets (6) 91,850 107,035 1,085 199,970 Total assets (7) $ 129,087 $ 423,443 $ 32,991 $ 585,521 Liabilities Derivative liabilities: (4) Interest rate $ 2 $ 168 $ 68 $ 238 Foreign currency exchange rate — 3,063 38 3,101 Credit — 121 — 121 Equity market 38 719 12 769 Total derivative liabilities 40 4,071 118 4,229 Embedded derivatives within liability host contracts (5) — — 1,196 1,196 Separate account liabilities (6) 12 8 6 26 Total liabilities $ 52 $ 4,079 $ 1,320 $ 5,451 December 31, 2019 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: U.S. corporate $ — $ 81,501 $ 6,252 $ 87,753 Foreign government — 67,112 117 67,229 Foreign corporate — 56,188 7,977 64,165 U.S. government and agency 21,058 21,026 — 42,084 RMBS 3 25,682 2,862 28,547 ABS — 13,326 1,216 14,542 Municipals — 13,046 7 13,053 CMBS — 10,067 380 10,447 Total fixed maturity securities AFS 21,061 287,948 18,811 327,820 Equity securities 794 118 430 1,342 Unit-linked and FVO Securities (2) 10,598 1,879 625 13,102 Short-term investments (3) 2,042 1,108 32 3,182 Residential mortgage loans — FVO — — 188 188 Other investments 74 160 455 689 Derivative assets: (4) Interest rate 2 6,616 89 6,707 Foreign currency exchange rate 7 2,336 35 2,378 Credit — 244 32 276 Equity market 6 686 31 723 Total derivative assets 15 9,882 187 10,084 Embedded derivatives within asset host contracts (5) — — 60 60 Separate account assets (6) 86,790 100,668 987 188,445 Total assets (7) $ 121,374 $ 401,763 $ 21,775 $ 544,912 Liabilities Derivative liabilities: (4) Interest rate $ 3 $ 220 $ 195 $ 418 Foreign currency exchange rate — 2,324 118 2,442 Credit — 102 1 103 Equity market 8 747 19 774 Total derivative liabilities 11 3,393 333 3,737 Embedded derivatives within liability host contracts (5) — — 802 802 Separate account liabilities (6) 1 14 7 22 Total liabilities $ 12 $ 3,407 $ 1,142 $ 4,561 __________________ (1) Excludes amounts for financial instruments reclassified to assets held-for-sale or liabilities held-for-sale. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar instruments described herein. See Note 3 for information on the pending disposition of MetLife P&C. (2) Unit-linked and FVO Securities were primarily comprised of Unit-linked investments at both December 31, 2020 and 2019. (3) Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (4) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (5) Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the consolidated balance sheets. (6) 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. (7) 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 December 31, 2020 and 2019, the estimated fair value of such investments was $75 million and $95 million, respectively. |
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: December 31, 2020 December 31, 2019 Impact of Valuation Techniques Significant Range Weighted Range Weighted Fixed maturity securities AFS (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) — - 186 117 5 - 145 110 Increase • Market pricing • Quoted prices (4) — - 116 98 25 - 131 100 Increase • Consensus pricing • Offered quotes (4) 54 - 104 101 81 - 109 102 Increase RMBS • Market pricing • Quoted prices (4) — - 159 98 — - 119 95 Increase (5) ABS • Market pricing • Quoted prices (4) 1 - 112 100 3 - 119 98 Increase (5) • Consensus pricing • Offered quotes (4) 100 - 100 100 99 - 104 100 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 92 - 184 149 190 - 251 Increase (7) • Repurchase rates (8) (12) - 1 (6) (6) - 6 Decrease (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) (309) - 248 (144) (125) - 328 Increase (7) Credit • Present value techniques • Credit spreads (9) 96 - 99 98 96 - 100 Decrease (7) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (11) 21% - 29% 28% 14% - 23% Increase (7) • Correlation (12) 10% - 30% 10% 10% - 30% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.17% 0.06% 0% - 0.18% Decrease (13) Ages 41 - 60 0.03% - 0.75% 0.30% 0.03% - 0.80% Decrease (13) Ages 61 - 115 0.12% - 100% 1.90% 0.13% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 6.86% 0.25% - 100% Decrease (14) Durations 11 - 20 0.50% - 100% 5.18% 0.50% - 100% Decrease (14) Durations 21 - 116 0.50% - 100% 5.18% 0.50% - 100% Decrease (14) • Utilization rates 0% - 22% 0.17% 0% - 22% Increase (15) • Withdrawal rates 0% - 20% 3.98% 0% - 20% (16) • Long-term equity volatilities 8.33% - 27% 18.70% 6.01% - 30% Increase (17) • Nonperformance risk spread 0.04% - 1.18% 0.40% 0.03% - 1.30% Decrease (18) __________________ (1) The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data. (2) The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions. (3) Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations. (4) Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par. (5) Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (6) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (7) Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (8) Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points. (9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. (10) At both December 31, 2020 and 2019, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (12) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations. (13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (15) The utilization rate assumption estimates the percentage of contractholders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative. |
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities AFS Corporate (7) Foreign Structured Municipals Equity Unit-linked and FVO (In millions) Balance, January 1, 2019 $ 10,467 $ 138 $ 4,266 $ — $ 419 $ 405 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (49) — 46 — 47 48 Total realized/unrealized gains (losses) included in AOCI 893 (2) 42 — — — Purchases (3) 3,689 10 1,338 7 65 203 Sales (3) (870) (24) (737) — (98) (39) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 606 20 — — — 20 Transfers out of Level 3 (4) (507) (25) (497) — (3) (12) Balance, December 31, 2019 14,229 117 4,458 7 430 625 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (88) (2) 49 — 12 67 Total realized/unrealized gains (losses) included in AOCI 1,774 (1) 41 — — — Purchases (3) 5,013 29 1,975 — 11 47 Sales (3) (1,107) (8) (918) — (156) (101) Issuances (3) — — — — — — Settlements (3) — — — — — — Transfers into Level 3 (4) 4,985 6 127 — — 154 Transfers out of Level 3 (4), (5) (705) (24) (443) (7) (147) (91) Balance, December 31, 2020 $ 24,101 $ 117 $ 5,289 $ — $ 150 $ 701 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (6) $ 1 $ 1 $ 70 $ — $ (26) $ 8 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (6) $ (50) $ — $ 44 $ — $ 39 $ 48 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (6) $ (48) $ (1) $ 54 $ — $ 2 $ 69 Changes in unrealized gains (losses) included in $ 1,754 $ (1) $ 47 $ — $ — $ — Gains (Losses) Data for the year ended December 31, 2018: Total realized/unrealized gains (losses) included in net income (loss) (1), (2) $ 9 $ 3 $ 82 $ — $ (36) $ 6 Total realized/unrealized gains (losses) included in AOCI $ (745) $ (14) $ (23) $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Residential Mortgage Other Net Net Embedded Separate (In millions) Balance, January 1, 2019 $ 33 $ 299 $ 39 $ (225) $ (739) $ 937 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) — 7 — (108) 274 7 Total realized/unrealized gains (losses) included in AOCI (1) — — 157 (2) — Purchases (3) 31 — 416 4 — 191 Sales (3) (33) (87) — — — (151) Issuances (3) — — — (2) — (3) Settlements (3) — (31) — 29 (275) 2 Transfers into Level 3 (4) 2 — — (1) — — Transfers out of Level 3 (4) — — — — — (3) Balance, December 31, 2019 32 188 455 (146) (742) 980 Total realized/unrealized gains (losses) included in net income (loss) (1), (2) (7) 9 19 279 (110) (5) Total realized/unrealized gains (losses) included in AOCI 4 — — 761 (34) — Purchases (3) 38 — 99 4 — 270 Sales (3) (17) (13) — — — (159) Issuances (3) — — — (2) — (4) Settlements (3) — (19) — (296) (255) 1 Transfers into Level 3 (4) 9 — — — — 1 Transfers out of Level 3 (4), (5) (16) — — (6) — (5) Balance, December 31, 2020 $ 43 $ 165 $ 573 $ 594 $ (1,141) $ 1,079 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2018 (6) $ (1) $ (15) $ — $ (59) $ (150) $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2019 (6) $ — $ (14) $ — $ (129) $ 264 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2020 (6) $ (7) $ 3 $ 24 $ 67 $ (124) $ — Changes in unrealized gains (losses) included in $ 4 $ — $ — $ 579 $ (33) $ — Gains (Losses) Data for the year ended December 31, 2018: Total realized/unrealized gains (losses) included in net income (loss) (1), (2) $ (1) $ 7 $ — $ (161) $ (150) $ 7 Total realized/unrealized gains (losses) included in AOCI $ (1) $ — $ — $ (140) $ (15) $ — __________________ (1) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on 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) Transfers out of Level 3 for the year ended December 31, 2020 included $137 million of corporate securities and $29 million of Structured Products reclassified to assets held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C. (6) 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). (7) Comprised of U.S. and foreign corporate securities. (8) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward. (9) Embedded derivative assets and liabilities are presented net for purposes of the rollforward. (10) 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 investment gains (losses). Separate account assets and liabilities are presented net for the purposes of the rollforward. |
Fair Value Option | The following table presents information for residential mortgage loans, which are accounted for under the FVO and were initially measured at fair value. December 31, 2020 2019 (In millions) Unpaid principal balance $ 172 $ 209 Difference between estimated fair value and unpaid principal balance (7) (21) Carrying value at estimated fair value $ 165 $ 188 Loans in nonaccrual status $ 45 $ 47 Loans more than 90 days past due $ 27 $ 18 Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance $ (13) $ (19) |
Nonrecurring Fair Value Measurements | The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). At December 31, Years Ended December 31, 2020 2019 2020 2019 2018 Carrying Value After Measurement Gains (Losses) (In millions) Mortgage loans, net (1) $ 408 $ 52 $ (127) $ (2) $ (2) __________________ (1) Estimated fair values for impaired mortgage loans are based on estimated fair value of the underlying collateral. |
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: December 31, 2020 (1) Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans $ 83,754 $ — $ — $ 88,675 $ 88,675 Policy loans $ 9,493 $ — $ — $ 11,598 $ 11,598 Other invested assets $ 1,188 $ — $ 814 $ 374 $ 1,188 Premiums, reinsurance and other receivables $ 2,729 $ — $ 908 $ 2,070 $ 2,978 Other assets $ 300 $ — $ 111 $ 190 $ 301 Liabilities Policyholder account balances $ 126,458 $ — $ — $ 134,569 $ 134,569 Long-term debt $ 14,492 $ — $ 18,332 $ — $ 18,332 Collateral financing arrangement $ 845 $ — $ — $ 710 $ 710 Junior subordinated debt securities $ 3,153 $ — $ 4,604 $ — $ 4,604 Other liabilities $ 2,113 $ — $ 527 $ 2,606 $ 3,133 Separate account liabilities $ 115,682 $ — $ 115,682 $ — $ 115,682 December 31, 2019 Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans $ 80,341 $ — $ — $ 83,079 $ 83,079 Policy loans $ 9,680 $ — $ 326 $ 11,329 $ 11,655 Other invested assets $ 1,183 $ — $ 809 $ 374 $ 1,183 Premiums, reinsurance and other receivables $ 3,678 $ — $ 1,178 $ 2,706 $ 3,884 Other assets $ 318 $ — $ 131 $ 188 $ 319 Liabilities Policyholder account balances $ 119,262 $ — $ — $ 122,998 $ 122,998 Long-term debt $ 13,336 $ — $ 15,830 $ — $ 15,830 Collateral financing arrangement $ 993 $ — $ — $ 810 $ 810 Junior subordinated debt securities $ 3,150 $ — $ 4,405 $ — $ 4,405 Other liabilities $ 2,045 $ — $ 540 $ 2,279 $ 2,819 Separate account liabilities $ 110,837 $ — $ 110,837 $ — $ 110,837 _________________ (1) Excludes amounts for financial instruments reclassified to assets held-for-sale or liabilities held-for-sale. See Note 3 for information on the pending disposition of MetLife P&C. |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of operating lease costs were as follows: For the Year Ended December 31 2020 2019 (In millions) Operating lease cost $ 286 $ 282 Variable lease cost $ 39 $ 49 Sublease income $ (99) $ (89) Net lease cost $ 226 $ 242 |
Lessee, Operating Lease, Disclosure | ROU assets and lease liabilities for operating leases were: December 31, 2020 December 31, 2019 (In millions) ROU assets $ 1,314 $ 1,488 Lease liabilities $ 1,470 $ 1,654 Supplemental other information related to operating leases was as follows: December 31, 2020 December 31, 2019 (Dollars in millions) Cash paid for amounts included in the measurement of lease liability - operating cash flows $ 289 $ 285 ROU assets obtained in exchange for new lease liabilities $ 70 $ 341 Weighted-average remaining lease term 8 years 8 years Weighted-average discount rate 3.4 % 3.3 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities were as follows: December 31, 2020 (In millions) 2021 $ 283 2022 238 2023 219 2024 197 2025 185 Thereafter 553 Total undiscounted cash flows 1,675 Less: interest 205 Present value of lease liability $ 1,470 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Rollforward and by Segment | Information regarding goodwill by segment, as well as Corporate & Other, was as follows: U.S. Asia (1) Latin EMEA MetLife Corporate Total (In millions) Balance at January 1, 2018 Goodwill $ 1,451 $ 4,673 $ 1,306 $ 1,170 $ 1,567 $ 103 $ 10,270 Accumulated impairment (2) — — — — (680) — (680) Total goodwill, net 1,451 4,673 1,306 1,170 887 103 9,590 Effect of foreign currency translation and other — 17 (134) (51) — — (168) Balance at December 31, 2018 Goodwill 1,451 4,690 1,172 1,119 1,567 103 10,102 Accumulated impairment — — — — (680) — (680) Total goodwill, net 1,451 4,690 1,172 1,119 887 103 9,422 Acquisitions 15 4 — — — — 19 Disposition (3) — (71) — — — — (71) Effect of foreign currency translation and other — 13 (73) (2) — — (62) Balance at December 31, 2019 Goodwill 1,466 4,636 1,099 1,117 1,567 103 9,988 Accumulated impairment — — — — (680) — (680) Total goodwill, net 1,466 4,636 1,099 1,117 887 103 9,308 Acquisitions (4) 932 — — — — — 932 Effect of foreign currency translation and other — 127 44 29 — — 200 Reclassified to assets held-for-sale (5) (328) — — — — — (328) Balance at December 31, 2020 Goodwill 2,070 4,763 1,143 1,146 1,567 103 10,792 Accumulated impairment — — — — (680) — (680) Total goodwill, net $ 2,070 $ 4,763 $ 1,143 $ 1,146 $ 887 $ 103 $ 10,112 __________________ (1) Includes goodwill of $4.6 billion, $4.5 billion and $4.5 billion from the Company’s Japan operations at December 31, 2020, 2019 and 2018, respectively. (2) The $680 million accumulated impairment in the MetLife Holdings segment relates to the retail annuities business impaired in 2012 that was not part of the Separation. See Note 3. (3) In connection with the disposition of MetLife Hong Kong, goodwill was reduced by $71 million for the year ended December 31, 2019. See Note 3. (4) Primarily related to the acquisition of Versant Health. See Note 3 . (5) See Note 3 for information on the pending disposition of MetLife P&C. |
Long-term and Short-term Debt (
Long-term and Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term and Short-term debt outstanding | Long-term and short-term debt outstanding, excluding debt relating to CSEs, was as follows: December 31, Interest Rates (1) 2020 2019 Range Weighted Maturity Face Unamortized Carrying Face Unamortized Carrying (In millions) Senior notes 0.50 % - 6.50% 4.28% 2022 - 2046 $ 13,548 $ (85) $ 13,463 $ 12,460 $ (81) $ 12,379 Surplus notes 7.63 % - 7.88% 7.79% 2024 - 2025 507 (3) 504 507 (4) 503 Other notes 0.14 % - 3.75% 2.89% 2021 - 2058 527 (2) 525 457 (3) 454 Financing lease obligations 106 — 106 125 — 125 Total long-term debt 14,688 (90) 14,598 13,549 (88) 13,461 Total short-term debt 393 — 393 235 — 235 Total $ 15,081 $ (90) $ 14,991 $ 13,784 $ (88) $ 13,696 __________________ (1) Range of interest rates and weighted average interest rates are for the year ended December 31, 2020. |
Schedule of Short-term Debt | Short-term Debt Short-term debt with maturities of one year or less was as follows: December 31, 2020 2019 (Dollars in millions) Commercial paper $ 100 $ 99 Short-term borrowings (1) 293 136 Total short-term debt $ 393 $ 235 Average daily balance $ 326 $ 216 Average days outstanding 69 days 34 days __________________ |
Schedule of Line of Credit Facilities | Information on the Credit Facility at December 31, 2020 was as follows: Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife, Inc. and MetLife Funding, Inc. December 2021 (1) $ 3,000 (1) $ 463 $ — $ 2,537 __________________ (1) All borrowings under the Credit Facility must be repaid by December 20, 2021, except that letters of credit outstanding upon termination may remain outstanding until December 20, 2022. |
Committed Facilities | Information on the Committed Facilities at December 31, 2020 was as follows: Account Party/Borrower(s) Expiration Maximum Letters of Drawdowns Unused (In millions) MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2024 (1), (2) $ 400 $ 396 $ — $ 4 MetLife Reinsurance Company of Vermont and MetLife, Inc. December 2037 (1), (3) 2,896 2,483 — 413 Total $ 3,296 $ 2,879 $ — $ 417 __________________ (1) MetLife, Inc. is a guarantor under the applicable facility. (2) Capacity decreases in June 2022, December 2022, June 2023, December 2023 and December 2024 to $380 million, $360 million, $310 million, $260 million and $0, respectively. (3) Capacity at December 31, 2020 of $2.8 billion increases periodically to a maximum of $2.9 billion in 2024, decreases periodically commencing in 2025 to $2.0 billion in 2037, and decreases to $0 at expiration in December 2037. Unused commitment of $413 million is based on maximum capacity. At December 31, 2020, Brighthouse is a beneficiary of $2.5 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees. |
Collateral Financing Arrangem_2
Collateral Financing Arrangements Collateral Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Secured Debt [Abstract] | |
CFA Associated with Closed Block | Information related to the collateral financing arrangement associated with the closed block (see Note 7) was as follows at: December 31, 2020 2019 (In millions) Surplus notes outstanding (1) $ 845 $ 993 Receivable from unaffiliated financial institution (1) $ 110 $ 130 Pledged collateral (2) $ 41 $ 58 Assets held in trust (2) $ 1,408 $ 1,390 __________________ (1) Carrying value. (2) Estimated fair value. |
Junior Subordinated Debt Secu_2
Junior Subordinated Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Junior Subordinated Notes [Abstract] | |
Outstanding Junior Subordinated Debt Securities | Outstanding junior subordinated debt securities and exchangeable surplus trust securities which are exchangeable for junior subordinated debt securities prior to redemption or repayment, were as follows: December 31, 2020 2019 Issuer Issue Interest Scheduled Interest Rate Final Face Unamortized Carrying Face Unamortized Carrying (In millions) MetLife, Inc. December 2006 6.400% December 2036 LIBOR + 2.205% December 2066 $ 1,250 $ (17) $ 1,233 $ 1,250 $ (18) $ 1,232 MetLife Capital Trust IV (3) December 2007 7.875% December 2037 LIBOR + 3.960% December 2067 700 (14) 686 700 (15) 685 MetLife, Inc. April 2008 9.250% April 2038 LIBOR + 5.540% April 2068 750 (10) 740 750 (10) 740 MetLife, Inc. July 2009 10.750% August 2039 LIBOR + 7.548% August 2069 500 (6) 494 500 (7) 493 $ 3,200 $ (47) $ 3,153 $ 3,200 $ (50) $ 3,150 _________________ (1) Prior to the scheduled redemption date, interest is payable semiannually in arrears. (2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. (3) MetLife Capital Trust IV is a VIE which is consolidated on the financial statements of the Company. The securities issued by this entity are exchangeable surplus trust securities, which are exchangeable for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date, mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows: December 31, 2020 December 31, 2019 Series Shares Shares Shares Shares Shares Shares Series A preferred stock 27,600,000 24,000,000 24,000,000 27,600,000 24,000,000 24,000,000 Series C preferred stock 1,500,000 500,000 500,000 1,500,000 1,500,000 1,500,000 Series D preferred stock 500,000 500,000 500,000 500,000 500,000 500,000 Series E preferred stock 32,200 32,200 32,200 32,200 32,200 32,200 Series F preferred stock 40,000 40,000 40,000 — — — Series G preferred stock 1,000,000 1,000,000 1,000,000 — — — Series A Junior Participating Preferred Stock 10,000,000 — — 10,000,000 — — Not designated 159,327,800 — — 160,367,800 — — Total 200,000,000 26,072,200 26,072,200 200,000,000 26,032,200 26,032,200 |
Components of compensation expense related to stock based compensation | Compensation Expense Related to Stock-Based Compensation The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards and excludes the insignificant compensation expense related to the 2015 Director Stock Plan. Those components were: Years Ended December 31, 2020 2019 2018 (In millions) Stock Options and Unit Options $ 6 $ 7 $ 6 Performance Shares and Performance Units (1) 63 89 23 Restricted Stock Units and Restricted Units 58 54 57 Total compensation expense $ 127 $ 150 $ 86 Income tax benefit $ 27 $ 32 $ 18 __________________ |
Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized | The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at: December 31, 2020 Expense Weighted Average (In millions) (Years) Stock Options $ 2 1.57 Performance Shares $ 28 1.64 Restricted Stock Units $ 38 1.76 |
Activity related to Stock Options | Stock Option Activity A summary of the activity related to Stock Options was as follows: Shares Weighted Weighted Aggregate (Years) (In millions) Outstanding at January 1, 2020 9,011,323 $ 39.20 3.73 $ 106 Granted 487,564 $ 47.58 Exercised (2,363,639) $ 37.79 Expired (2) (55,844) $ 34.27 Forfeited (3) (36,963) $ 46.56 Outstanding at December 31, 2020 7,042,441 $ 40.25 3.95 $ 47 Vested and expected to vest at December 31, 2020 7,030,683 $ 40.25 3.94 $ 47 Exercisable at December 31, 2020 6,005,334 $ 39.24 3.17 $ 46 __________________ (1) The intrinsic value of each Stock Option is the closing price on a particular date less the exercise price of the Stock Option, so long as the difference is greater than zero. The aggregate intrinsic value of all outstanding Stock Options is computed using the closing Share price on December 31, 2020 of $46.95 and December 31, 2019 of $50.97, as applicable. (2) Expired options were exercisable, but unexercised, as of their expiration date. (3) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. The following table presents a summary of Stock Option exercise activity: Years Ended December 31, 2020 2019 2018 (In millions) Total intrinsic value of stock options exercised $ 29 $ 60 $ 24 Cash received from exercise of stock options $ 89 $ 125 $ 54 Income tax benefit realized from stock options exercised $ 6 $ 13 $ 5 |
Weighted average assumptions used to determine the fair value of Stock Options issued | The following table presents the weighted average assumptions, with the exception of risk-free rate (which is expressed as a range), that the model uses to determine the fair value of unexercised Stock Options: Years Ended December 31, 2020 2019 2018 Dividend yield 3.70% 3.76% 3.52% Risk-free rate of return 1.30% - 1.57% 2.52% - 3.32% 2.02% - 3.40% Expected volatility 25.55% 30.27% 34.18% Exercise multiple 1.44 1.43 1.43 Post-vesting termination rate 3.79% 3.86% 3.77% Contractual term (years) 10 10 10 Expected life (years) 7 6 6 Weighted average exercise price of stock options granted $47.58 $44.65 $45.50 Weighted average fair value of stock options granted $9.02 $10.36 $11.87 |
Performance Share and Restricted Stock Unit Activity | Performance Share and Restricted Stock Unit Activity The following table presents a summary of Performance Share and Restricted Stock Unit activity: Performance Shares Restricted Stock Units Shares Weighted Units Weighted Outstanding at January 1, 2020 3,945,742 $ 43.40 2,894,428 $ 40.31 Granted 1,341,997 $ 41.89 1,431,970 $ 41.21 Forfeited (2) (117,786) $ 39.72 (178,960) $ 40.87 Payable (3) (1,068,099) $ 46.24 (1,359,288) $ 40.78 Outstanding at December 31, 2020 4,101,854 $ 40.61 2,788,150 $ 40.51 Vested and expected to vest at December 31, 2020 4,034,096 $ 40.60 2,735,982 $ 40.52 __________________ (1) Values for awards outstanding at January 1, 2020, represent weighted average number of awards multiplied by the fair value per Share at December 31, 2019. Otherwise, all values represent weighted average of number of awards multiplied by the fair value per Share at December 31, 2020. Fair value of Restricted Stock Units on December 31, 2020 was equal to Grant Date fair value. (2) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. (3) Includes both Shares paid and Deferred Shares for later payment. |
Liability Award Unit Activity | Liability Award Activity The following table presents a summary of Liability Awards activity: Unit Performance Restricted Outstanding at January 1, 2020 501,687 529,997 623,095 Granted 21,518 185,251 319,981 Exercised (141,693) — — Expired (1) (3,078) — — Forfeited (2) — (33,822) (46,685) Paid — (166,191) (290,944) Outstanding at December 31, 2020 378,434 515,235 605,447 Vested and expected to vest at December 31, 2020 377,317 499,864 589,494 __________________ (1) Expired options were exercisable, but unexercised, as of their expiration date. (2) Forfeited awards were either (a) unvested or unexercisable at the end of the awardholder’s employment, where the awardholder did not meet the criteria for post-employment award continuation; or (b) held by awardholders the Company terminated from employment for cause as defined in the terms of the awards. |
Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary | Statutory net income (loss) was as follows: Years Ended December 31, Company State of Domicile 2020 2019 2018 (In millions) Metropolitan Life Insurance Company New York $ 3,392 $ 3,859 $ 3,656 American Life Insurance Company Delaware $ 980 $ 1,386 $ 2,086 Metropolitan Property and Casualty Insurance Company Rhode Island $ 336 $ 245 $ 345 Metropolitan Tower Life Insurance Company Nebraska (1) $ (237) $ (13) $ 76 Other Various $ 84 $ 12 $ 16 __________________ Statutory capital and surplus was as follows at: December 31, Company 2020 2019 (In millions) Metropolitan Life Insurance Company $ 11,312 $ 10,915 American Life Insurance Company $ 4,419 $ 4,970 Metropolitan Property and Casualty Insurance Company $ 2,249 $ 2,159 Metropolitan Tower Life Insurance Company $ 1,387 $ 1,502 Other $ 186 $ 105 |
Dividend Payment Restrictions | The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and the actual dividends paid: 2021 2020 2019 Company Permitted Without Paid (2) Paid (2) (In millions) Metropolitan Life Insurance Company $ 3,392 $ 2,832 $ 3,065 American Life Insurance Company $ 800 $ 1,200 (3) $ 1,100 Metropolitan Property and Casualty Insurance Company (4) $ 222 $ 250 $ 430 Metropolitan Tower Life Insurance Company $ 82 $ — $ — __________________ (1) Reflects dividend amounts that may be paid by the end of 2021 without prior regulatory approval. (2) Reflects all amounts paid, including those where regulatory approval was obtained as required. (3) Includes a $341 million non-cash dividend. (4) See Note 3 for information regarding the pending disposition of MetLife P&C, which may impact the ability of MetLife P&C to pay a dividend to MetLife, Inc. in 2021. |
Components of Accumulated Other Comprehensive Income (Loss) | Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows: Unrealized Unrealized Gains Foreign Defined Total (In millions) Balance at December 31, 2017 $ 12,757 $ 905 $ (4,390) $ (1,845) $ 7,427 OCI before reclassifications (8,735) 157 (679) 143 (9,114) Deferred income tax benefit (expense) 1,961 (41) 36 (35) 1,921 AOCI before reclassifications, net of income tax 5,983 1,021 (5,033) (1,737) 234 Amounts reclassified from AOCI 14 517 — 120 651 Deferred income tax benefit (expense) (3) (135) — (29) (167) Amounts reclassified from AOCI, net of income tax 11 382 — 91 484 Cumulative effects of changes in accounting principles (425) — — — (425) Deferred income tax benefit (expense), cumulative effects of changes in accounting principles 1,473 210 36 (382) 1,337 Cumulative effects of changes in accounting principles, net of income tax 1,048 210 36 (382) 912 Sale of subsidiary — — 92 — 92 Balance at December 31, 2018 7,042 1,613 (4,905) (2,028) 1,722 OCI before reclassifications 14,850 328 (43) (88) 15,047 Deferred income tax benefit (expense) (3,408) 34 21 14 (3,339) AOCI before reclassifications, net of income tax 18,484 1,975 (4,927) (2,102) 13,430 Amounts reclassified from AOCI (265) (268) — 118 (415) Deferred income tax benefit (expense) 61 (27) — (18) 16 Amounts reclassified from AOCI, net of income tax (204) (295) — 100 (399) Cumulative effects of changes in accounting principles 4 22 — — 26 Deferred income tax benefit (expense), cumulative effects of changes in accounting principles (1) (4) — — (5) Cumulative effects of changes in accounting principles, net of income tax 3 18 — — 21 Balance at December 31, 2019 18,283 1,698 (4,927) (2,002) 13,052 OCI before reclassifications 5,775 730 1,002 95 7,602 Deferred income tax benefit (expense) (1,349) (257) (36) (22) (1,664) AOCI before reclassifications, net of income tax 22,709 2,171 (3,961) (1,929) 18,990 Amounts reclassified from AOCI (357) (1,016) — 86 (1,287) Deferred income tax benefit (expense) 83 358 — (20) 421 Amounts reclassified from AOCI, net of income tax (274) (658) — 66 (866) Sale of subsidiaries, net of income tax (2) (218) — 166 — (52) Balance at December 31, 2020 $ 22,217 $ 1,513 $ (3,795) $ (1,863) $ 18,072 __________________ (1) See Note 8 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. (2) See Note 3 . |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI was as follows: Years Ended December 31, 2020 2019 2018 AOCI Components Amounts Reclassified from AOCI Consolidated Statements of (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ 362 $ 270 $ 6 Net investment gains (losses) Net unrealized investment gains (losses) (24) (30) (1) Net investment income Net unrealized investment gains (losses) 19 25 (19) Net derivative gains (losses) Net unrealized investment gains (losses), before income tax 357 265 (14) Income tax (expense) benefit (83) (61) 3 Net unrealized investment gains (losses), net of income tax 274 204 (11) Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate derivatives 36 23 20 Net investment income Interest rate derivatives 121 4 — Net investment gains (losses) Interest rate derivatives — — 21 Net derivative gains (losses) Interest rate derivatives 2 2 1 Other expenses Foreign currency exchange rate derivatives 4 (4) (5) Net investment income Foreign currency exchange rate derivatives 851 240 — Net investment gains (losses) Foreign currency exchange rate derivatives — — (558) Net derivative gains (losses) Foreign currency exchange rate derivatives 2 2 2 Other expenses Credit derivatives — 1 1 Net investment income Credit derivatives — — 1 Net derivative gains (losses) Gains (losses) on cash flow hedges, before income tax 1,016 268 (517) Income tax (expense) benefit (358) 27 135 Gains (losses) on cash flow hedges, net of income tax 658 295 (382) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (105) (145) (145) Amortization of prior service (costs) credit 19 27 25 Amortization of defined benefit plan items, before income tax (86) (118) (120) Income tax (expense) benefit 20 18 29 Amortization of defined benefit plan items, net of income tax (66) (100) (91) Total reclassifications, net of income tax $ 866 $ 399 $ (484) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 18. |
Preferred Stock Dividend Rates | The table below presents the dividend rates of MetLife, Inc.’s preferred stock outstanding at December 31, 2020: Series Per Annum Dividend Rate A Three-month LIBOR + 1.00%, with floor of 4.00%, payable quarterly in March, June, September and December C 5.250% from issuance date to, but excluding, June 15, 2020, payable semiannually in June and December; three-month LIBOR + 3.575%, payable quarterly in March, June, September and December, thereafter D 5.875% from issuance date to, but excluding, March 15, 2028, payable semiannually in March and September commencing in September 2018; three-month LIBOR + 2.959% payable quarterly in March, June, September and December, thereafter E 5.625% from issuance date, payable quarterly in March, June, September and December, commencing in September 2018 F 4.750% from issuance date, payable quarterly in March, June, September and December, commencing in June 2020 G 3.850% from issuance date, but excluding, September 15, 2025, payable semiannually in March and September commencing in March 2021; five year treasury rate, reset every five years, + 3.576% payable semiannually in March and September, thereafter |
Class of Treasury Stock | MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows: Authorization Remaining at Announcement Date Authorization Amount December 31, 2020 (In millions) December 11, 2020 $ 3,000 $ 2,835 July 31, 2019 $ 2,000 $ — November 1, 2018 $ 2,000 $ — May 22, 2018 $ 1,500 $ — |
Dividends Declared [Table Text Block] | The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows for the years ended December 31, 2020, 2019 and 2018: For the Years Ended December 31, 2020 2019 2018 Series Per Share Aggregate Per Share Aggregate Per Share Aggregate (In million, except per share data) A $ 1.015 $ 24 $ 1.017 $ 24 $ 1.015 $ 25 C $ 45.860 59 $ 52.500 79 $ 52.500 79 D $ 58.750 30 $ 58.750 30 $ 28.233 14 E $ 1,406.252 45 $ 1,406.252 45 $ 746.094 23 F $ 1,088.542 44 $ — — $ — — G $ — — $ — — $ — — Total $ 202 $ 178 $ 141 |
Other Revenues and Other Expe_2
Other Revenues and Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: Years Ended December 31, 2020 2019 2018 (In millions) Prepaid legal plans $ 395 $ 347 $ 296 Fee-based investment management 318 286 293 Recordkeeping and administrative services (1) 196 206 221 Administrative services-only contracts 218 210 205 Other revenue from service contracts from customers 227 240 241 Total revenues from service contracts from customers 1,354 1,289 1,256 Other 495 553 624 Total other revenues $ 1,849 $ 1,842 $ 1,880 __________________ (1) Related to products and businesses no longer actively marketed by the Company. |
Other Expenses | Information on other expenses was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Employee related costs (1) $ 3,514 $ 3,665 $ 3,664 Third party staffing costs 1,335 1,755 1,703 General and administrative expenses 761 901 910 Pension, postretirement and postemployment benefit costs 165 233 185 Premium taxes, other taxes, and licenses & fees 764 674 758 Commissions and other variable expenses 5,596 6,001 5,707 Capitalization of DAC (3,013) (3,358) (3,254) Amortization of DAC and VOBA 3,160 2,896 2,975 Amortization of negative VOBA (45) (33) (56) Interest expense on debt 913 955 1,122 Total other expenses $ 13,150 $ 13,689 $ 13,714 __________________ (1) Includes ($147) million, ($219) million and $0 for the years ended December 31, 2020, 2019 and 2018, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid. |
Restructuring charges | In December 2019, the Company incurred the remaining restructuring charges related to its unit cost improvement program. During this program period, restructuring charges were included in other expenses and reported in Corporate & Other. Such restructuring charges were as follows: Years Ended December 31, 2020 2019 2018 Severance (In millions) Balance at January 1, $ 57 $ 23 $ 22 Restructuring charges — 108 63 Cash payments (51) (74) (62) Balance at December 31, $ 6 $ 57 $ 23 Total severance charges incurred since inception of initiative $ 244 $ 244 $ 136 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following: December 31, 2020 December 31, 2019 Pension Benefits Other Postretirement Pension Benefits Other Postretirement U.S. Non- Total U.S. Non- Total U.S. Non- Total U.S. Non- Total (In millions) Benefit obligations $ 11,700 $ 1,173 $ 12,873 $ 1,208 $ 44 $ 1,252 $ 10,824 $ 1,126 $ 11,950 $ 1,247 $ 42 $ 1,289 Estimated fair value of plan assets 10,692 564 11,256 1,465 27 1,492 9,742 488 10,230 1,441 27 1,468 Over (under) funded status $ (1,008) $ (609) $ (1,617) $ 257 $ (17) $ 240 $ (1,082) $ (638) $ (1,720) $ 194 $ (15) $ 179 Net periodic benefit costs $ 143 $ 103 $ 246 $ (94) $ 2 $ (92) $ 244 $ 92 $ 336 $ (70) $ 3 $ (67) The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: Years Ended December 31, 2020 2019 2018 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 226 $ 5 $ 214 $ 5 $ 223 $ 6 Interest costs 363 42 425 53 391 55 Settlement and curtailment costs 10 — — 2 (1) — Expected return on plan assets (528) (62) (489) (67) (533) (71) Amortization of net actuarial (gains) losses 189 (74) 201 (48) 182 (34) Amortization of prior service costs (credit) (14) (3) (15) (12) (3) (20) Total net periodic benefit costs (credit) 246 (92) 336 (67) 259 (64) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses (35) (42) 231 (138) 244 (248) Prior service costs (credit) — — 3 — (110) (7) Amortization of net actuarial (gains) losses (189) 74 (201) 48 (182) 34 Amortization of prior service (costs) credit 14 3 15 12 3 20 Settlement and curtailment (gains) losses (10) — — — — — Exchange rate changes 5 — — — — — Total recognized in OCI (215) 35 48 (78) (45) (201) Total recognized in net periodic benefit costs and OCI $ 31 $ (57) $ 384 $ (145) $ 214 $ (265) |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status December 31, 2020 2019 Pension Other Pension Other (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 11,950 $ 1,289 $ 10,591 $ 1,324 Service costs 226 5 214 5 Interest costs 363 42 425 53 Plan participants’ contributions — 32 — 32 Plan amendments — — 3 — Net actuarial (gains) losses (2) 928 (15) 1,360 (31) Acquisition, divestitures, settlements and curtailments (55) — (5) (3) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 50 — 9 2 Benefit obligations at December 31, 12,873 1,252 11,950 1,289 Change in plan assets: Estimated fair value of plan assets at January 1, 10,230 1,468 8,948 1,360 Actual return on plan assets 1,491 89 1,619 173 Acquisition, divestitures and settlements (55) — (5) (3) Plan participants’ contributions — 32 — 32 Employer contributions 155 4 311 (2) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 24 — 4 1 Estimated fair value of plan assets at December 31, 11,256 1,492 10,230 1,468 Over (under) funded status at December 31, $ (1,617) $ 240 $ (1,720) $ 179 Amounts recognized on the consolidated balance sheets: Other assets $ 390 $ 756 $ 147 $ 617 Other liabilities (2,007) (516) (1,867) (438) Net amount recognized $ (1,617) $ 240 $ (1,720) $ 179 AOCI: Net actuarial (gains) losses $ 2,780 $ (327) $ 3,009 $ (359) Prior service costs (credit) (86) 1 (100) (2) AOCI, before income tax $ 2,694 $ (326) $ 2,909 $ (361) Accumulated benefit obligation $ 12,510 N/A $ 11,616 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively. (2) For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status December 31, 2020 2019 Pension Other Pension Other (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 11,950 $ 1,289 $ 10,591 $ 1,324 Service costs 226 5 214 5 Interest costs 363 42 425 53 Plan participants’ contributions — 32 — 32 Plan amendments — — 3 — Net actuarial (gains) losses (2) 928 (15) 1,360 (31) Acquisition, divestitures, settlements and curtailments (55) — (5) (3) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 50 — 9 2 Benefit obligations at December 31, 12,873 1,252 11,950 1,289 Change in plan assets: Estimated fair value of plan assets at January 1, 10,230 1,468 8,948 1,360 Actual return on plan assets 1,491 89 1,619 173 Acquisition, divestitures and settlements (55) — (5) (3) Plan participants’ contributions — 32 — 32 Employer contributions 155 4 311 (2) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 24 — 4 1 Estimated fair value of plan assets at December 31, 11,256 1,492 10,230 1,468 Over (under) funded status at December 31, $ (1,617) $ 240 $ (1,720) $ 179 Amounts recognized on the consolidated balance sheets: Other assets $ 390 $ 756 $ 147 $ 617 Other liabilities (2,007) (516) (1,867) (438) Net amount recognized $ (1,617) $ 240 $ (1,720) $ 179 AOCI: Net actuarial (gains) losses $ 2,780 $ (327) $ 3,009 $ (359) Prior service costs (credit) (86) 1 (100) (2) AOCI, before income tax $ 2,694 $ (326) $ 2,909 $ (361) Accumulated benefit obligation $ 12,510 N/A $ 11,616 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively. (2) For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status December 31, 2020 2019 Pension Other Pension Other (In millions) Change in benefit obligations: Benefit obligations at January 1, $ 11,950 $ 1,289 $ 10,591 $ 1,324 Service costs 226 5 214 5 Interest costs 363 42 425 53 Plan participants’ contributions — 32 — 32 Plan amendments — — 3 — Net actuarial (gains) losses (2) 928 (15) 1,360 (31) Acquisition, divestitures, settlements and curtailments (55) — (5) (3) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 50 — 9 2 Benefit obligations at December 31, 12,873 1,252 11,950 1,289 Change in plan assets: Estimated fair value of plan assets at January 1, 10,230 1,468 8,948 1,360 Actual return on plan assets 1,491 89 1,619 173 Acquisition, divestitures and settlements (55) — (5) (3) Plan participants’ contributions — 32 — 32 Employer contributions 155 4 311 (2) Benefits paid (589) (101) (647) (93) Effect of foreign currency translation 24 — 4 1 Estimated fair value of plan assets at December 31, 11,256 1,492 10,230 1,468 Over (under) funded status at December 31, $ (1,617) $ 240 $ (1,720) $ 179 Amounts recognized on the consolidated balance sheets: Other assets $ 390 $ 756 $ 147 $ 617 Other liabilities (2,007) (516) (1,867) (438) Net amount recognized $ (1,617) $ 240 $ (1,720) $ 179 AOCI: Net actuarial (gains) losses $ 2,780 $ (327) $ 3,009 $ (359) Prior service costs (credit) (86) 1 (100) (2) AOCI, before income tax $ 2,694 $ (326) $ 2,909 $ (361) Accumulated benefit obligation $ 12,510 N/A $ 11,616 N/A __________________ (1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.4 billion and $1.2 billion at December 31, 2020 and 2019, respectively. (2) For the year ended December 31, 2020, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $851 million and $103 million, respectively, demographic assumptions of $31 million and $4 million, respectively, and plan experience of $46 million and ($122) million, respectively. For the year ended December 31, 2019, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $1.2 billion and $66 million, respectively, and plan experience of $103 million and ($97) million, respectively. |
Accumulated benefit obligations in excess of fair value of plan assets | Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at: December 31, 2020 2019 2020 2019 2020 2019 PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value APBO Exceeds Estimated Fair Value (In millions) Projected benefit obligations $ 2,469 $ 2,287 $ 2,441 $ 2,227 N/A N/A Accumulated benefit obligations $ 2,332 $ 2,162 $ 2,312 $ 2,113 N/A N/A Accumulated postretirement benefit obligations N/A N/A N/A N/A $ 868 $ 812 Estimated fair value of plan assets $ 564 $ 487 $ 539 $ 430 $ 355 $ 375 |
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets | Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at: December 31, 2020 2019 2020 2019 2020 2019 PBO Exceeds Estimated Fair Value ABO Exceeds Estimated Fair Value APBO Exceeds Estimated Fair Value (In millions) Projected benefit obligations $ 2,469 $ 2,287 $ 2,441 $ 2,227 N/A N/A Accumulated benefit obligations $ 2,332 $ 2,162 $ 2,312 $ 2,113 N/A N/A Accumulated postretirement benefit obligations N/A N/A N/A N/A $ 868 $ 812 Estimated fair value of plan assets $ 564 $ 487 $ 539 $ 430 $ 355 $ 375 |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: Years Ended December 31, 2020 2019 2018 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Net periodic benefit costs: Service costs $ 226 $ 5 $ 214 $ 5 $ 223 $ 6 Interest costs 363 42 425 53 391 55 Settlement and curtailment costs 10 — — 2 (1) — Expected return on plan assets (528) (62) (489) (67) (533) (71) Amortization of net actuarial (gains) losses 189 (74) 201 (48) 182 (34) Amortization of prior service costs (credit) (14) (3) (15) (12) (3) (20) Total net periodic benefit costs (credit) 246 (92) 336 (67) 259 (64) Other changes in plan assets and benefit obligations recognized in OCI: Net actuarial (gains) losses (35) (42) 231 (138) 244 (248) Prior service costs (credit) — — 3 — (110) (7) Amortization of net actuarial (gains) losses (189) 74 (201) 48 (182) 34 Amortization of prior service (costs) credit 14 3 15 12 3 20 Settlement and curtailment (gains) losses (10) — — — — — Exchange rate changes 5 — — — — — Total recognized in OCI (215) 35 48 (78) (45) (201) Total recognized in net periodic benefit costs and OCI $ 31 $ (57) $ 384 $ (145) $ 214 $ (265) |
Assumptions used in determining benefit obligations and net periodic benefit costs | Assumptions used in determining benefit obligations for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits December 31, 2020 Weighted average discount rate 2.65% 2.85% Weighted average interest crediting rate 3.46% N/A Rate of compensation increase 2.50% - 8.00% N/A December 31, 2019 Weighted average discount rate 3.30% 3.45% Weighted average interest crediting rate 3.99% N/A Rate of compensation increase 2.25% - 8.50% N/A Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2020 Weighted average discount rate 3.30% 3.45% Weighted average interest crediting rate 3.38% N/A Weighted average expected rate of return on plan assets 5.50% 4.31% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2019 Weighted average discount rate 4.35% 4.35% Weighted average interest crediting rate 4.01% N/A Weighted average expected rate of return on plan assets 5.75% 5.04% Rate of compensation increase 2.25% - 8.50% N/A Year Ended December 31, 2018 Weighted average discount rate 3.65% 3.70% Weighted average interest crediting rate 4.13% N/A Weighted average expected rate of return on plan assets 5.75% 5.11% Rate of compensation increase 2.25% - 8.50% N/A |
Assumed healthcare costs trend rates | The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: December 31, 2020 2019 Before Age 65 and Before Age 65 and Following year 5.8 % 5.6 % 4.9 % (1.0) % Ultimate rate to which cost increase is assumed to decline 3.8 % 3.8 % 3.8 % 3.8 % Year in which the ultimate trend rate is reached 2074 2074 2074 2074 |
Plan Assets | The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2020 for the Invested Plans: December 31, 2020 2019 U.S. Pension U.S. Other Postretirement Benefits (1) U.S. Pension U.S. Other Target Actual Target Actual Actual Actual Asset Class Fixed maturity securities AFS 85 % 85 % 95 % 95 % 81 % 95 % Equity securities (2) 11 % 8 % 5 % 5 % 12 % 5 % Alternative securities (3) 4 % 7 % — % — % 7 % — % Total assets 100 % 100 % 100 % 100 % __________________ (1) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS. (2) Equity securities percentage includes derivative assets. (3) Alternative securities primarily include private equity and real estate funds. The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows: December 31, 2020 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: Corporate $ — $ 4,704 $ — $ 4,704 $ — $ 244 $ — $ 244 U.S. government bonds 1,820 48 — 1,868 51 — — 51 Foreign bonds — 990 — 990 — 69 — 69 Federal agencies — 114 — 114 — 2 — 2 Municipals — 310 — 310 — 8 — 8 Short-term investments — 265 — 265 471 503 — 974 Other (1) 399 757 — 1,156 44 44 — 88 Total fixed maturity securities AFS 2,219 7,188 — 9,407 566 870 — 1,436 Equity securities 826 275 — 1,101 56 — — 56 Other investments 26 — 708 734 — — — — Derivative assets 14 — — 14 — — — — Total assets $ 3,085 $ 7,463 $ 708 $ 11,256 $ 622 $ 870 $ — $ 1,492 December 31, 2019 Pension Benefits Other Postretirement Benefits Fair Value Hierarchy Fair Value Hierarchy Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities AFS: Corporate $ — $ 3,750 $ — $ 3,750 $ — $ 278 $ — $ 278 U.S. government bonds 1,599 457 — 2,056 259 — — 259 Foreign bonds — 996 — 996 — 63 — 63 Federal agencies — 106 — 106 — 9 — 9 Municipals — 280 — 280 — 20 — 20 Short-term investments — 192 — 192 24 383 — 407 Other (1) 328 620 — 948 151 219 3 373 Total fixed maturity securities AFS 1,927 6,401 — 8,328 434 972 3 1,409 Equity securities 962 215 — 1,177 59 — — 59 Other investments 23 3 686 712 — — — — Derivative assets 10 3 — 13 — — — — Total assets $ 2,922 $ 6,622 $ 686 $ 10,230 $ 493 $ 972 $ 3 $ 1,468 __________________ (1) Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS. |
Rollforward fair value measurement using significant unobservable outputs (level 3) | A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities AFS: Corporate Other (1) Equity Securities Other Derivative (In millions) Balance, January 1, 2019 $ 1 $ 1 $ — $ 688 $ 1 Realized gains (losses) — — — — — Unrealized gains (losses) — — — (1) (1) Purchases, sales, issuances and settlements, net (1) 2 — (1) — Transfers into and/or out of Level 3 — — — — — Balance, December 31, 2019 $ — $ 3 $ — $ 686 $ — Realized gains (losses) — — — — — Unrealized gains (losses) — — — (55) — Purchases, sales, issuances and settlements, net — (3) — 77 — Transfers into and/or out of Level 3 — — — — — Balance, December 31, 2020 $ — $ — $ — $ 708 $ — __________________ (1) Other includes ABS and collateralized mortgage obligations. |
Defined benefit plan estimated future benefit payments | Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: Pension Benefits Other Postretirement Benefits (In millions) 2021 $ 674 $ 71 2022 $ 684 $ 70 2023 $ 704 $ 68 2024 $ 722 $ 68 2025 $ 732 $ 66 2026-2030 $ 3,781 $ 314 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for income tax from continuing operations | The provision for income tax was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Current: U.S. federal $ 271 $ (189) $ (207) U.S. state and local 27 4 11 Non-U.S. 882 850 932 Subtotal 1,180 665 736 Deferred: U.S. federal (115) (235) 342 U.S. state and local 1 — — Non-U.S. 443 456 101 Subtotal 329 221 443 Provision for income tax expense (benefit) $ 1,509 $ 886 $ 1,179 |
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations | The Company’s income (loss) before income tax expense (benefit) was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Income (loss): U.S. $ 2,970 $ 2,094 $ (803) Non-U.S. 3,957 4,701 7,110 Total $ 6,927 $ 6,795 $ 6,307 |
Income tax for continuing operations effective rate reconciliation | The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Tax provision at U.S. statutory rate $ 1,455 $ 1,427 $ 1,325 Tax effect of: Dividend received deduction (34) (37) (35) Tax-exempt income (45) (64) (29) Prior year tax (1), (2) (27) (179) (197) Low income housing tax credits (202) (254) (284) Other tax credits (45) (52) (79) Foreign tax rate differential (3), (4), (5) 414 395 335 Change in valuation allowance (5) (22) (2) U.S. Tax Reform impact (6), (7) — (326) 78 Other, net (8) (2) (2) 67 Provision for income tax expense (benefit) $ 1,509 $ 886 $ 1,179 __________________ (1) For the year ended December 31, 2020, prior year tax includes a $40 million tax benefit related to an Internal Revenue Service (“IRS”) audit matter. (2) As discussed further below, prior year tax includes a non-cash benefit related to an uncertain tax position of $158 million and $168 million for the years ended December 31, 2019 and 2018, respectively. (3) For the year ended December 31, 2020, foreign tax rate differential includes tax charges of $60 million and $24 million related to the sales of MetLife Seguros de Retiro and MetLife Russia, respectively, and $43 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”). See Note 3 for information on the Company’s business dispositions. (4) For the year ended December 31, 2019, foreign tax rate differential includes tax charges of $61 million from the definitive agreement to sell MetLife Hong Kong and $12 million related to GILTI, of which $35 million is a current year charge offset by a $23 million tax benefit revising the 2018 estimate. See Note 3 for information on the disposition of MetLife Hong Kong. (5) For the year ended December 31, 2018, foreign tax rate differential includes tax charges of $45 million related to GILTI, $17 million related to a tax adjustment in Chile and $13 million from changes in the valuation of the peso in Argentina. (6) For the year ended December 31, 2019, U.S. Tax Reform impact includes a $317 million tax benefit related to the deemed repatriation transition tax and $9 million related to the effect of sequestration on the alternative minimum tax credit. (7) For the year ended December 31, 2018, U.S. Tax Reform impact includes a $468 million tax charge related to the deemed repatriation transition tax, offset by a $390 million tax benefit related to the adjustment of deferred taxes due to the U.S. tax rate change. This excludes $12 million of tax provision at the U.S. statutory rate for a total tax reform charge of $66 million. (8) For the year ended December 31, 2018, other includes tax charges of $69 million related to the non-deductible loss incurred on the mark-to-market and exchange of FVO Brighthouse Common Stock and $18 million related to a non-deductible Patient Protection and Affordable Care Act excise tax, offset by a tax benefit of $36 million related to a non-cash transfer of assets from a wholly-owned U.K. subsidiary to its U.S. parent. |
Impact of U.S. Tax Reform [Table Text Block] | The incremental financial statement impact related to U.S. Tax Reform was as follows: Years Ended December 31, 2019 2018 (In millions) Income (loss) before provision for income tax $ — $ (58) Provision for income tax expense (benefit): Deemed repatriation (317) 468 Deferred tax revaluation (9) (402) Total provision for income tax expense (benefit) (326) 66 Income (loss), net of income tax 326 (124) Increase to net equity from U.S. Tax Reform $ 326 $ (124) |
Components of deferred tax assets and liabilities | Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: December 31, 2020 2019 (In millions) Deferred income tax assets: Policyholder liabilities and receivables $ 3,890 $ 3,635 Net operating loss carryforwards (1) 301 240 Employee benefits 673 692 Capital loss carryforwards 9 10 Tax credit carryforwards (2) 922 1,296 Litigation-related and government mandated 126 151 Other — 127 Total gross deferred income tax assets 5,921 6,151 Less: Valuation allowance (1) 309 294 Total net deferred income tax assets 5,612 5,857 Deferred income tax liabilities: Investments, including derivatives 4,421 4,170 Intangibles 1,387 1,181 Net unrealized investment gains 7,422 6,226 DAC 3,162 3,312 Other 134 — Total deferred income tax liabilities 16,526 14,889 Net deferred income tax asset (liability) (3) $ (10,914) $ (9,032) __________________ (1) The Company has recorded a deferred tax asset of $301 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2020. Certain net operating loss carryforwards will expire between 2021 and 2040, whereas others have an unlimited carryforward period. (2) Tax credit carryforwards for the year ended December 31, 2020 primarily reflect general business credits expiring between 2037 and 2040 and are reduced by $94 million related to unrecognized tax benefits. (3) On the consolidated balance sheet for the years ended December 31, 2020 and 2019, $11,008 million and $9,097 million, respectively, is reported in Deferred income tax liability for jurisdictions in a net deferred income tax liability position and $94 million and $65 million, respectively, of a deferred income tax asset is reported in Other assets for jurisdictions in a net deferred income tax asset position. |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Balance at January 1, $ 256 $ 1,111 $ 1,102 Additions for tax positions of prior years (1) 16 6 269 Reductions for tax positions of prior years (2) (1) (493) (195) Additions for tax positions of current year (1) 12 13 226 Reductions for tax positions of current year — — (3) Settlements with tax authorities (3) (1) (381) (288) Lapses of statute of limitations (10) — — Balance at December 31, $ 272 $ 256 $ 1,111 Unrecognized tax benefits that, if recognized, would impact the effective rate $ 203 $ 194 $ 1,046 __________________ (1) The increase in 2018 is primarily related to the deemed repatriation transition tax and related IRS regulations. (2) The decreases in 2019 and 2018 are primarily related to non-cash benefits from tax audit settlements. (3) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $377 million and $284 million, respectively, was reclassified to the current income tax payable account. Interest was as follows: Years Ended December 31, 2020 2019 2018 (In millions) Interest expense (benefit) recognized on the consolidated statements of operations (1) $ 12 $ (179) $ (441) December 31, 2020 2019 (In millions) Interest included in other liabilities on the consolidated balance sheets $ 51 $ 39 __________________ (1) The decreases in 2019 and 2018 are primarily related to the tax audit settlement, of which $60 million and $168 million, respectively, was recorded in other expenses and $119 million and $273 million, respectively, was reclassified to the current income tax payable account. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share: Years Ended December 31, 2020 2019 2018 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding - basic 907.8 937.6 1,005.9 Incremental common shares from assumed exercise or issuance of stock-based awards 5.4 6.8 8.0 Weighted average common stock outstanding - diluted 913.2 944.4 1,013.9 Net Income (Loss): Net income (loss) $ 5,418 $ 5,909 $ 5,128 Less: Net income (loss) attributable to noncontrolling interests 11 10 5 Less: Preferred stock dividends 202 178 141 Preferred stock redemption premium $ 14 $ — $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 5,191 $ 5,721 $ 4,982 Basic $ 5.72 $ 6.10 $ 4.95 Diluted $ 5.68 $ 6.06 $ 4.91 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asbestos Related Claims | |
Loss Contingencies [Line Items] | |
Schedule of Loss Contingencies by Contingency | The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: December 31, 2020 2019 2018 (In millions, except number of claims) Asbestos personal injury claims at year end 60,618 61,134 62,522 Number of new claims during the year 2,496 3,187 3,359 Settlement payments during the year (1) $ 52.9 $ 49.4 $ 51.4 __________________ (1) Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses. |
Insurance-related Assessments | |
Loss Contingencies [Line Items] | |
Schedule of Loss Contingencies by Contingency | Assets and liabilities held for insolvency assessments were as follows: December 31, 2020 2019 (In millions) Other Assets: Premium tax offset for future discounted and undiscounted assessments $ 40 $ 43 Premium tax offset currently available for paid assessments 35 43 Total $ 75 $ 86 Other Liabilities: Insolvency assessments $ 60 $ 62 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | The unaudited quarterly results of operations for 2020 and 2019 are summarized in the table below: Three Months Ended March 31, June 30, September 30, December 31, (In millions, except per share data) 2020 Total revenues $ 18,310 $ 14,099 $ 16,015 $ 19,418 Total expenses $ 12,667 $ 13,902 $ 15,092 $ 19,254 Net income (loss) $ 4,401 $ 150 $ 709 $ 158 Less: Net income (loss) attributable to noncontrolling interests $ 3 $ 5 $ 3 $ — Net income (loss) attributable to MetLife, Inc. $ 4,398 $ 145 $ 706 $ 158 Less: Preferred stock dividends $ 32 $ 77 $ 59 $ 34 Preferred stock redemption premium $ — $ — $ 14 $ — Net income (loss) available to MetLife, Inc.’s common shareholders $ 4,366 $ 68 $ 633 $ 124 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 4.81 $ 0.16 $ 0.78 $ 0.18 Net income (loss) available to MetLife, Inc.’s common shareholders $ 4.78 $ 0.07 $ 0.70 $ 0.14 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 4.78 $ 0.16 $ 0.77 $ 0.17 Net income (loss) available to MetLife, Inc.’s common shareholders $ 4.75 $ 0.07 $ 0.69 $ 0.14 2019 Total revenues $ 16,302 $ 17,497 $ 18,678 $ 17,143 Total expenses $ 14,558 $ 15,200 $ 15,887 $ 17,180 Net income (loss) $ 1,385 $ 1,746 $ 2,190 $ 588 Less: Net income (loss) attributable to noncontrolling interests $ 4 $ 5 $ 6 $ (5) Net income (loss) attributable to MetLife, Inc. $ 1,381 $ 1,741 $ 2,184 $ 593 Less: Preferred stock dividends $ 32 $ 57 $ 32 $ 57 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1,349 $ 1,684 $ 2,152 $ 536 Basic earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.44 $ 1.84 $ 2.35 $ 0.65 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.41 $ 1.78 $ 2.31 $ 0.58 Diluted earnings per common share Net income (loss) attributable to MetLife, Inc. $ 1.43 $ 1.83 $ 2.33 $ 0.64 Net income (loss) available to MetLife, Inc.’s common shareholders $ 1.40 $ 1.77 $ 2.30 $ 0.58 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of segments | Segment | 5 | ||
Property, Plant and Equipment [Line Items] | |||
Cost basis of property, equipment and leasehold improvements | $ 2,800 | $ 2,700 | |
Accumulated depreciation and amortization of property, equipment and leasehold improvements | 1,500 | 1,400 | |
Depreciation and amortization expense | $ 194 | 207 | $ 191 |
Minimum | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | |||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 20 years | ||
Maximum | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | |||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 55 years | ||
Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Leasehold Improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Leasehold Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Other Capitalized Property Plant and Equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Other Capitalized Property Plant and Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
VODA and VOCRA | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 9 years | ||
VODA and VOCRA | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 40 years | ||
Computer Software, Intangible Asset | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 4 years | ||
Cost basis of computer software | $ 3,700 | 3,400 | |
Accumulated amortization of computer software | 2,500 | 2,500 | |
Amortization expense related to computer software | $ 207 | $ 262 | $ 276 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | $ 36,491 | $ 33,078 | ||
Operating Lease, Right-of-Use Asset | $ 1,314 | $ 1,488 | ||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | $ 95 | |||
Operating Lease, Right-of-Use Asset | 1,500 | |||
Operating Lease, Right-of-Use Liability | $ 1,700 | |||
Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | $ (121) |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||||||||||
Premiums | $ 42,034 | $ 42,235 | $ 43,840 | ||||||||
Universal life and investment-type product policy fees | 5,603 | 5,603 | 5,502 | ||||||||
Net investment income | 17,117 | 18,868 | 16,166 | ||||||||
Other revenues | 1,849 | 1,842 | 1,880 | ||||||||
Net investment gains (losses) | (110) | 444 | (298) | ||||||||
Net derivative gains (losses) | 1,349 | 628 | 851 | ||||||||
Total revenues | $ 19,418 | $ 16,015 | $ 14,099 | $ 18,310 | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | 67,842 | 69,620 | 67,941 |
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 42,551 | 42,672 | 43,907 | ||||||||
Interest credited to policyholder account balances | 5,214 | 6,464 | 4,013 | ||||||||
Capitalization of DAC | (3,013) | (3,358) | (3,254) | ||||||||
Amortization of DAC and VOBA | 3,160 | 2,896 | 2,975 | ||||||||
Amortization of negative VOBA | (45) | (33) | (56) | ||||||||
Interest expense on debt | 913 | 955 | 1,122 | ||||||||
Other expenses | 12,135 | 13,229 | 12,927 | ||||||||
Total expenses | $ 19,254 | $ 15,092 | $ 13,902 | $ 12,667 | $ 17,180 | $ 15,887 | $ 15,200 | $ 14,558 | 60,915 | 62,825 | 61,634 |
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 | ||||||||
Net income (loss) | 5,418 | 5,909 | 5,128 | ||||||||
U.S. | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 471 | 475 | 477 | ||||||||
Asia | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 1,468 | 1,380 | 1,297 | ||||||||
Latin America | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 276 | 291 | 209 | ||||||||
EMEA | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 452 | 420 | 433 | ||||||||
MetLife Holdings | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 485 | 324 | 553 | ||||||||
Corporate & Other | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 8 | 6 | 6 | ||||||||
Operating Segments | |||||||||||
Revenues | |||||||||||
Premiums | 41,982 | 42,164 | 43,840 | ||||||||
Universal life and investment-type product policy fees | 5,465 | 5,395 | 5,382 | ||||||||
Net investment income | 17,328 | 17,830 | 17,383 | ||||||||
Other revenues | 1,690 | 1,585 | 1,556 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 66,465 | 66,974 | 68,161 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 41,859 | 42,192 | 43,733 | ||||||||
Interest credited to policyholder account balances | 4,673 | 5,029 | 4,693 | ||||||||
Capitalization of DAC | (3,008) | (3,338) | (3,253) | ||||||||
Amortization of DAC and VOBA | 2,994 | 2,787 | 2,760 | ||||||||
Amortization of negative VOBA | (45) | (33) | (55) | ||||||||
Interest expense on debt | 913 | 955 | 1,059 | ||||||||
Other expenses | 11,872 | 12,778 | 12,529 | ||||||||
Total expenses | 59,258 | 60,370 | 61,466 | ||||||||
Provision for income tax expense (benefit) | 1,382 | 659 | 1,093 | ||||||||
Adjusted earnings | 5,825 | 5,945 | 5,602 | ||||||||
Operating Segments | U.S. | |||||||||||
Revenues | |||||||||||
Premiums | 27,265 | 26,801 | 28,186 | ||||||||
Universal life and investment-type product policy fees | 1,070 | 1,078 | 1,053 | ||||||||
Net investment income | 6,903 | 7,021 | 6,977 | ||||||||
Other revenues | 957 | 887 | 821 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 36,195 | 35,787 | 37,037 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 26,309 | 26,165 | 27,765 | ||||||||
Interest credited to policyholder account balances | 1,622 | 1,984 | 1,790 | ||||||||
Capitalization of DAC | (453) | (484) | (449) | ||||||||
Amortization of DAC and VOBA | 471 | 475 | 477 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 7 | 10 | 12 | ||||||||
Other expenses | 4,162 | 4,075 | 3,902 | ||||||||
Total expenses | 32,118 | 32,225 | 33,497 | ||||||||
Provision for income tax expense (benefit) | 853 | 724 | 736 | ||||||||
Adjusted earnings | 3,224 | 2,838 | 2,804 | ||||||||
Operating Segments | Asia | |||||||||||
Revenues | |||||||||||
Premiums | 6,571 | 6,632 | 6,766 | ||||||||
Universal life and investment-type product policy fees | 1,892 | 1,674 | 1,630 | ||||||||
Net investment income | 3,938 | 3,691 | 3,317 | ||||||||
Other revenues | 61 | 56 | 51 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 12,462 | 12,053 | 11,764 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 5,213 | 5,185 | 5,326 | ||||||||
Interest credited to policyholder account balances | 1,834 | 1,710 | 1,465 | ||||||||
Capitalization of DAC | (1,652) | (1,913) | (1,915) | ||||||||
Amortization of DAC and VOBA | 1,415 | 1,288 | 1,302 | ||||||||
Amortization of negative VOBA | (37) | (25) | (39) | ||||||||
Interest expense on debt | 0 | 0 | 0 | ||||||||
Other expenses | 3,481 | 3,818 | 3,840 | ||||||||
Total expenses | 10,254 | 10,063 | 9,979 | ||||||||
Provision for income tax expense (benefit) | 643 | 585 | 548 | ||||||||
Adjusted earnings | 1,565 | 1,405 | 1,237 | ||||||||
Operating Segments | Latin America | |||||||||||
Revenues | |||||||||||
Premiums | 2,265 | 2,723 | 2,760 | ||||||||
Universal life and investment-type product policy fees | 994 | 1,094 | 1,050 | ||||||||
Net investment income | 992 | 1,271 | 1,239 | ||||||||
Other revenues | 38 | 44 | 35 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 4,289 | 5,132 | 5,084 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 2,406 | 2,623 | 2,602 | ||||||||
Interest credited to policyholder account balances | 240 | 332 | 394 | ||||||||
Capitalization of DAC | (362) | (396) | (377) | ||||||||
Amortization of DAC and VOBA | 276 | 291 | 209 | ||||||||
Amortization of negative VOBA | 0 | 0 | (1) | ||||||||
Interest expense on debt | 4 | 3 | 6 | ||||||||
Other expenses | 1,318 | 1,443 | 1,421 | ||||||||
Total expenses | 3,882 | 4,296 | 4,254 | ||||||||
Provision for income tax expense (benefit) | 127 | 227 | 238 | ||||||||
Adjusted earnings | 280 | 609 | 592 | ||||||||
Operating Segments | EMEA | |||||||||||
Revenues | |||||||||||
Premiums | 2,259 | 2,177 | 2,131 | ||||||||
Universal life and investment-type product policy fees | 433 | 423 | 431 | ||||||||
Net investment income | 269 | 291 | 293 | ||||||||
Other revenues | 52 | 54 | 66 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 3,013 | 2,945 | 2,921 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 1,196 | 1,176 | 1,127 | ||||||||
Interest credited to policyholder account balances | 109 | 98 | 100 | ||||||||
Capitalization of DAC | (491) | (505) | (468) | ||||||||
Amortization of DAC and VOBA | 454 | 428 | 434 | ||||||||
Amortization of negative VOBA | (8) | (8) | (15) | ||||||||
Interest expense on debt | 1 | 0 | 0 | ||||||||
Other expenses | 1,344 | 1,399 | 1,378 | ||||||||
Total expenses | 2,605 | 2,588 | 2,556 | ||||||||
Provision for income tax expense (benefit) | 81 | 75 | 88 | ||||||||
Adjusted earnings | 327 | 282 | 277 | ||||||||
Operating Segments | MetLife Holdings | |||||||||||
Revenues | |||||||||||
Premiums | 3,600 | 3,748 | 3,879 | ||||||||
Universal life and investment-type product policy fees | 1,073 | 1,124 | 1,218 | ||||||||
Net investment income | 5,184 | 5,281 | 5,379 | ||||||||
Other revenues | 238 | 253 | 250 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 10,095 | 10,406 | 10,726 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 6,738 | 6,970 | 6,833 | ||||||||
Interest credited to policyholder account balances | 868 | 905 | 944 | ||||||||
Capitalization of DAC | (39) | (28) | (36) | ||||||||
Amortization of DAC and VOBA | 370 | 299 | 332 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 6 | 8 | 9 | ||||||||
Other expenses | 942 | 969 | 1,081 | ||||||||
Total expenses | 8,885 | 9,123 | 9,163 | ||||||||
Provision for income tax expense (benefit) | 234 | 249 | 308 | ||||||||
Adjusted earnings | 976 | 1,034 | 1,255 | ||||||||
Operating Segments | Corporate & Other | |||||||||||
Revenues | |||||||||||
Premiums | 22 | 83 | 118 | ||||||||
Universal life and investment-type product policy fees | 3 | 2 | 0 | ||||||||
Net investment income | 42 | 275 | 178 | ||||||||
Other revenues | 344 | 291 | 333 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 411 | 651 | 629 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | (3) | 73 | 80 | ||||||||
Interest credited to policyholder account balances | 0 | 0 | 0 | ||||||||
Capitalization of DAC | (11) | (12) | (8) | ||||||||
Amortization of DAC and VOBA | 8 | 6 | 6 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 895 | 934 | 1,032 | ||||||||
Other expenses | 625 | 1,074 | 907 | ||||||||
Total expenses | 1,514 | 2,075 | 2,017 | ||||||||
Provision for income tax expense (benefit) | (556) | (1,201) | (825) | ||||||||
Adjusted earnings | (547) | (223) | (563) | ||||||||
Significant Reconciling Items | |||||||||||
Revenues | |||||||||||
Premiums | 52 | 71 | 0 | ||||||||
Universal life and investment-type product policy fees | 138 | 208 | 120 | ||||||||
Net investment income | (211) | 1,038 | (1,217) | ||||||||
Other revenues | 159 | 257 | 324 | ||||||||
Net investment gains (losses) | (110) | 444 | (298) | ||||||||
Net derivative gains (losses) | 1,349 | 628 | 851 | ||||||||
Total revenues | 1,377 | 2,646 | (220) | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 692 | 480 | 174 | ||||||||
Interest credited to policyholder account balances | 541 | 1,435 | (680) | ||||||||
Capitalization of DAC | (5) | (20) | (1) | ||||||||
Amortization of DAC and VOBA | 166 | 109 | 215 | ||||||||
Amortization of negative VOBA | 0 | 0 | (1) | ||||||||
Interest expense on debt | 0 | 0 | 63 | ||||||||
Other expenses | 263 | 451 | 398 | ||||||||
Total expenses | 1,657 | 2,455 | 168 | ||||||||
Provision for income tax expense (benefit) | $ 127 | $ 227 | $ 86 |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Separate account assets | $ 199,970 | $ 188,445 |
Separate account liabilities | 199,970 | 188,445 |
Total assets | 795,146 | 740,463 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 85,316 | 75,929 |
Separate account liabilities | 85,316 | 75,929 |
Total assets | 291,483 | 266,174 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 10,825 | 9,250 |
Separate account liabilities | 10,825 | 9,250 |
Total assets | 173,884 | 161,018 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 50,073 | 52,018 |
Separate account liabilities | 50,073 | 52,018 |
Total assets | 75,047 | 75,069 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 6,083 | 5,639 |
Separate account liabilities | 6,083 | 5,639 |
Total assets | 28,372 | 27,281 |
MetLife Holdings | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 47,673 | 45,609 |
Separate account liabilities | 47,673 | 45,609 |
Total assets | 184,566 | 175,199 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Separate account assets | 0 | 0 |
Separate account liabilities | 0 | 0 |
Total assets | $ 41,794 | $ 35,722 |
Segment Information (Product Ta
Segment Information (Product Table) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 49,486 | $ 49,680 | $ 51,222 |
Life insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 21,256 | 20,759 | 20,550 |
Accident & health insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 15,346 | 15,159 | 14,489 |
Annuities | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 7,916 | 8,590 | 10,990 |
Property and casualty insurance | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 3,589 | 3,716 | 3,651 |
Other | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 1,379 | $ 1,456 | $ 1,542 |
Segment Information (Premiums,
Segment Information (Premiums, Fees and Other Revenues by US and Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 49,486 | $ 49,680 | $ 51,222 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 34,717 | 34,433 | 36,078 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | 6,750 | 6,608 | 6,435 |
Other Foreign | |||
Segment Reporting Information [Line Items] | |||
Premiums, Fees & Other Revenues | $ 8,019 | $ 8,639 | $ 8,709 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of segments | Segment | 5 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 19,418 | $ 16,015 | $ 14,099 | $ 18,310 | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | $ 67,842 | $ 69,620 | $ 67,941 |
Total assets | 795,146 | 740,463 | $ 795,146 | $ 740,463 | |||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Japan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 146,000 | $ 134,000 | $ 146,000 | $ 134,000 | |||||||
Assets, Total | Geographic Concentration Risk | Japan | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 18.00% | 18.00% | |||||||||
One U.S. Customer | UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 6,000 | ||||||||||
One U.S. Customer | Sales | UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration Risk, Percentage | 12.00% |
Acquisition of Versant Health N
Acquisition of Versant Health Narrative (Details) - USD ($) $ in Millions | Dec. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 2,190 | $ 0 | $ 0 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 315 | 0 | 0 | ||
Goodwill | 10,112 | 9,308 | 9,422 | $ 9,590 | |
Finite-lived Intangible Assets Acquired | $ 814 | $ 0 | $ 0 | ||
Value Of Distribution Agreements And Value Of Customer Relationships Acquired Intangible Asset [Member] | Maximum | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 40 years | ||||
Value Of Distribution Agreements And Value Of Customer Relationships Acquired Intangible Asset [Member] | Minimum | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||
Versant Health, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 1,800 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 323 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 95 | ||||
Cash Acquired from Acquisition | 189 | ||||
Goodwill | 890 | ||||
Finite-lived Intangible Assets Acquired | 790 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 115 | ||||
Deferred Tax Liabilities, Tax Deferred Income | $ 217 | ||||
Versant Health, Inc. [Member] | Maximum | |||||
Business Acquisition [Line Items] | |||||
Versant Health total revenue | 2.00% | 2.00% | 2.00% | ||
Versant Health, Inc. [Member] | Value Of Distribution Agreements And Value Of Customer Relationships Acquired Intangible Asset [Member] | Maximum | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Versant Health, Inc. [Member] | Value Of Distribution Agreements And Value Of Customer Relationships Acquired Intangible Asset [Member] | Minimum | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years |
Pending Disposition of Metropol
Pending Disposition of Metropolitan Property and Casualty Insurance Company (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | $ 7,418 | $ 0 | $ 0 | |
Cash and Cash Equivalents | 765 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Liabilities | 4,650 | 0 | 0 | |
Income (loss) before provision for income tax and equity in earnings of subsidiaries | 6,927 | 6,795 | 6,307 | |
Metropolitan Property And Casualty Insurance Company [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Agreed upon proceeds from divestiture of business. | $ 3,900 | |||
Disposal Group, Including Discontinued Operation, Assets | 7,418 | |||
Cash and Cash Equivalents | 765 | |||
Goodwill | 328 | |||
Other Assets | 143 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 4,650 | |||
Other Liabilities | 249 | |||
Income (loss) before provision for income tax and equity in earnings of subsidiaries | 399 | $ 291 | $ 367 | |
Metropolitan Property And Casualty Insurance Company [Member] | Fixed maturity securities AFS | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 4,096 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Equity securities | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 57 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Mortgages [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 355 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Other invested assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 29 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Investments | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 4,537 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Accrued investment income | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 38 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Receivables [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 1,411 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Deferred policy acquisition costs | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Assets | 196 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Future policy benefits | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 3,506 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Other Policy-Related Balances | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 33 | |||
Metropolitan Property And Casualty Insurance Company [Member] | Payables for collateral under securities loaned and other transactions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 862 |
Disposition of Joint-stock Comp
Disposition of Joint-stock Company MetLife Insurance Company (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (Loss) on Sale of Business | $ 158 | $ 709 | $ 150 | $ 4,401 | $ 588 | $ 2,190 | $ 1,746 | $ 1,385 | $ 5,418 | $ 5,909 | $ 5,128 | |
Disposal Group, Including Discontinued Operation, Assets | $ 7,418 | 7,418 | $ 0 | 7,418 | $ 0 | $ 0 | ||||||
Joint-stock Company MetLife Insurance Company [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (Loss) on Sale of Business | 133 | |||||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 382 | $ 382 | $ 382 |
Disposition - MetLife Seguros d
Disposition - MetLife Seguros de Retiro S.A. (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Sale of Business | $ 158 | $ 709 | $ 150 | $ 4,401 | $ 588 | $ 2,190 | $ 1,746 | $ 1,385 | $ 5,418 | $ 5,909 | $ 5,128 |
Net investment gains (losses) | (110) | 444 | (298) | ||||||||
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 | ||||||||
Disposal Group, Including Discontinued Operation, Assets | 7,418 | 0 | $ 7,418 | 0 | $ 0 | ||||||
MetLife Seguros de Retiro S.A. [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Sale of Business | (162) | ||||||||||
Net investment gains (losses) | (130) | ||||||||||
Provision for income tax expense (benefit) | $ 32 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 237 | $ 237 |
Dispositions - Disposition of M
Dispositions - Disposition of MetLife Hong Kong (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Sale of Business | $ 158 | $ 709 | $ 150 | $ 4,401 | $ 588 | $ 2,190 | $ 1,746 | $ 1,385 | $ 5,418 | $ 5,909 | $ 5,128 |
Net investment gains (losses) | (110) | 444 | (298) | ||||||||
Goodwill, Written off Related to Sale of Business Unit | 71 | ||||||||||
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 | ||||||||
Disposal Group, Including Discontinued Operation, Assets | 7,418 | 0 | 7,418 | 0 | $ 0 | ||||||
MetLife Hong Kong | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Sale of Business | 11 | (140) | |||||||||
Net investment gains (losses) | (100) | ||||||||||
Goodwill, Written off Related to Sale of Business Unit | 71 | ||||||||||
Provision for income tax expense (benefit) | 40 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 2,900 | $ 2,900 | |||||||||
Total Loss on Sale of Business | $ 129 | $ 129 |
Dispositions - Separation of Br
Dispositions - Separation of Brighthouse (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 04, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Common Stock, Shares, Issued | 1,181,614,288 | 1,177,680,299 | |||
Reduction of long-term debt | $ 0 | $ 0 | $ 944 | ||
Gain (Loss) on Disposition of Other Assets | $ (243) | $ (195) | $ (350) | ||
Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Reduction of long-term debt | $ 944 | ||||
Impact of Separation | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Common Stock, Shares, Issued | 96,776,670 | ||||
BHF Common Stock | 80.80% | ||||
FVO Common Stock | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on Disposition of Other Assets | $ (327) |
Insurance (Insurance Liabilitie
Insurance (Insurance Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $ 428,933 | $ 404,707 |
U.S. | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 162,524 | 150,327 |
Asia | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 126,912 | 118,027 |
Latin America | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 16,849 | 15,911 |
EMEA | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 17,252 | 16,951 |
MetLife Holdings | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 103,937 | 101,945 |
Corporate & Other | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $ 1,459 | $ 1,546 |
Insurance (Insurance Liabilit_2
Insurance (Insurance Liabilities Assumptions and Ratios - Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Future Policy Benefits and Policyholder Contract Deposits, Assumptions [Abstract] | |||
Participating business as a percentage of gross life insurance policies in-force | 3.00% | 3.00% | |
Participating business as a percentage of the gross life insurance premiums | 14.00% | 15.00% | 14.00% |
Domestic Business | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate range credited to policyholder account balances | 1.00% | ||
Domestic Business | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate range credited to policyholder account balances | 8.00% | ||
Domestic Business | Participating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 3.00% | ||
Domestic Business | Participating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 7.00% | ||
Domestic Business | Nonparticipating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 2.00% | ||
Domestic Business | Nonparticipating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 11.00% | ||
Domestic Business | Individual and Group Traditional Fixed annuities [Member] | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
Domestic Business | Individual and Group Traditional Fixed annuities [Member] | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 11.00% | ||
Domestic Business | Non-medical Health Insurance [Member] | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
Domestic Business | Non-medical Health Insurance [Member] | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 7.00% | ||
Domestic Business | Group Long-Term Disability | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 2.00% | ||
Domestic Business | Group Long-Term Disability | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 8.00% | ||
International Business | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate range credited to policyholder account balances | 1.00% | ||
International Business | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate range credited to policyholder account balances | 12.00% | ||
International Business | Participating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
International Business | Participating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 11.00% | ||
International Business | Nonparticipating Life Insurance Policies | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
International Business | Nonparticipating Life Insurance Policies | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 11.00% | ||
International Business | Individual and Group Traditional Fixed annuities [Member] | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
International Business | Individual and Group Traditional Fixed annuities [Member] | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 9.00% | ||
International Business | Group Long-Term Disability | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 1.00% | ||
International Business | Group Long-Term Disability | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies | 9.00% |
Insurance (Liabilities for Guar
Insurance (Liabilities for Guarantees) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | $ 5,548 | $ 5,127 | $ 4,783 |
Incurred guaranteed benefits | 1,063 | 485 | 403 |
Paid guaranteed benefits | (170) | (64) | (59) |
Balance at December 31, | 6,441 | 5,548 | 5,127 |
Variable Annuity Guarantees: | Guaranteed Minimum Death and Withdrawal Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 465 | 428 | 528 |
Incurred guaranteed benefits | 195 | 62 | (78) |
Paid guaranteed benefits | (21) | (25) | (22) |
Balance at December 31, | 639 | 465 | 428 |
Variable Annuity Guarantees: | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 894 | 898 | 720 |
Incurred guaranteed benefits | 240 | (3) | 178 |
Paid guaranteed benefits | (5) | (1) | 0 |
Balance at December 31, | 1,129 | 894 | 898 |
Universal and Variable Life Contracts | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 3,762 | 3,442 | 3,188 |
Incurred guaranteed benefits | 602 | 358 | 291 |
Paid guaranteed benefits | (99) | (38) | (37) |
Balance at December 31, | 4,265 | 3,762 | 3,442 |
Universal and Variable Life Contracts | Secondary Guarantees | Foreign Currency Translation | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Incurred guaranteed benefits | 125 | 23 | 62 |
Universal and Variable Life Contracts | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 427 | 359 | 347 |
Incurred guaranteed benefits | 26 | 68 | 12 |
Paid guaranteed benefits | (45) | 0 | 0 |
Balance at December 31, | 408 | 427 | 359 |
Ceded | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 640 | 530 | 523 |
Incurred guaranteed benefits | 125 | 106 | 3 |
Paid guaranteed benefits | (41) | 4 | 4 |
Balance at December 31, | 724 | 640 | 530 |
Ceded | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 349 | 269 | 241 |
Incurred guaranteed benefits | 96 | 80 | 28 |
Paid guaranteed benefits | (18) | 0 | 0 |
Balance at December 31, | 427 | 349 | 269 |
Ceded | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 281 | 251 | 242 |
Incurred guaranteed benefits | 43 | 30 | 9 |
Paid guaranteed benefits | (32) | 0 | 0 |
Balance at December 31, | 292 | 281 | 251 |
Ceded | Guaranteed Minimum Death and Withdrawal Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 0 | 0 | 34 |
Incurred guaranteed benefits | (11) | (4) | (38) |
Paid guaranteed benefits | 9 | 4 | 4 |
Balance at December 31, | (2) | 0 | 0 |
Ceded | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 10 | 10 | 6 |
Incurred guaranteed benefits | (3) | 0 | 4 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 7 | 10 | 10 |
Net | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 4,908 | 4,597 | 4,260 |
Incurred guaranteed benefits | 938 | 379 | 400 |
Paid guaranteed benefits | (129) | (68) | (63) |
Balance at December 31, | 5,717 | 4,908 | 4,597 |
Net | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 3,413 | 3,173 | 2,947 |
Incurred guaranteed benefits | 506 | 278 | 263 |
Paid guaranteed benefits | (81) | (38) | (37) |
Balance at December 31, | 3,838 | 3,413 | 3,173 |
Net | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 146 | 108 | 105 |
Incurred guaranteed benefits | (17) | 38 | 3 |
Paid guaranteed benefits | (13) | 0 | 0 |
Balance at December 31, | 116 | 146 | 108 |
Net | Guaranteed Minimum Death and Withdrawal Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 465 | 428 | 494 |
Incurred guaranteed benefits | 206 | 66 | (40) |
Paid guaranteed benefits | (30) | (29) | (26) |
Balance at December 31, | 641 | 465 | 428 |
Net | Guaranteed Minimum Income Benefit | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 884 | 888 | 714 |
Incurred guaranteed benefits | 243 | (3) | 174 |
Paid guaranteed benefits | (5) | (1) | 0 |
Balance at December 31, | $ 1,122 | $ 884 | $ 888 |
Insurance (Guarantees Related t
Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Annuity Guarantees: | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 65,044 | $ 64,506 |
Separate account value (1) | 42,585 | 41,305 |
Net amount at risk | $ 1,579 | $ 1,572 |
Average attained age of contractholders | 68 years | 67 years |
Variable Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 24,170 | $ 24,036 |
Separate account value (1) | 22,370 | 22,291 |
Net amount at risk | $ 614 | $ 584 |
Average attained age of contractholders | 66 years | 65 years |
Other Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 6,030 | $ 5,671 |
Net amount at risk | $ 459 | $ 408 |
Average attained age of contractholders | 50 years | 51 years |
Insurance (Guarantees Related_2
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (1), (3) | $ 13,426 | $ 11,937 |
Net amount at risk (7) | $ 82,940 | $ 86,221 |
Average attained age of policyholders | 54 years | 53 years |
Paid-Up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (1), (3) | $ 2,808 | $ 2,940 |
Net amount at risk (7) | $ 13,557 | $ 14,500 |
Average attained age of policyholders | 65 years | 65 years |
Insurance (Fund Groupings) (Det
Insurance (Fund Groupings) (Details) - Variable Annuity and Variable Life - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | $ 52,682 | $ 49,793 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 28,581 | 25,097 |
Balanced | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 18,385 | 19,014 |
Bond | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | 5,567 | 5,565 |
Money Market | ||
Fair Value, Separate Account Investment [Line Items] | ||
Fund Groupings | $ 149 | $ 117 |
Insurance (Obligations Under Fu
Insurance (Obligations Under Funding Agreements - FHLB Common Stock) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $ 814 | $ 809 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 812 | 737 |
Federal Home Loan Bank of Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 2 | 4 |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $ 0 | $ 35 |
Insurance (Obligations Under _2
Insurance (Obligations Under Funding Agreements - Liability and Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Outstanding Funding Agreements To Certain SPEs | $ 39,900 | $ 34,600 |
Funding Agreements Farmer Mac | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Outstanding Funding Agreements To Certain SPEs | 2,375 | 2,550 |
Invested Assets Pledged As Collateral | 2,450 | 2,670 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 16,200 | 14,445 |
Collateral pledged relating to obligations under funding agreements | 18,539 | 16,570 |
Federal Home Loan Bank of Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 50 | 100 |
Collateral pledged relating to obligations under funding agreements | 72 | 141 |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 0 | 775 |
Collateral pledged relating to obligations under funding agreements | $ 0 | $ 895 |
Insurance (Obligations Under _3
Insurance (Obligations Under Funding Agreements - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Insurance [Abstract] | |||
Funding agreements issued to certain SPEs | $ 40.4 | $ 37.3 | $ 41.8 |
Funding agreements repaid to certain SPEs | 36.7 | 36.4 | $ 43.7 |
Outstanding funding agreements to certain SPEs | $ 39.9 | $ 34.6 |
Insurance (Liabilities for Unpa
Insurance (Liabilities for Unpaid Claims and Claims Expense - Development Tables) (Details) $ in Millions | Dec. 31, 2020USD ($)Claims | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) |
Claims Development [Line Items] | |||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 12,644 | ||||||||||
Group Life - Term | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 72,533 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 70,179 | ||||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 18 | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 2,372 | ||||||||||
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% | ||||||||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2011 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 6,299 | $ 6,297 | $ 6,295 | $ 6,294 | $ 6,295 | $ 6,287 | $ 6,269 | $ 6,293 | $ 6,290 | $ 6,318 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | ||||||||||
Cumulative Number of Reported Claims | Claims | 208,202 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,297 | 6,296 | 6,295 | 6,292 | 6,290 | 6,281 | 6,256 | 6,239 | 6,194 | 4,982 | |
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2012 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,574 | 6,572 | 6,569 | 6,569 | 6,568 | 6,546 | 6,569 | 6,579 | 6,503 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | ||||||||||
Cumulative Number of Reported Claims | Claims | 209,960 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,572 | 6,569 | 6,566 | 6,565 | 6,558 | 6,532 | 6,518 | 6,472 | 5,132 | ||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2013 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,724 | 6,723 | 6,720 | 6,730 | 6,720 | 6,719 | 6,713 | 6,637 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | ||||||||||
Cumulative Number of Reported Claims | Claims | 212,572 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,721 | 6,720 | 6,715 | 6,711 | 6,678 | 6,664 | 6,614 | 5,216 | |||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2014 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,920 | 6,919 | 6,914 | 6,910 | 6,913 | 6,919 | 6,986 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | ||||||||||
Cumulative Number of Reported Claims | Claims | 215,388 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,915 | 6,912 | 6,902 | 6,869 | 6,858 | 6,809 | 5,428 | ||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2015 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,025 | 7,024 | 7,021 | 7,014 | 7,015 | 7,040 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | ||||||||||
Cumulative Number of Reported Claims | Claims | 217,729 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,018 | 7,008 | 6,974 | 6,958 | 6,913 | 5,524 | |||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2016 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,105 | 7,104 | 7,095 | 7,085 | 7,125 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 6 | ||||||||||
Cumulative Number of Reported Claims | Claims | 218,487 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,086 | 7,053 | 7,034 | 6,980 | 5,582 | ||||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2017 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,427 | 7,425 | 7,418 | 7,432 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 9 | ||||||||||
Cumulative Number of Reported Claims | Claims | 257,925 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,374 | 7,355 | 7,292 | 5,761 | |||||||
Group Life - Term | Short-duration Insurance Contracts, Accident Year 2018 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,646 | 7,655 | 7,757 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 14 | ||||||||||
Cumulative Number of Reported Claims | Claims | 242,815 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,578 | 7,521 | 6,008 | ||||||||
Group Life - Term | Short-Duration Insurance Contracts, Accident Year 2019 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,900 | 7,935 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 23 | ||||||||||
Cumulative Number of Reported Claims | Claims | 239,317 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 7,756 | 6,178 | |||||||||
Group Life - Term | Short-Duration Insurance Contract, Accident Year 2020 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 8,913 | ||||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 757 | ||||||||||
Cumulative Number of Reported Claims | Claims | 206,427 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 6,862 | ||||||||||
Group Life - Term | Asia | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,655 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 1,874 | ||||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 11 | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 792 | ||||||||||
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.80% | ||||||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2011 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 118 | 120 | 127 | 130 | 123 | 93 | 87 | 87 | 66 | 63 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 3 | ||||||||||
Cumulative Number of Reported Claims | Claims | 3,561 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 115 | 114 | 110 | 107 | 100 | 80 | 66 | 53 | 40 | 12 | |
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2012 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 124 | 125 | 132 | 121 | 117 | 117 | 101 | 103 | 96 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 5 | ||||||||||
Cumulative Number of Reported Claims | Claims | 5,586 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 119 | 115 | 112 | 110 | 105 | 97 | 84 | 64 | 30 | ||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2013 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 177 | 174 | 174 | 165 | 166 | 171 | 148 | 147 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 12 | ||||||||||
Cumulative Number of Reported Claims | Claims | 6,503 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 166 | 157 | 161 | 147 | 134 | 120 | 98 | 43 | |||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2014 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 261 | 260 | 265 | 253 | 252 | 275 | 292 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 25 | ||||||||||
Cumulative Number of Reported Claims | Claims | 6,706 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 237 | 225 | 224 | 199 | 177 | 142 | 69 | ||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2015 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 275 | 272 | 260 | 267 | 264 | 276 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 27 | ||||||||||
Cumulative Number of Reported Claims | Claims | 6,570 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 248 | 232 | 205 | 190 | 152 | 80 | |||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2016 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 239 | 236 | 221 | 235 | 231 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 32 | ||||||||||
Cumulative Number of Reported Claims | Claims | 4,472 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 206 | 190 | 152 | 133 | 65 | ||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2017 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 307 | 286 | 278 | 299 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 52 | ||||||||||
Cumulative Number of Reported Claims | Claims | 5,052 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 255 | 208 | 157 | 87 | |||||||
Group Life - Term | Asia | Short-duration Insurance Contracts, Accident Year 2018 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 347 | 333 | 365 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 110 | ||||||||||
Cumulative Number of Reported Claims | Claims | 5,097 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 237 | 176 | 96 | ||||||||
Group Life - Term | Asia | Short-Duration Insurance Contracts, Accident Year 2019 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 369 | 394 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 175 | ||||||||||
Cumulative Number of Reported Claims | Claims | 4,530 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 194 | 106 | |||||||||
Group Life - Term | Asia | Short-Duration Insurance Contract, Accident Year 2020 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 438 | ||||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 341 | ||||||||||
Cumulative Number of Reported Claims | Claims | 2,429 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 97 | ||||||||||
Group Long-Term Disability | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 11,093 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 5,657 | ||||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 1,543 | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 6,979 | ||||||||||
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3.60% | ||||||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2011 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 910 | 914 | 917 | 918 | 923 | 924 | 914 | 894 | 916 | 955 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 21,644 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 703 | 670 | 635 | 588 | 537 | 478 | 411 | 337 | 217 | 44 | |
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2012 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,011 | 1,015 | 1,021 | 1,037 | 1,034 | 1,014 | 980 | 979 | 966 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 20,086 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 730 | 694 | 648 | 591 | 524 | 453 | 365 | 229 | 43 | ||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2013 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,032 | 1,044 | 1,069 | 1,070 | 1,049 | 1,032 | 1,027 | 1,008 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 21,138 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 722 | 676 | 622 | 551 | 475 | 382 | 234 | 43 | |||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2014 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,097 | 1,098 | 1,109 | 1,101 | 1,079 | 1,077 | 1,076 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 22,852 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 732 | 677 | 609 | 526 | 428 | 266 | 51 | ||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2015 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,081 | 1,087 | 1,100 | 1,093 | 1,105 | 1,082 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 21,209 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 665 | 601 | 524 | 427 | 264 | 50 | |||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2016 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,139 | 1,162 | 1,159 | 1,139 | 1,131 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 17,967 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 628 | 548 | 433 | 267 | 49 | ||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2017 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,195 | 1,203 | 1,202 | 1,244 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 16,313 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 579 | 476 | 290 | 56 | |||||||
Group Long-Term Disability | Short-duration Insurance Contracts, Accident Year 2018 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,163 | 1,175 | 1,240 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 7 | ||||||||||
Cumulative Number of Reported Claims | Claims | 15,135 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 497 | 314 | 54 | ||||||||
Group Long-Term Disability | Short-Duration Insurance Contracts, Accident Year 2019 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,212 | 1,277 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 33 | ||||||||||
Cumulative Number of Reported Claims | Claims | 15,044 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 342 | 57 | |||||||||
Group Long-Term Disability | Short-Duration Insurance Contract, Accident Year 2020 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,253 | ||||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 630 | ||||||||||
Cumulative Number of Reported Claims | Claims | 8,387 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 59 | ||||||||||
Protection Life | |||||||||||
Claims Development [Line Items] | |||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 404 | ||||||||||
Protection Life | Latin America | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 3,168 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 2,772 | ||||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 8 | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 404 | ||||||||||
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% | ||||||||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2011 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 207 | 207 | 207 | 204 | 208 | 208 | 208 | 207 | 201 | $ 129 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 27,458 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 206 | 206 | 204 | 204 | 203 | 203 | 203 | 202 | 197 | $ 127 | |
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2012 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 195 | 193 | 192 | 191 | 193 | 193 | 191 | 187 | 138 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 27,645 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 192 | 192 | 190 | 189 | 190 | 190 | 188 | 184 | 136 | ||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2013 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 221 | 221 | 220 | 218 | 219 | 218 | 212 | 150 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 32,040 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 214 | 213 | 211 | 209 | 210 | 210 | 205 | 147 | |||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2014 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 328 | 327 | 326 | 323 | 354 | 345 | 226 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 40,796 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 316 | 315 | 313 | 309 | 306 | 301 | 201 | ||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2015 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 401 | 399 | 399 | 395 | 424 | 295 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 46,605 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 376 | 373 | 367 | 360 | 339 | 240 | |||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2016 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 428 | 427 | 420 | 409 | 313 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 40,431 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 424 | 421 | 414 | 395 | 221 | ||||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2017 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 313 | 314 | 314 | 323 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ (1) | ||||||||||
Cumulative Number of Reported Claims | Claims | 32,201 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 306 | 302 | 286 | 191 | |||||||
Protection Life | Latin America | Short-duration Insurance Contracts, Accident Year 2018 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 288 | 290 | 300 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | ||||||||||
Cumulative Number of Reported Claims | Claims | 30,565 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 268 | 257 | 151 | ||||||||
Protection Life | Latin America | Short-Duration Insurance Contracts, Accident Year 2019 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 297 | 325 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 10 | ||||||||||
Cumulative Number of Reported Claims | Claims | 32,072 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 257 | 169 | |||||||||
Protection Life | Latin America | Short-Duration Insurance Contract, Accident Year 2020 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 490 | ||||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 201 | ||||||||||
Cumulative Number of Reported Claims | Claims | 26,643 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 213 | ||||||||||
Protection Health | |||||||||||
Claims Development [Line Items] | |||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | 106 | ||||||||||
Protection Health | Latin America | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,910 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | 2,808 | ||||||||||
All outstanding liabilities for incurral years not separately stated, net of reinsurance | 4 | ||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ 106 | ||||||||||
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.40% | ||||||||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2011 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 237 | 236 | 236 | 236 | 239 | 239 | 239 | 238 | 236 | 212 | |
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 106,659 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 237 | 236 | 236 | 236 | 239 | 239 | 238 | 238 | 236 | $ 212 | |
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2012 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 232 | 232 | 232 | 232 | 233 | 233 | 232 | 230 | 205 | ||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 100,420 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 232 | 232 | 232 | 232 | 233 | 233 | 232 | 230 | $ 205 | ||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2013 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 251 | 250 | 250 | 250 | 253 | 252 | 251 | 222 | |||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 104,293 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 250 | 250 | 250 | 250 | 253 | 252 | 251 | $ 222 | |||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2014 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 256 | 255 | 256 | 257 | 259 | 257 | 231 | ||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 97,855 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 254 | 253 | 253 | 253 | 257 | 255 | $ 229 | ||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2015 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 225 | 225 | 226 | 227 | 225 | 198 | |||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 0 | ||||||||||
Cumulative Number of Reported Claims | Claims | 87,290 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 225 | 225 | 225 | 224 | 225 | $ 198 | |||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2016 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 297 | 297 | 296 | 299 | 260 | ||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 1 | ||||||||||
Cumulative Number of Reported Claims | Claims | 106,170 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 296 | 295 | 295 | 292 | $ 244 | ||||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2017 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 350 | 351 | 350 | 376 | |||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 2 | ||||||||||
Cumulative Number of Reported Claims | Claims | 120,810 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 349 | 348 | 346 | $ 307 | |||||||
Protection Health | Latin America | Short-duration Insurance Contracts, Accident Year 2018 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 401 | 423 | 403 | ||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 4 | ||||||||||
Cumulative Number of Reported Claims | Claims | 143,040 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 395 | 392 | $ 344 | ||||||||
Protection Health | Latin America | Short-Duration Insurance Contracts, Accident Year 2019 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 175 | 134 | |||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 9 | ||||||||||
Cumulative Number of Reported Claims | Claims | 127,651 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 159 | $ 113 | |||||||||
Protection Health | Latin America | Short-Duration Insurance Contract, Accident Year 2020 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 486 | ||||||||||
Total IBNR Liabilities Plus Expected Development on Reported Claims | $ 44 | ||||||||||
Cumulative Number of Reported Claims | Claims | 103,841 | ||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ 411 |
Insurance (Short-Duration Contr
Insurance (Short-Duration Contracts Historical Claims) (Details) | Dec. 31, 2020 |
Group Life - Term | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 78.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 20.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 0.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Group Life - Term | Asia | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 24.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 26.10% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 13.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 10.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 8.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 7.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 2.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 3.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 3.30% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.80% |
Group Long-Term Disability | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 4.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 20.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 14.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 8.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 7.20% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 6.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 5.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 4.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 3.70% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 3.60% |
Protection Life | Latin America | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 58.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 30.80% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 3.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 1.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | 0.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | 0.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.50% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.00% |
Protection Health | Latin America | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Short-duration Insurance Contracts, Historical Claims Duration, Year One | 84.90% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Two | 13.40% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Three | 0.60% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Four | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Five | (0.10%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Six | (0.10%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven | (0.20%) |
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine | 0.00% |
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten | 0.40% |
Insurance (Liabilities for Un_2
Insurance (Liabilities for Unpaid Claims - Methodology) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-duration Insurance Contract, Discounted Liability, Discount | $ 1,254 | ||
Group Long-Term Disability | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | 6,000 | $ 6,000 | |
Short-duration Insurance Contract, Discounted Liability, Discount | 1,200 | 1,200 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 452 | 470 | $ 509 |
Group Long-Term Disability | Minimum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 3.00% | ||
Group Long-Term Disability | Maximum | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 8.00% | ||
Group Life - Term | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contracts, Discounted Liabilities, Amount | $ 1,000 | 814 | |
Short-duration Insurance Contract, Discounted Liability, Discount | 68 | 52 | |
Short-duration Insurance Contracts, Discounted Liabilities, Interest Accretion | $ 24 | $ 20 | $ 19 |
Group Life - Term | Minimum | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 1.00% | ||
Group Life - Term | Maximum | Asia | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Short-Duration Contract, Discounted Liability, Discount Rate | 7.00% |
Insurance (Reconciliation of Di
Insurance (Reconciliation of Disclosure to Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $ 12,644 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 910 | |||
Total unpaid claims and allocated claims adjustment expense | 13,554 | |||
Unallocated claims adjustment expenses | 2 | |||
Discounting | (1,254) | |||
Liability for unpaid claims and claim adjustment liabilities - short-duration | 12,302 | |||
Liability for unpaid claims and claim adjustment liabilities - long-duration | 6,289 | |||
Liability for Claims and Claims Adjustment Expense | 18,591 | $ 19,216 | $ 17,788 | $ 17,094 |
UNITED STATES | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 9,351 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 140 | |||
Latin America | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 510 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 20 | |||
Group Life - Term | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 2,372 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 12 | |||
Group Life - Term | Asia | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 792 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 313 | |||
Group Long-Term Disability | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 6,979 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 128 | |||
Discounting | (1,200) | $ (1,200) | ||
Protection Life | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 404 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 8 | |||
Protection Health | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 106 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 12 | |||
Other insurance lines - all segments combined | ||||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | ||||
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | 1,991 | |||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 437 |
Insurance (Rollforward of Unpai
Insurance (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Balance at January 1, | $ 19,216 | $ 17,788 | $ 17,094 |
Less: Reinsurance recoverables | 2,377 | 2,332 | 2,198 |
Net Balance at January 1, | 16,839 | 15,456 | 14,896 |
Incurred related to: | |||
Current year | 27,272 | 27,093 | 24,571 |
Prior years | 192 | 313 | 454 |
Total incurred | 27,464 | 27,406 | 25,025 |
Paid related to: | |||
Current year | (20,230) | (20,141) | (18,757) |
Prior years | (6,241) | (5,882) | (5,708) |
Total paid | (26,471) | (26,023) | (24,465) |
Total unpaid claims and allocated claims adjustment expense | 13,554 | ||
Net Balance at December 31, | 16,174 | 16,839 | 15,456 |
Add: Reinsurance recoverables | 2,417 | 2,377 | 2,332 |
Balance at December 31, | 18,591 | 19,216 | 17,788 |
Metropolitan Property And Casualty Insurance Company [Member] | |||
Paid related to: | |||
Total unpaid claims and allocated claims adjustment expense | $ (1,658) | $ 0 | $ 0 |
Insurance (Separate Accounts -
Insurance (Separate Accounts - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 199,970 | $ 188,445 | |
Gain (Loss) Recognized on Assets Transferred to Separate Account | $ 0 | $ 0 | $ 0 |
Participating Insurance, Percentage of Gross Insurance in Force | 3.00% | 3.00% | |
Funding Agreements and Participating Close Out Contracts Included in Separate Accounts with a Guaranteed Minimum Return or Account Value | |||
Schedule Separate Accounts [Line Items] | |||
Average interest rate credited on separate accounts with a guaranteed minimum return or account value | 2.55% | 2.92% | |
Pass Through Separate Accounts | |||
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 149,000 | $ 142,500 | |
Separate Accounts With Minimum Return Or Account Value | |||
Schedule Separate Accounts [Line Items] | |||
Separate account assets | $ 51,000 | $ 45,900 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |||
Beginning Balance of DAC | $ 14,790 | $ 15,570 | $ 14,789 |
Capitalization of DAC | 3,013 | 3,358 | 3,254 |
Net investment gains (losses) of DAC and net derivative gains (losses) of DAC | (152) | (117) | (109) |
Other expenses of DAC | (2,773) | (2,534) | (2,599) |
Total amortization of DAC | (2,925) | (2,651) | (2,708) |
Unrealized investment gains (losses) of DAC | (1,312) | (1,461) | 511 |
Effect of foreign currency translation and other of DAC | 76 | (26) | (276) |
Reclassified to assets held-for-sale (1) | (196) | 0 | 0 |
Ending Balance of DAC | 13,446 | 14,790 | 15,570 |
Beginning Balance of VOBA | 3,043 | 3,325 | 3,630 |
Net investment gains (losses) of VOBA and net derivative gains (losses) of VOBA | (2) | 0 | 0 |
Other expenses of VOBA | (233) | (245) | (267) |
Total amortization of VOBA | (235) | (245) | (267) |
Unrealized investment gains (losses) of VOBA | (4) | (4) | 10 |
Effect of foreign currency translation and other of VOBA | 139 | (33) | (48) |
Ending Balance of VOBA | 2,943 | 3,043 | 3,325 |
Balance at December 31, | $ 16,389 | $ 17,833 | $ 18,895 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | |||
DAC and VOBA | $ 16,389 | $ 17,833 | $ 18,895 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 434 | 649 | |
Asia | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 9,333 | 9,764 | |
Latin America | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 2,092 | 2,038 | |
EMEA | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 1,787 | 1,701 | |
MetLife Holdings | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | 2,712 | 3,656 | |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
DAC and VOBA | $ 31 | $ 25 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Deferred Sales Inducements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
DSI: | |||
Balance at January 1, | $ 158 | $ 210 | $ 220 |
Capitalization | 6 | 7 | 7 |
Amortization | (37) | (39) | (33) |
Unrealized investment gains (losses) | (18) | (20) | 16 |
Effect of foreign currency translation | (1) | 0 | 0 |
Balance at December 31, | $ 108 | $ 158 | $ 210 |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (VODA and VOCRA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Insurance [Abstract] | |||
Balance at January 1, | $ 335 | $ 384 | $ 459 |
Acquisitions (1) | 814 | 0 | 0 |
Amortization | (41) | (42) | (47) |
Effect of foreign currency translation | (9) | (7) | (28) |
Balance at December 31, | 1,099 | 335 | 384 |
Accumulated amortization | $ 475 | $ 434 | $ 392 |
Deferred Policy Acquisition C_7
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Negative VOBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Liabilities | |||
Balance at January 1, | $ 750 | $ 779 | $ 827 |
Amortization of negative VOBA | (45) | (33) | (56) |
Effect of foreign currency translation and other | 33 | 4 | 8 |
Balance at December 31, | 738 | 750 | 779 |
Accumulated amortization | $ 3,308 | $ 3,263 | $ 3,230 |
Deferred Policy Acquisition C_8
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Estimated future amortization expense allocated to other expenses for VOBA [Abstract] | |
VOBA 2021 | $ 221 |
VOBA 2022 | 215 |
VOBA 2023 | 205 |
VOBA 2024 | 200 |
VOBA 2025 | 187 |
Value of Distribution Agreements and Customer Relationships Acquired [Abstract] | |
VODA and VOCRA 2021 | 94 |
VODA and VOCRA 2022 | 88 |
VODA and VOCRA 2023 | 85 |
VODA and VOCRA 2024 | 82 |
VODA and VOCRA 2025 | 81 |
Negative Value of Business Acquired [Abstract] | |
Negative VOBA 2021 | (42) |
Negative VOBA 2022 | (39) |
Negative VOBA 2023 | (38) |
Negative VOBA 2024 | (36) |
Negative VOBA 2025 | $ (35) |
Reinsurance (Effects of Reinsur
Reinsurance (Effects of Reinsurance on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Premiums: | |||
Direct Premiums | $ 42,201 | $ 42,513 | $ 44,199 |
Reinsurance assumed | 2,032 | 2,020 | 2,021 |
Reinsurance ceded | (2,199) | (2,298) | (2,380) |
Net premiums | 42,034 | 42,235 | 43,840 |
Universal life and investment-type product policy fees: | |||
Direct universal life and investment-type product policy fees | 6,122 | 6,109 | 6,008 |
Reinsurance assumed | 50 | 56 | 86 |
Reinsurance ceded | (569) | (562) | (592) |
Net universal life and investment product policy fees | 5,603 | 5,603 | 5,502 |
Policyholder Benefits and Claims: | |||
Direct policyholder benefits and claims | 42,221 | 42,094 | 43,456 |
Reinsurance assumed | 1,745 | 1,584 | 1,583 |
Reinsurance ceded | (2,505) | (2,217) | (2,383) |
Net policyholder benefits and claims | 41,461 | 41,461 | 42,656 |
Other expenses: | |||
Direct other expenses | 13,013 | 13,559 | 13,704 |
Reinsurance assumed | 371 | 382 | 321 |
Reinsurance ceded | 234 | 252 | 311 |
Total other expenses | $ 13,150 | $ 13,689 | $ 13,714 |
Reinsurance (Effects of Reins_2
Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | |||
Premiums, reinsurance and other receivables relating to variable interest entities | $ 17,870 | $ 20,443 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 16,389 | 17,833 | $ 18,895 |
Total assets | 34,259 | 38,276 | |
Liabilities | |||
Future policy benefits | 206,656 | 194,909 | |
Policyholder account balances | 205,176 | 192,627 | |
Other policy-related balances | 17,101 | 17,171 | |
Other liabilities | 23,614 | 24,179 | |
Total liabilities | 452,547 | 428,886 | |
Direct Reinsurance [Member] | |||
Assets | |||
Premiums, reinsurance and other receivables relating to variable interest entities | 5,032 | 6,814 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 16,482 | 17,822 | |
Total assets | 21,514 | 24,636 | |
Liabilities | |||
Future policy benefits | 203,000 | 191,403 | |
Policyholder account balances | 204,906 | 192,328 | |
Other policy-related balances | 15,769 | 15,806 | |
Other liabilities | 16,283 | 16,165 | |
Total liabilities | 439,958 | 415,702 | |
Assumed Reinsurance [Member] | |||
Assets | |||
Premiums, reinsurance and other receivables relating to variable interest entities | 2,107 | 2,190 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 230 | 301 | |
Total assets | 2,337 | 2,491 | |
Liabilities | |||
Future policy benefits | 3,656 | 3,506 | |
Policyholder account balances | 270 | 299 | |
Other policy-related balances | 1,332 | 1,351 | |
Other liabilities | 2,417 | 2,402 | |
Total liabilities | 7,675 | 7,558 | |
Ceded Reinsurance [Member] | |||
Assets | |||
Premiums, reinsurance and other receivables relating to variable interest entities | 10,731 | 11,439 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | (323) | (290) | |
Total assets | 10,408 | 11,149 | |
Liabilities | |||
Future policy benefits | 0 | 0 | |
Policyholder account balances | 0 | 0 | |
Other policy-related balances | 0 | 14 | |
Other liabilities | 4,914 | 5,612 | |
Total liabilities | $ 4,914 | $ 5,626 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reinsurance Disclosures [Abstract] | ||
Deposit assets in premiums, reinsurance, and other receivables or secondary guarantee risk for reinsurance | $ 1.8 | $ 2.5 |
Deposit liabilities in other liabilities for reinsurance | 1.4 | 1.4 |
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | 6.6 | 6.7 |
Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | $ 3.8 | 3.6 |
Modified Coinsurance of Closed Block [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsurance Retention Policy, Reinsured Risk, Percentage | 59.25% | |
Five Largest Ceded Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $ 4.2 | $ 4.3 |
Five largest reinsurers, reinsurance recoverables percentage | 64.00% | 64.00% |
Five Largest Ceded Reinsurers [Member] | Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $ 2 | $ 1.7 |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Closed Block Liabilities | ||||
Future policy benefits | $ 38,758 | $ 39,379 | ||
Other policy-related balances | 321 | 423 | ||
Policyholder dividends payable | 337 | 432 | ||
Policyholder dividend obligation | 2,969 | 2,020 | $ 428 | $ 2,121 |
Deferred income tax liability | 130 | 79 | ||
Other liabilities | 172 | 81 | ||
Total closed block liabilities | 42,687 | 42,414 | ||
Assets Designated to the Closed Block | ||||
Fixed maturity securities available-for-sale, at estimated fair value | 27,186 | 25,977 | ||
Equity securities, at estimated fair value | 24 | 49 | ||
Contractholder-directed equity securities and fair value option securities, at estimated fair value | 0 | 53 | ||
Mortgage loans | 6,807 | 7,052 | ||
Policy loans | 4,355 | 4,489 | ||
Real estate and real estate joint ventures | 559 | 544 | ||
Other invested assets | 468 | 314 | ||
Total investments | 39,399 | 38,478 | ||
Cash and cash equivalents | 0 | 448 | ||
Accrued investment income | 402 | 419 | ||
Premiums, reinsurance and other receivables | 50 | 75 | ||
Current income tax recoverable | 28 | 91 | ||
Total assets designated to the closed block | 39,879 | 39,511 | ||
Excess of closed block liabilities over assets designated to the closed block | 2,808 | 2,903 | ||
AOCI: | ||||
Unrealized investment gains (losses), net of income tax | 3,524 | 2,453 | ||
Unrealized gains (losses) on derivatives, net of income tax | 23 | 97 | ||
Allocated to policyholder dividend obligation, net of income tax | (2,346) | (1,596) | ||
Total amounts included in AOCI | 1,201 | 954 | ||
Maximum future earnings to be recognized from closed block assets and liabilities | $ 4,009 | $ 3,857 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Closed block policyholder dividend obligation | |||
Balance at January 1, | $ 2,020 | $ 428 | $ 2,121 |
Change in unrealized investment and derivative gains (losses) | 949 | 1,592 | (1,693) |
Balance at December 31, | $ 2,969 | $ 2,020 | $ 428 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Premiums | $ 1,498 | $ 1,580 | $ 1,672 |
Net investment income | 1,596 | 1,740 | 1,758 |
Net investment gains (losses) | (25) | (7) | (71) |
Net derivative gains (losses) | (17) | 12 | 22 |
Total revenues | 3,052 | 3,325 | 3,381 |
Expenses | |||
Policyholder benefits and claims | 2,330 | 2,291 | 2,475 |
Policyholder dividends | 791 | 924 | 968 |
Other expenses | 104 | 111 | 117 |
Total expenses | 3,225 | 3,326 | 3,560 |
Revenues, net of expenses before provision for income tax expense (benefit) | (173) | (1) | (179) |
Provision for income tax expense (benefit) | (36) | (2) | (39) |
Revenues, net of expenses and provision for income tax expense (benefit) | $ (137) | $ 1 | $ (140) |
Investments (Fixed Maturity Sec
Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | $ 310,811 | $ 297,655 |
Allowance for Credit Loss for Debt Securities | (81) | 0 |
Estimated Fair Value of Fixed Maturity Securities AFS | 354,809 | 327,820 |
Fixed Maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Gain | 45,519 | 31,812 |
Gross Unrealized Temporary Loss | 1,440 | 1,680 |
Gross Unrealized OTTI | (33) | |
U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 79,788 | 79,115 |
Allowance for Credit Loss for Debt Securities | (44) | 0 |
Gross Unrealized Gain | 13,924 | 8,943 |
Gross Unrealized Temporary Loss | 252 | 305 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 93,416 | 87,753 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 63,243 | 58,840 |
Allowance for Credit Loss for Debt Securities | (21) | 0 |
Gross Unrealized Gain | 8,883 | 8,710 |
Gross Unrealized Temporary Loss | 406 | 321 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 71,699 | 67,229 |
Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 60,995 | 59,342 |
Allowance for Credit Loss for Debt Securities | (16) | 0 |
Gross Unrealized Gain | 8,897 | 5,540 |
Gross Unrealized Temporary Loss | 468 | 717 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 69,408 | 64,165 |
U.S. government and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 39,094 | 37,586 |
Allowance for Credit Loss for Debt Securities | 0 | |
Gross Unrealized Gain | 8,095 | 4,604 |
Gross Unrealized Temporary Loss | 89 | 106 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 47,100 | 42,084 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 28,415 | 27,051 |
Allowance for Credit Loss for Debt Securities | 0 | 0 |
Gross Unrealized Gain | 2,062 | 1,535 |
Gross Unrealized Temporary Loss | 42 | 72 |
Gross Unrealized OTTI | (33) | |
Estimated Fair Value of Fixed Maturity Securities AFS | 30,435 | 28,547 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 16,963 | 14,547 |
Allowance for Credit Loss for Debt Securities | 0 | |
Gross Unrealized Gain | 231 | 83 |
Gross Unrealized Temporary Loss | 75 | 88 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 17,119 | 14,542 |
Municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 10,982 | 11,081 |
Allowance for Credit Loss for Debt Securities | 0 | |
Gross Unrealized Gain | 2,746 | 2,001 |
Gross Unrealized Temporary Loss | 6 | 29 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | 13,722 | 13,053 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,400 and $3,062, respectively) | 11,331 | 10,093 |
Allowance for Credit Loss for Debt Securities | 0 | |
Gross Unrealized Gain | 681 | 396 |
Gross Unrealized Temporary Loss | 102 | 42 |
Gross Unrealized OTTI | 0 | |
Estimated Fair Value of Fixed Maturity Securities AFS | $ 11,910 | $ 10,447 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 14,784 | |
Amortized Cost, Due after one year through five years | 49,294 | |
Amortized Cost, Due after five years through ten years | 59,170 | |
Amortized Cost, Due after ten years | 130,773 | |
Amortized Cost, Structured Securities | 56,709 | |
Amortized Cost, net of ACL | 310,730 | |
Estimated Fair Value, Due in one year or less | 14,935 | |
Estimated Fair Value, Due after one year through five years | 52,294 | |
Estimated Fair Value, Due after five years through ten years | 67,613 | |
Estimated Fair Value, Due after ten years | 160,503 | |
Estimated Fair Value, Structured Securities | 59,464 | |
Estimated Fair Value of Fixed Maturity Securities AFS | $ 354,809 | $ 327,820 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details) $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Total number of securities in an unrealized loss position less than 12 months | 2,177 | 2,153 |
Total number of securities in an unrealized loss position equal or greater than 12 months | 690 | 1,411 |
Fixed Maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | $ 27,727 | $ 24,806 |
Less than 12 months, Gross Unrealized Loss | 1,031 | 578 |
Equal to or Greater than 12 Months, Estimated Fair Value | 6,236 | 15,700 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 401 | 1,069 |
U.S. corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 4,338 | 3,817 |
Less than 12 months, Gross Unrealized Loss | 196 | 107 |
Equal to or Greater than 12 Months, Estimated Fair Value | 506 | 2,226 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 50 | 198 |
Foreign government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 6,795 | 3,295 |
Less than 12 months, Gross Unrealized Loss | 305 | 149 |
Equal to or Greater than 12 Months, Estimated Fair Value | 836 | 1,490 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 100 | 172 |
Foreign corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 4,856 | 3,188 |
Less than 12 months, Gross Unrealized Loss | 321 | 133 |
Equal to or Greater than 12 Months, Estimated Fair Value | 1,255 | 5,873 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 147 | 584 |
U.S. government and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 4,619 | 5,391 |
Less than 12 months, Gross Unrealized Loss | 87 | 97 |
Equal to or Greater than 12 Months, Estimated Fair Value | 33 | 196 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 2 | 9 |
RMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 1,531 | 2,341 |
Less than 12 months, Gross Unrealized Loss | 27 | 25 |
Equal to or Greater than 12 Months, Estimated Fair Value | 152 | 584 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 14 | 14 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 3,428 | 3,692 |
Less than 12 months, Gross Unrealized Loss | 26 | 22 |
Equal to or Greater than 12 Months, Estimated Fair Value | 2,842 | 4,843 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 49 | 66 |
Municipals | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 273 | 1,156 |
Less than 12 months, Gross Unrealized Loss | 6 | 29 |
Equal to or Greater than 12 Months, Estimated Fair Value | 0 | 1 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 0 | 0 |
CMBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 1,887 | 1,926 |
Less than 12 months, Gross Unrealized Loss | 63 | 16 |
Equal to or Greater than 12 Months, Estimated Fair Value | 612 | 487 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 39 | 26 |
Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 24,572 | 22,838 |
Less than 12 months, Gross Unrealized Loss | 829 | 437 |
Equal to or Greater than 12 Months, Estimated Fair Value | 5,841 | 13,813 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 350 | 821 |
Below Investment Grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, Estimated Fair Value | 3,155 | 1,968 |
Less than 12 months, Gross Unrealized Loss | 202 | 141 |
Equal to or Greater than 12 Months, Estimated Fair Value | 395 | 1,887 |
Equal to or Greater than 12 Months ,Gross Unrealized Loss | $ 51 | $ 248 |
Investments (Equity Securities)
Investments (Equity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 1,079 | $ 1,342 |
Percentage of Equity Securities | 100.00% | 100.00% |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 1,079 | $ 1,342 |
Common Stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 779 | $ 944 |
Percentage of Equity Securities | 72.20% | 70.30% |
Non-redeemable Preferred Stock | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 300 | $ 398 |
Percentage of Equity Securities | 27.80% | 29.70% |
Investments (ACL for Fixed Matu
Investments (ACL for Fixed Maturity Securities AFS by Sector) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Allowance , beginning of period | $ 0 |
ACL not previously recorded | 240 |
Changes for securities with previously recorded ACL | (14) |
Securities sold or exchanged | (133) |
Securities intended/required to be sold prior to recovery of amortized cost basis | (1) |
Disposition (1) | 11 |
Allowance, end of period | 81 |
U.S. corporate | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Allowance , beginning of period | 0 |
ACL not previously recorded | 81 |
Changes for securities with previously recorded ACL | (5) |
Securities sold or exchanged | (31) |
Securities intended/required to be sold prior to recovery of amortized cost basis | (1) |
Disposition (1) | 0 |
Allowance, end of period | 44 |
Foreign government | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Allowance , beginning of period | 0 |
ACL not previously recorded | 139 |
Changes for securities with previously recorded ACL | (5) |
Securities sold or exchanged | (102) |
Securities intended/required to be sold prior to recovery of amortized cost basis | 0 |
Disposition (1) | 11 |
Allowance, end of period | 21 |
Foreign corporate | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Allowance , beginning of period | 0 |
ACL not previously recorded | 18 |
Changes for securities with previously recorded ACL | (2) |
Securities sold or exchanged | 0 |
Securities intended/required to be sold prior to recovery of amortized cost basis | 0 |
Disposition (1) | 0 |
Allowance, end of period | 16 |
RMBS | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |
Allowance , beginning of period | 0 |
ACL not previously recorded | 2 |
Changes for securities with previously recorded ACL | (2) |
Securities sold or exchanged | 0 |
Securities intended/required to be sold prior to recovery of amortized cost basis | 0 |
Disposition (1) | 0 |
Allowance, end of period | $ 0 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 84,344 | $ 80,635 |
Allowance for Credit Loss | (590) | (353) |
Subtotal mortgage loans, net | 83,754 | 80,282 |
Residential mortgage loans — FVO | 83,919 | 80,529 |
Total mortgage loans held-for-investment, net | 83,919 | 80,470 |
Mortgage loans held-for-sale | $ 0 | $ 59 |
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net | 100.50% | 100.10% |
Percentage Of Allowance for Credit Losses for Financing Receivables | (0.70%) | (0.40%) |
Percentage Of Mortgage Loans Held For Investment Net To Mortgage Loans On Real Estate Commercial And Consumer Net | 99.80% | 99.70% |
Percentage Of Loans And Leases Receivable Consumer Other To Mortgage Loans On Real Estate Commercial And Consumer Net | 0.20% | 0.20% |
Percentage of total mortgage loans held-for-investments | 100.00% | 99.90% |
Percentage of mortgage loans held-for-sale | 0.00% | 0.10% |
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net | 100.00% | 100.00% |
Residential mortgage loans - FVO | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Residential mortgage loans — FVO | $ 165 | $ 188 |
Commercial Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 52,434 | $ 49,624 |
Percentage Of Mortgage Loans, Gross | 62.50% | 61.60% |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 13,782 | $ 14,316 |
Percentage Of Mortgage Loans, Gross | 16.40% | 17.80% |
Agricultural Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 18,128 | $ 16,695 |
Percentage Of Mortgage Loans, Gross | 21.60% | 20.70% |
Investments (Mortgage Loans All
Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance, Beginning of Period | $ 353 | $ 342 | $ 314 |
Provision (release) | 176 | 26 | 36 |
Adoption of new credit loss guidance | 78 | 0 | 0 |
Initial credit losses on PCD loans (1) | 18 | 0 | 0 |
Charge-offs, net of recoveries | (34) | (15) | (8) |
Activity due to HFS Transfer | (1) | 0 | 0 |
Allowance, Ending of Period | 590 | 353 | 342 |
Commercial Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance, Beginning of Period | 246 | 238 | 214 |
Provision (release) | 124 | 8 | 24 |
Adoption of new credit loss guidance | (118) | 0 | 0 |
Initial credit losses on PCD loans (1) | 0 | 0 | 0 |
Charge-offs, net of recoveries | 0 | 0 | 0 |
Activity due to HFS Transfer | 0 | 0 | 0 |
Allowance, Ending of Period | 252 | 246 | 238 |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance, Beginning of Period | 55 | 58 | 59 |
Provision (release) | 30 | 7 | 7 |
Adoption of new credit loss guidance | 161 | 0 | 0 |
Initial credit losses on PCD loans (1) | 18 | 0 | 0 |
Charge-offs, net of recoveries | (32) | (10) | (8) |
Activity due to HFS Transfer | 0 | 0 | 0 |
Allowance, Ending of Period | 232 | 55 | 58 |
Agricultural Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance, Beginning of Period | 52 | 46 | 41 |
Provision (release) | 22 | 11 | 5 |
Adoption of new credit loss guidance | 35 | 0 | 0 |
Initial credit losses on PCD loans (1) | 0 | 0 | 0 |
Charge-offs, net of recoveries | (2) | (5) | 0 |
Activity due to HFS Transfer | (1) | 0 | 0 |
Allowance, Ending of Period | $ 106 | $ 52 | $ 46 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 84,344 | $ 80,635 |
Commercial Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,456 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,996 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 8,380 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,678 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,469 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,137 | |
Financing Receivable, Revolving | 2,318 | |
Mortgage Loans, Gross | $ 52,434 | $ 49,624 |
Loans Receivable Commercial Mortgage Percentage | 100.00% | |
Commercial Mortgage Loans | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 4,960 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,793 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,620 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,299 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,103 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,846 | |
Financing Receivable, Revolving | 2,318 | |
Mortgage Loans, Gross | $ 36,939 | |
Loans Receivable Commercial Mortgage Percentage | 70.40% | |
Commercial Mortgage Loans | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,455 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,057 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,450 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,554 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 960 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,861 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 12,337 | |
Loans Receivable Commercial Mortgage Percentage | 23.50% | |
Commercial Mortgage Loans | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 33 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 135 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 62 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 403 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 273 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 281 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 1,187 | |
Loans Receivable Commercial Mortgage Percentage | 2.30% | |
Commercial Mortgage Loans | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 8 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 248 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 422 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 133 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,149 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 1,971 | |
Loans Receivable Commercial Mortgage Percentage | 3.80% | |
Commercial Mortgage Loans | Greater than 1.20x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 5,896 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,537 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 8,194 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,133 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,129 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,543 | |
Financing Receivable, Revolving | 2,318 | |
Mortgage Loans, Gross | $ 49,750 | |
Loans Receivable Commercial Mortgage Percentage | 94.90% | |
Commercial Mortgage Loans | 1.00x - 1.20x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 351 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 18 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 204 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 340 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 492 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 1,405 | |
Loans Receivable Commercial Mortgage Percentage | 2.70% | |
Commercial Mortgage Loans | Less than 1.00x | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 209 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 459 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 168 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 341 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 102 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 1,279 | |
Loans Receivable Commercial Mortgage Percentage | 2.40% |
Investments (Credit Quality o_2
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage Loans, Gross | $ 84,344 | $ 80,635 |
Mortgage Loans in Process of Foreclosure, Amount | 103 | 118 |
Agricultural Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,505 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,390 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,090 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,100 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,708 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,241 | |
Financing Receivable, Revolving | 1,094 | |
Mortgage Loans, Gross | $ 18,128 | 16,695 |
Loans Receivable Agricultural Mortgage Percentage | 100.00% | |
Agricultural Mortgage Loans | Less than 65% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 3,105 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,240 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,005 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,047 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,529 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,687 | |
Financing Receivable, Revolving | 1,060 | |
Mortgage Loans, Gross | $ 16,673 | |
Loans Receivable Agricultural Mortgage Percentage | 92.00% | |
Agricultural Mortgage Loans | 65% to 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 400 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 150 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 85 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 53 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 179 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 461 | |
Financing Receivable, Revolving | 34 | |
Mortgage Loans, Gross | $ 1,362 | |
Loans Receivable Agricultural Mortgage Percentage | 7.50% | |
Agricultural Mortgage Loans | 76% to 80% | ||
Accounts, Notes, Loans and Financing Receivable [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 | 51 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 51 | |
Loans Receivable Agricultural Mortgage Percentage | 0.30% | |
Agricultural Mortgage Loans | Greater than 80% | ||
Accounts, Notes, Loans and Financing Receivable [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 | 42 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 42 | |
Loans Receivable Agricultural Mortgage Percentage | 0.20% | |
Residential Mortgage Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 614 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,401 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,033 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 482 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 339 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 8,913 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 13,782 | $ 14,316 |
Loans Receivable Residential Mortgage Percentage | 100.00% | |
Residential Mortgage Loans | Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 606 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,310 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,007 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 473 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 331 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 8,499 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 13,226 | |
Loans Receivable Residential Mortgage Percentage | 96.00% | |
Residential Mortgage Loans | Nonperforming (1) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 8 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 91 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 26 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 414 | |
Financing Receivable, Revolving | 0 | |
Mortgage Loans, Gross | $ 556 | |
Loans Receivable Residential Mortgage Percentage | 4.00% |
Investments (Past Due and Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | $ 84,344 | $ 80,635 | |
Greater than 90 Days Past Due and Still Accruing Interest | 91 | 51 | |
Nonaccrual | 1,117 | 731 | |
Financing Receivables , Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 818 | 591 | |
Commercial Mortgage Loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 52,434 | 49,624 | |
Greater than 90 Days Past Due and Still Accruing Interest | 7 | 9 | |
Nonaccrual | 317 | 176 | $ 176 |
Commercial Mortgage Loans | Financing Receivables , Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 10 | 10 | |
Residential Mortgage Loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 13,782 | 14,316 | |
Greater than 90 Days Past Due and Still Accruing Interest | 64 | 35 | |
Nonaccrual | 534 | 418 | 436 |
Residential Mortgage Loans | Financing Receivables , Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 556 | 452 | |
Agricultural Mortgage Loans | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | 18,128 | 16,695 | |
Greater than 90 Days Past Due and Still Accruing Interest | 20 | 7 | |
Nonaccrual | 266 | 137 | $ 105 |
Agricultural Mortgage Loans | Financing Receivables , Past Due | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Mortgage Loans, Gross | $ 252 | $ 129 |
Investments (Purchased Financia
Investments (Purchased Financial Assets with Credit Deterioration) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ACL at Acquisition | $ (18) | $ 0 | $ 0 |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contractual Principal | 593 | ||
ACL at Acquisition | (18) | $ 0 | $ 0 |
Non-Credit (Discount) Premium | (13) | ||
Purchase Price | $ 562 |
Investments (Real Estate and Re
Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||
Leased real estate investments, Carrying Value | $ 5,450 | $ 4,893 | |
Other real estate investments, Carrying Value | 419 | 420 | |
Real estate joint ventures, Carrying Value | 6,064 | 5,428 | |
Real Estate Investments, Net | 11,933 | 10,741 | |
Income (Loss) from Equity Method Investments | 829 | 795 | $ 592 |
Real estate and real estate joint ventures | |||
Real Estate [Line Items] | |||
Gross Investment Income, Operating | 532 | 676 | 694 |
Leased real estate investments | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 435 | 380 | 399 |
Other real estate investments | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 133 | 192 | 188 |
Real estate joint ventures | |||
Real Estate [Line Items] | |||
Income (Loss) from Equity Method Investments | $ (36) | $ 104 | $ 107 |
Investments (Leased Real Estate
Investments (Leased Real Estate Investments - Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | $ 5,450 | $ 4,893 | |
Office | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 2,351 | 1,999 | |
Operating Lease, Lease Income | 188 | 175 | $ 169 |
Retail | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 1,147 | 1,127 | |
Operating Lease, Lease Income | 93 | 102 | 95 |
Apartment | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 810 | 778 | |
Operating Lease, Lease Income | 62 | 24 | 70 |
Land | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 621 | 514 | |
Operating Lease, Lease Income | 25 | 21 | 19 |
Industrial | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 332 | 306 | |
Operating Lease, Lease Income | 56 | 46 | 38 |
Hotel | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 96 | 93 | |
Operating Lease, Lease Income | 5 | 7 | 3 |
Other | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Leased real estate investments, Carrying Value | 93 | 76 | |
Operating Lease, Lease Income | 6 | 5 | 5 |
Leased real estate investments | |||
Schedule of Operating Leases by Property Type [Line Items] | |||
Operating Lease, Lease Income | $ 435 | $ 380 | $ 399 |
Investments (Components of Leve
Investments (Components of Leveraged and Direct Financing Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Line Items] | ||||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Rental Receivables, Net | $ 597 | $ 666 | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Residual Value of Leased Assets | 573 | 751 | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Deferred Income | (318) | (365) | ||
Allowance for Loan and Lease Losses, Real Estate | 590 | 353 | $ 342 | $ 314 |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net | 816 | 1,052 | ||
Direct Financing Lease, Lease Receivable | 2,055 | 1,931 | ||
Direct Financing Lease, Unguaranteed Residual Asset | 42 | 42 | ||
Direct Financing Lease, Deferred Selling Profit | (749) | (726) | ||
Direct Financing Lease, Net Investment in Lease | 1,340 | 1,247 | ||
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | 27 | |||
Capital Leases, Future Minimum Payments, Receivable in Two Years | 103 | |||
Capital Leases, Future Minimum Payments, Receivable in Three Years | 112 | |||
Capital Leases, Future Minimum Payments, Receivable in Four Years | 119 | |||
Capital Leases, Future Minimum Payments, Receivable in Five Years | 102 | |||
Capital Leases, Future Minimum Payments, Receivable Thereafter | 1,600 | |||
Capital Leases, Future Minimum Payments Receivable | 2,100 | |||
Leveraged Leases | ||||
Real Estate [Line Items] | ||||
Investment In Leveraged Leases | 1,170 | 1,417 | ||
Investment in Leases before ACL | 852 | 1,052 | ||
Allowance for Loan and Lease Losses, Real Estate | 36 | 0 | ||
Direct Financing Leases | ||||
Real Estate [Line Items] | ||||
Investment In Leveraged Leases | 2,097 | 1,973 | ||
Investment in Leases before ACL | 1,348 | 1,247 | ||
Allowance for Loan and Lease Losses, Real Estate | $ 8 | $ 0 |
Investments (Net Investment Inc
Investments (Net Investment Income on Leveraged and Direct Financing Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |||
Leveraged Leases, Income Statement, Income from Leveraged Leases | $ 39 | $ 48 | $ 47 |
Leveraged Leases, Income Statement, Income Tax Expense on Leveraged Leases | (8) | (10) | (10) |
Leveraged Leases, Income (Loss) | 31 | 38 | 37 |
Capital Leases, Income Statement, Direct Financing Lease Revenue | 106 | 109 | 95 |
Direct Financing Leases Income Statement Tax Expense on Direct Financing Leases | (22) | (23) | (20) |
Direct Financing Leases Income Statement Net Income from Direct Financing Leases | $ 84 | $ 86 | $ 75 |
Investments (Net Unrealized Inv
Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income | ||||
Fixed maturity securities AFS | $ 44,415 | $ 30,083 | $ 11,381 | |
Derivatives | 1,924 | 2,209 | 2,127 | |
Other | 267 | 310 | 290 | |
Subtotal | 46,606 | 32,602 | 13,798 | |
Future policy benefits | (7,828) | (1,019) | 31 | |
DAC, VOBA and DSI | (4,050) | (2,716) | (1,231) | |
Policyholder dividend obligation | (2,969) | (2,020) | (428) | |
Subtotal | (14,847) | (5,755) | (1,628) | |
Deferred income tax benefit (expense) | (8,009) | (6,850) | (3,505) | |
Net unrealized investment gains (losses) | 23,750 | 19,997 | 8,665 | |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (20) | (16) | (10) | |
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $ 23,730 | $ 19,981 | $ 8,655 | $ 13,662 |
Investments (Changes in Net Unr
Investments (Changes in Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract] | |||
Balance at January 1, | $ 19,981 | $ 8,655 | $ 13,662 |
Cumulative effects of changes in accounting principles, net of income tax | 0 | 21 | 1,258 |
Unrealized investment gains (losses) during the year | 14,004 | 18,778 | (10,383) |
Unrealized investment gains (losses) relating to: | |||
Future policy benefits | (6,809) | (1,050) | 108 |
DAC, VOBA and DSI | (1,334) | (1,485) | 537 |
Policyholder dividend obligation | (949) | (1,592) | 1,693 |
Deferred income tax benefit (expense) | (1,159) | (3,340) | 1,782 |
Net unrealized investment gains (losses) | 23,734 | 19,987 | 8,657 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (4) | (6) | (2) |
Balance at December 31, | 23,730 | 19,981 | 8,655 |
Change in net unrealized investment gains (losses) | 3,753 | 11,332 | (5,005) |
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | (4) | (6) | (2) |
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | $ 3,749 | $ 11,326 | $ (5,007) |
Investments (Securities Lending
Investments (Securities Lending, Repurchase Agreements and FHLB Agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 18,628 | $ 17,369 |
Reinvestment portfolio — estimated fair value | 18,884 | 17,451 |
Security collateral on deposit from counterparties | 1 | 0 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 18,262 | 16,926 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,210 | 2,310 |
Reinvestment portfolio — estimated fair value | 3,251 | 2,320 |
Repurchase Agreements | Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | 3,276 | 2,333 |
Federal Home Loan Bank of Boston | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 800 |
Federal Home Loan Bank of Boston | Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 0 | 1,083 |
Fixed Maturity Securities | Federal Home Loan Bank of Boston | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 0 | $ 843 |
Investments (Securities Lendi_2
Investments (Securities Lending, Repurchase Agreements and FHLB Agreements Remaining Tenor) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 18,628 | $ 17,369 |
U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 17,508 | 16,267 |
Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 1,117 | 1,026 |
U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3 | 0 |
RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 76 |
Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 800 |
Open (1) | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,949 | 2,928 |
Open (1) | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,946 | 2,928 |
Open (1) | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Open (1) | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3 | 0 |
Open (1) | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Open (1) | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 0 |
1 Month or Less | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 10,844 | 7,011 |
1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 10,553 | 6,676 |
1 Month or Less | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 291 | 259 |
1 Month or Less | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
1 Month or Less | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 76 |
1 Month or Less | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 250 |
Over 1 Month to 6 Months | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 4,835 | 7,430 |
Over 1 Month to 6 Months | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 4,009 | 6,663 |
Over 1 Month to 6 Months | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 826 | 767 |
Over 1 Month to 6 Months | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 1 Month to 6 Months | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 1 Month to 6 Months | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 475 |
Over 6 Months to 1 Year | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | RMBS | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Over 6 Months to 1 Year | Municipals | ||
Securities Financing Transaction [Line Items] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 75 |
Repurchase Agreements | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,210 | 2,310 |
Repurchase Agreements | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,210 | 2,310 |
Repurchase Agreements | Open (1) | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | 1 Month or Less | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 3,210 | 2,310 |
Repurchase Agreements | Over 1 Month to 6 Months | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 0 | 0 |
Repurchase Agreements | Over 6 Months to 1 Year | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 0 | $ 0 |
Investments (Invested Assets on
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) | $ 1,933 | $ 2,034 |
Invested assets held in trust (collateral financing arrangement and reinsurance agreements) | 3,475 | 2,991 |
Invested assets pledged as collateral (1) | 25,884 | 24,493 |
Total invested assets on deposit, held in trust and pledged as collateral | $ 31,292 | $ 29,518 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 795,146 | $ 740,463 |
Total Liabilities | 720,329 | 674,081 |
Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 349 | 311 |
Total Liabilities | 6 | 6 |
Investment funds (1) | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 258 | 207 |
Total Liabilities | 1 | 1 |
Renewable energy partnership (1) | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 87 | 94 |
Total Liabilities | 0 | 0 |
Other Investments | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 4 | 10 |
Total Liabilities | $ 5 | $ 5 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Assets | $ 795,146 | $ 740,463 |
Tax Credits Guaranteed By Third Parties Amount That Reduces Maximum Exposure To Loss Related To Other Invested Assets | 3 | 6 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 70,409 | 62,481 |
Maximum Exposure to Loss | 77,069 | 67,996 |
Variable Interest Entity, Not Primary Beneficiary | Structured Products | ||
Variable Interest Entity [Line Items] | ||
Assets | 56,962 | 51,962 |
Maximum Exposure to Loss | 56,962 | 51,962 |
Variable Interest Entity, Not Primary Beneficiary | U.S. corporate and foreign corporate | ||
Variable Interest Entity [Line Items] | ||
Assets | 3,011 | 1,764 |
Maximum Exposure to Loss | 3,011 | 1,764 |
Variable Interest Entity, Not Primary Beneficiary | Foreign government | ||
Variable Interest Entity [Line Items] | ||
Assets | 142 | 136 |
Maximum Exposure to Loss | 142 | 136 |
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Assets | 8,355 | 6,674 |
Maximum Exposure to Loss | 14,911 | 12,016 |
Variable Interest Entity, Not Primary Beneficiary | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,320 | 1,495 |
Maximum Exposure to Loss | 1,404 | 1,621 |
Variable Interest Entity, Not Primary Beneficiary | Other Investments | ||
Variable Interest Entity [Line Items] | ||
Assets | 619 | 450 |
Maximum Exposure to Loss | $ 639 | $ 497 |
Investments (Net Investment I_2
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Investment Income [Line Items] | |||
Less: Investment expenses | $ 1,054 | $ 1,422 | $ 1,285 |
Net investment income | 17,117 | 18,868 | 16,166 |
Securities Investment | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 17,603 | 18,815 | 18,134 |
Net investment income | 16,549 | 17,393 | 16,849 |
Fixed Maturity Securities | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 11,304 | 11,886 | 11,946 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 50 | 61 | 64 |
FVO Securities (1) | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 140 | 184 | 51 |
Mortgage loans | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 3,518 | 3,782 | 3,340 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 498 | 512 | 506 |
Real estate and real estate joint ventures | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 532 | 676 | 694 |
Other limited partnership interests | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 1,000 | 825 | 731 |
Cash, cash equivalents and short-term investments | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 213 | 457 | 387 |
Operating joint ventures | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 93 | 84 | 51 |
Other Investments | |||
Net Investment Income [Line Items] | |||
Gross Investment Income, Operating | 255 | 348 | 364 |
Unit-linked investments (1) | |||
Net Investment Income [Line Items] | |||
Net investment income | 568 | 1,475 | (683) |
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ 489 | $ 1,000 | $ (771) |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | $ (129) | $ (40) | |
Net credit loss (provision) release | $ (154) | ||
Fixed maturity securities AFS - Net gain (losses) on sales and disposals | 451 | 396 | 45 |
Equity securities - Net gains (losses) on sales and disposals | 16 | 50 | 118 |
Change In Estimated Fair Value Of Equity Securities | (153) | 84 | (193) |
Other net investment gains (losses): | |||
Mortgage loans | (213) | (11) | (56) |
Real estate and real estate joint ventures | 7 | 399 | 326 |
Other limited partnership interests | (15) | 6 | 9 |
Other (3) | 198 | (142) | (169) |
Subtotal - investment portfolio gains (losses) | 137 | 653 | 40 |
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures | (4) | (14) | 12 |
Non-investment portfolio gains (losses) | (243) | (195) | (350) |
Subtotal | (247) | (209) | (338) |
Net investment gains (losses) | (110) | 444 | (298) |
Changes In Estimated Fair Value Subsequent To Purchase For Equity Securities | (127) | 122 | (81) |
Gain (Loss) on Termination of Lease | 87 | ||
Fixed Maturity Securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (129) | (40) | |
Net credit loss (provision) release | (154) | ||
Net investment gains (losses) | 297 | 267 | 5 |
Equity securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Net investment gains (losses) | (137) | 134 | (75) |
Finance Corporate Debt Securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (1) | (9) | |
Foreign government | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (81) | (9) | |
Consumer Domestic Corporate Debt Securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (23) | (20) | |
Industrial Domestic Corporate Debt Securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (22) | (2) | |
RMBS | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (2) | ||
Lease Agreements | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (30) | (105) | |
Tax credit partnerships | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | (9) | (92) | |
Other limited partnership interests | |||
Other net investment gains (losses): | |||
Other (3) | 46 | (83) | |
Cash Flow Hedging [Member] | |||
Other net investment gains (losses): | |||
Net investment gains (losses) | 207 | 8 | 0 |
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Other net investment gains (losses): | |||
Net investment gains (losses) | 851 | $ 240 | $ 0 |
Foreign Currency Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income | Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Other net investment gains (losses): | |||
Net investment gains (losses) | $ 129 |
Investments (Fixed Maturity S_2
Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Net credit loss (provision) release | $ (154) | ||
OTTI losses | $ (129) | $ (40) | |
Fixed Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds | 40,809 | 51,052 | 85,058 |
Gross investment gains | 1,125 | 889 | 856 |
Gross investment (losses) | (674) | (493) | (811) |
Net credit loss (provision) release | (154) | ||
OTTI losses | (129) | (40) | |
Net investment gains (losses) | $ 297 | $ 267 | $ 5 |
Investments (Evaluation of Fixe
Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Change in Gross Unrealized Temporary Loss | $ 5,198 | $ 14,591 | $ (8,719) |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,400 | ||
Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 350 | 821 | |
Below Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equal to or Greater than 12 Months ,Gross Unrealized Loss | 51 | 248 | |
Fixed maturity securities without an allowance for credit loss | |||
Debt Securities, Available-for-sale [Line Items] | |||
Change in Gross Unrealized Temporary Loss | 215 | ||
Fixed Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equal to or Greater than 12 Months ,Gross Unrealized Loss | $ 401 | $ 1,069 | |
Twelve Months Or Greater | |||
Debt Securities, Available-for-sale [Line Items] | |||
Percentage of gross unrealized loss | 28.00% | ||
Twelve Months Or Greater | Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Percentage of gross unrealized loss | 87.00% | ||
Number of Securities | 600 | ||
Twelve Months Or Greater | Below Investment Grade | |||
Debt Securities, Available-for-sale [Line Items] | |||
Percentage of gross unrealized loss | 13.00% | ||
Number of Securities | 90 |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Contracts | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 944 | $ 867 | |
Financing Receivable, Purchase | 3,300 | 4,800 | $ 3,500 |
Mortgage Loans, Gross | 84,344 | 80,635 | |
Financing Receivable, after Allowance for Credit Loss | $ 83,919 | $ 80,470 | |
Percentage of Mortgage Loans Classified as Performing | 99.00% | 99.00% | |
Nonaccrual | $ 1,117 | $ 731 | |
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Outstanding Balance | 3,300 | ||
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Carrying Amount, Net | 2,700 | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Accretion | 178 | 275 | |
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of mortgage loans with LTV ratio in excess of 100% | 1.00% | ||
Mortgage Loans with LTV ratio in excess of 100% [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage Loans, Gross | $ 650 | ||
Financing Receivable, after Allowance for Credit Loss | 0 | ||
Commercial Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Receivable | 209 | 188 | |
Deferred mortgage loan interest and principal payments due to COVID-19 | 66 | ||
Mortgage Loans, Gross | 52,434 | 49,624 | |
Nonaccrual | 317 | 176 | 176 |
Financing Receivable, Nonaccrual, No Allowance | 168 | 0 | |
Residential Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Receivable | 108 | $ 94 | |
Deferred mortgage loan interest and principal payments due to COVID-19 | 37 | ||
Financing Receivable, Modifications, Number of Contracts | Contracts | 396 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 97 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 87 | ||
Mortgage Loans, Gross | 13,782 | 14,316 | |
Nonaccrual | 534 | 418 | 436 |
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Agricultural Mortgage Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Receivable | 174 | $ 186 | |
Deferred mortgage loan interest and principal payments due to COVID-19 | 6 | ||
Financing Receivable, Modifications, Number of Contracts | Contracts | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 111 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 111 | ||
Mortgage Loans, Gross | 18,128 | 16,695 | |
Nonaccrual | 266 | 137 | $ 105 |
Financing Receivable, Nonaccrual, No Allowance | $ 178 | $ 93 |
Investments (Real Estate and _2
Investments (Real Estate and Real Estate Joint Ventures - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||
Real Estate Acquired Through Foreclosure | $ 20 | $ 36 | |
Depreciation | 194 | 207 | $ 191 |
Real Estate Investment Property, Net | 1,100 | 957 | |
Real estate and real estate joint ventures | |||
Real Estate [Line Items] | |||
Depreciation | $ 123 | $ 100 | $ 92 |
Investments (Operating Leases -
Investments (Operating Leases - Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Investments, All Other Investments [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 331 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 268 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 230 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 200 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 180 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 1,200 |
Operating Leases, Future Minimum Payments Receivable | $ 2,400 |
Investments (Leveraged and Dire
Investments (Leveraged and Direct Financing Leases - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Loan and Leases Receivable Other Information | The payment periods for leveraged leases generally range from one to 11 years but in certain circumstances can be over 11 years, while the payment periods for direct financing leases generally range from one to 25 years but in certain circumstances can be over 25 years. | |
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Deferred Taxes Arising from Leveraged Leases | $ 287 | $ 467 |
Deferral rental payment for leveraged and direct finance leases | 15 | |
Rental abatements for leases due to Covid-19 | $ 3 | |
Loans and Leases Receivable, Ratio of Performing Loans to All Loans | 100.00% | 100.00% |
Leveraged Leases | ||
Lessor, Lease, Description [Line Items] | ||
Loan and Leases Receivable, Ratio of Performing Leases | 96.00% | 94.00% |
Investments (Other Invested Ass
Investments (Other Invested Assets - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of Tax Credits | $ 1,100 | $ 1,300 | |
Losses From Tax Credits | $ 226 | $ 240 | $ 257 |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 9.7 | $ 8.6 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Securities holdings exposure in single issuer greater than stated percentage of Company's equity | 10.00% | 10.00% | 10.00% |
Japan | Foreign government | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Government and agency fixed maturity securities | $ 35.8 | $ 33.7 | |
Republic of Korea | Foreign government | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Government and agency fixed maturity securities | $ 8 | $ 7.3 |
Investments (Invested Assets _2
Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Home Loan Bank Stock | $ 814 | $ 809 |
Investments (Collectively Signi
Investments (Collectively Significant Equity Method Investments - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 17,900 | $ 17,900 | |||||||||
Unfunded Commitments For Investments Accounted For Under Equity Method | 8,000 | 8,000 | |||||||||
Assets | 795,146 | $ 740,463 | 795,146 | $ 740,463 | |||||||
Total Liabilities | 720,329 | 674,081 | 720,329 | 674,081 | |||||||
Net income (loss) | 158 | $ 709 | $ 150 | $ 4,401 | 588 | $ 2,190 | $ 1,746 | $ 1,385 | $ 5,418 | $ 5,909 | $ 5,128 |
Aggregate Net Income Exceeded Stated Percentage Of Pre Tax Income (Loss) From Continuing Operations | 10.00% | 10.00% | |||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Assets | 704,500 | 585,300 | $ 704,500 | $ 585,300 | |||||||
Total Liabilities | $ 99,400 | $ 86,100 | 99,400 | 86,100 | |||||||
Net income (loss) | $ 41,600 | $ 47,000 | $ 52,500 |
Investments (Variable Interest
Investments (Variable Interest Entities - Narrative) (Details) - RMBS - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | ||
Proceeds from securitization of loan held for investment carrying value | $ 308 | $ 443 |
Proceeds from Securitizations of Loans Held-for-investment | 313 | 467 |
Gain (Loss) on Securitization of Financial Assets | 5 | 24 |
Transfers of Financial Assets Accounted for as Sale, Initial Fair Value of Assets Obtained as Proceeds | $ 43 | $ 131 |
Investments (Net Investment I_3
Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Income (Loss) from Equity Method Investments | $ 829 | $ 795 | $ 592 |
Investments (Net Investment Gai
Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Foreign Currency Transaction Gain (Loss), Realized | $ 79 | $ (124) | $ (16) |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 299,154 | $ 311,853 |
Estimated Fair Value Assets | 11,866 | 10,084 |
Estimated Fair Value Liabilities | 4,229 | 3,737 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 60,723 | 59,290 |
Estimated Fair Value Assets | 5,432 | 4,572 |
Estimated Fair Value Liabilities | 2,222 | 1,761 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6,228 | 6,009 |
Estimated Fair Value Assets | 3,256 | 2,684 |
Estimated Fair Value Liabilities | 82 | 59 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,186 | 2,369 |
Estimated Fair Value Assets | 3,224 | 2,667 |
Estimated Fair Value Liabilities | 4 | 2 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,106 | 1,304 |
Estimated Fair Value Assets | 8 | 16 |
Estimated Fair Value Liabilities | 78 | 17 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,936 | 2,336 |
Estimated Fair Value Assets | 24 | 1 |
Estimated Fair Value Liabilities | 0 | 40 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 50,731 | 48,022 |
Estimated Fair Value Assets | 2,106 | 1,855 |
Estimated Fair Value Liabilities | 2,137 | 1,601 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 4,750 | 3,675 |
Estimated Fair Value Assets | 44 | 145 |
Estimated Fair Value Liabilities | 0 | 27 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,377 | 7,364 |
Estimated Fair Value Assets | 513 | 83 |
Estimated Fair Value Liabilities | 120 | 144 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 38,604 | 36,983 |
Estimated Fair Value Assets | 1,549 | 1,627 |
Estimated Fair Value Liabilities | 2,017 | 1,430 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,764 | 5,259 |
Estimated Fair Value Assets | 70 | 33 |
Estimated Fair Value Liabilities | 3 | 101 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 164 | 1,059 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 3 | 10 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,600 | 4,200 |
Estimated Fair Value Assets | 70 | 33 |
Estimated Fair Value Liabilities | 0 | 91 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 238,431 | 252,563 |
Estimated Fair Value Assets | 6,434 | 5,512 |
Estimated Fair Value Liabilities | 2,007 | 1,976 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 49,561 | 58,083 |
Estimated Fair Value Assets | 3,683 | 2,867 |
Estimated Fair Value Liabilities | 38 | 185 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 351 | 129 |
Estimated Fair Value Assets | 0 | 1 |
Estimated Fair Value Liabilities | 10 | 2 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,701 | 12,701 |
Estimated Fair Value Assets | 350 | 155 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 40,730 | 42,622 |
Estimated Fair Value Assets | 13 | 18 |
Estimated Fair Value Liabilities | 0 | 5 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,498 | 2,423 |
Estimated Fair Value Assets | 0 | 2 |
Estimated Fair Value Liabilities | 2 | 3 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 17,746 | 27,344 |
Estimated Fair Value Assets | 502 | 764 |
Estimated Fair Value Liabilities | 5 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 38,646 | 30,341 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 13,265 | 13,699 |
Estimated Fair Value Assets | 603 | 644 |
Estimated Fair Value Liabilities | 693 | 461 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 15,643 | 13,507 |
Estimated Fair Value Assets | 209 | 50 |
Estimated Fair Value Liabilities | 310 | 393 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 914 | 880 |
Estimated Fair Value Assets | 3 | 7 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,350 | 1,801 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,978 | 2,944 |
Estimated Fair Value Assets | 9 | 4 |
Estimated Fair Value Liabilities | 121 | 102 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 9,609 | 11,520 |
Estimated Fair Value Assets | 196 | 272 |
Estimated Fair Value Liabilities | 0 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 5,427 | 4,540 |
Estimated Fair Value Assets | 14 | 6 |
Estimated Fair Value Liabilities | 38 | 8 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 22,954 | 27,105 |
Estimated Fair Value Assets | 834 | 694 |
Estimated Fair Value Liabilities | 437 | 677 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 716 | 1,115 |
Estimated Fair Value Assets | 15 | 23 |
Estimated Fair Value Liabilities | 12 | 19 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Total rate of return swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,048 | 1,048 |
Estimated Fair Value Assets | 0 | 5 |
Estimated Fair Value Liabilities | 59 | 49 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity Total Return Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,294 | 761 |
Estimated Fair Value Assets | 3 | 0 |
Estimated Fair Value Liabilities | $ 282 | $ 70 |
Derivatives Derivatives (Effect
Derivatives Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 1,349,000,000 | $ 628,000,000 | $ 851,000,000 |
Net investment income | 17,117,000,000 | 18,868,000,000 | 16,166,000,000 |
Net investment gains (losses) | (110,000,000) | 444,000,000 | (298,000,000) |
Policyholder benefits and claims | (41,461,000,000) | (41,461,000,000) | (42,656,000,000) |
Policyholder Account Balance, Interest Expense | (5,214,000,000) | (6,464,000,000) | (4,013,000,000) |
Operating Expenses | 13,150,000,000 | 13,689,000,000 | 13,714,000,000 |
Other Comprehensive Income (Loss), before Tax | 6,262,000,000 | 14,639,000,000 | (8,369,000,000) |
Nonperformance Risk [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | (10,000,000) | (116,000,000) | 133,000,000 |
Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (46,000,000) |
Net investment income | 0 | 2,000,000 | 0 |
Net investment gains (losses) | (42,000,000) | (71,000,000) | 0 |
Policyholder benefits and claims | (39,000,000) | (30,000,000) | 0 |
Policyholder Account Balance, Interest Expense | 0 | (1,000,000) | 0 |
Operating Expenses | 0 | 0 | 0 |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 33,000,000 |
Net investment income | 40,000,000 | 20,000,000 | 16,000,000 |
Net investment gains (losses) | 207,000,000 | 8,000,000 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 4,000,000 | 4,000,000 | 3,000,000 |
Other Comprehensive Income (Loss), before Tax | (286,000,000) | 82,000,000 | 674,000,000 |
Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 16,000,000 | (36,000,000) | (125,000,000) |
Foreign Exchange Forward [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (32,000,000) | (125,000,000) | |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 36,000,000 | ||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 21,000,000 |
Net investment income | 36,000,000 | 23,000,000 | 20,000,000 |
Net investment gains (losses) | 121,000,000 | 4,000,000 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 2,000,000 | 2,000,000 | 1,000,000 |
Other Comprehensive Income (Loss), before Tax | (159,000,000) | (29,000,000) | (42,000,000) |
Credit forwards [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 1,000,000 |
Net investment income | 0 | 1,000,000 | 1,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | (1,000,000) | (2,000,000) |
Currency Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (558,000,000) |
Net investment income | 4,000,000 | (4,000,000) | (5,000,000) |
Net investment gains (losses) | 851,000,000 | 240,000,000 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 2,000,000 | 2,000,000 | 2,000,000 |
Other Comprehensive Income (Loss), before Tax | (857,000,000) | (238,000,000) | 561,000,000 |
Derivative [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (58,000,000) |
Net investment income | 0 | 0 | 0 |
Net investment gains (losses) | (47,000,000) | (72,000,000) | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Derivative [Member] | Interest rate swaps | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (220,000,000) |
Net investment income | (10,000,000) | (3,000,000) | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (360,000,000) | (339,000,000) | 0 |
Policyholder Account Balance, Interest Expense | 0 | (1,000,000) | 0 |
Operating Expenses | 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 | 156,000,000 |
Net investment income | (46,000,000) | (55,000,000) | 0 |
Net investment gains (losses) | 98,000,000 | 24,000,000 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Debt Securities [Member] | Interest rate swaps | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 226,000,000 |
Net investment income | 12,000,000 | 4,000,000 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (399,000,000) | (369,000,000) | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Debt Securities [Member] | Currency Swap [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | (150,000,000) |
Net investment income | 44,000,000 | 56,000,000 | 0 |
Net investment gains (losses) | (93,000,000) | (23,000,000) | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 569,000,000 |
Net investment income | 0 | 0 | 0 |
Net investment gains (losses) | (765,000,000) | (236,000,000) | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Non-derivative [Domain] [Member] | Net Investment Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (20,000,000) | (4,000,000) | 0 |
Accumulated Other Comprehensive Income (Loss) | Credit forwards [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | (102,000,000) | 6,000,000 | 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 | (445,000,000) | (278,000,000) | 414,000,000 |
Accumulated Other Comprehensive Income (Loss) | Interest rate swaps | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Tax | 1,277,000,000 | 622,000,000 | (257,000,000) |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 533,000,000 | (157,000,000) | 467,000,000 |
Net investment income | (34,000,000) | (3,000,000) | 5,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (151,000,000) | (164,000,000) | (48,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (323,000,000) | (346,000,000) | 518,000,000 |
Net investment income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (3,000,000) | (2,000,000) | (6,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Credit derivatives — purchased | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (28,000,000) | (38,000,000) | 6,000,000 |
Net investment income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Credit derivatives — written | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (106,000,000) | 248,000,000 | (132,000,000) |
Net investment income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,151,000,000) | (1,339,000,000) | 360,000,000 |
Net investment income | (28,000,000) | 0 | 1,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (203,000,000) | (205,000,000) | (60,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 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 | (8,000,000) | 55,000,000 | (127,000,000) |
Net investment income | 0 | 0 | 0 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | 0 | 0 | 0 |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 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 | 2,149,000,000 | 1,263,000,000 | (158,000,000) |
Net investment income | (6,000,000) | (3,000,000) | 4,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (55,000,000) | (39,000,000) | (6,000,000) |
Policyholder Account Balance, Interest Expense | 0 | 0 | 0 |
Operating Expenses | 0 | 0 | 0 |
Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 926,000,000 | 513,000,000 | 547,000,000 |
Net investment income | 217,000,000 | 237,000,000 | 360,000,000 |
Net investment gains (losses) | 0 | 0 | 0 |
Policyholder benefits and claims | (190,000,000) | (138,000,000) | (11,000,000) |
Policyholder Account Balance, Interest Expense | (152,000,000) | (147,000,000) | (113,000,000) |
Operating Expenses | 0 | 0 | (11,000,000) |
Other Comprehensive Income (Loss), before Tax | 0 | 0 | 0 |
Net Embedded Derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (110,000,000) | 272,000,000 | (150,000,000) |
Policyholder benefits and claims | 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 | 223,000,000 | 256,000,000 | 381,000,000 |
Net investment gains (losses) | 165,000,000 | (63,000,000) | 0 |
Policyholder benefits and claims | 0 | 56,000,000 | (59,000,000) |
Policyholder Account Balance, Interest Expense | 152,000,000 | 146,000,000 | 113,000,000 |
Operating Expenses | 4,000,000 | 4,000,000 | (8,000,000) |
Other Comprehensive Income (Loss), before Tax | $ (270,000,000) | $ 46,000,000 | $ 549,000,000 |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed Maturities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | $ (1) | $ (1) |
Debt Instruments, Carrying Amount | 2,699 | 2,736 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | (1) | (1) |
Mortgages [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instruments, Carrying Amount | 952 | 1,159 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 20 | 2 |
Future policy benefits [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Instruments, Carrying Amount | (5,512) | (4,475) |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (1,307) | $ (908) |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 8 years | 8 years |
Derivative, Average Remaining Maturity | 4 years 9 months 18 days | 4 years 3 months 18 days |
B [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Average Remaining Maturity | 5 years | 4 years 9 months 18 days |
B [Member] | Single name credit default swaps (3) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Average Remaining Maturity | 0 years | 6 months |
Derivatives (Hedges of Net Inve
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Debt Designated as Non-derivative Hedging Instrument | $ 407 | $ 387 |
Derivatives used in Net Investment Hedge, Net of Tax | $ 164 | $ 148 |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 196 | $ 271 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 9,609 | $ 11,520 |
Weighted Average Years to Maturity | 4 years 9 months 18 days | 4 years 3 months 18 days |
Credit Risk Derivative Assets, at Fair Value | $ 196 | $ 271 |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 32 | 39 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 1,987 | $ 2,473 |
Weighted Average Years to Maturity | 2 years 6 months | 2 years 2 months 12 days |
Aaa/Aa/A | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 5 | $ 4 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 208 | $ 298 |
Weighted Average Years to Maturity | 2 years 8 months 12 days | 1 year 8 months 12 days |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 27 | $ 35 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 1,779 | $ 2,175 |
Weighted Average Years to Maturity | 2 years 6 months | 2 years 2 months 12 days |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 159 | $ 206 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 7,567 | $ 8,755 |
Weighted Average Years to Maturity | 5 years 4 months 24 days | 4 years 10 months 24 days |
Baa | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 3 | $ 3 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 249 | $ 216 |
Weighted Average Years to Maturity | 2 years 6 months | 1 year 6 months |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 156 | $ 203 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 7,318 | $ 8,539 |
Weighted Average Years to Maturity | 5 years 6 months | 5 years |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 9 |
Weighted Average Years to Maturity | 0 years | 5 years |
Ba | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 9 |
Weighted Average Years to Maturity | 0 years | 5 years |
B [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 5 | $ 26 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 55 | $ 283 |
Weighted Average Years to Maturity | 5 years | 4 years 9 months 18 days |
B [Member] | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 10 |
Weighted Average Years to Maturity | 0 years | 6 months |
B [Member] | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 5 | $ 26 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 55 | $ 273 |
Weighted Average Years to Maturity | 5 years | 5 years |
Derivatives (Estimated Fair Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $ 11,958 | $ 10,195 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 4,171 | 3,716 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 200 | 93 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 108 | 25 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 11,348 | 9,574 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 4,111 | 3,624 |
Gross estimated fair value of derivative assets | (2,926) | (2,664) |
Gross estimated fair value of derivative liabilities | (2,926) | (2,664) |
Cash collateral on derivative assets | (6,842) | (5,317) |
Cash collateral on derivative liabilities | 0 | 0 |
Securities collateral on derivative assets | (1,453) | (1,521) |
Securities collateral on derivative liabilities | (1,100) | (935) |
Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 17 | 15 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 40 | 11 |
Gross estimated fair value of derivative assets | 0 | (2) |
Gross estimated fair value of derivative liabilities | 0 | (2) |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | (23) | (5) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | (1) | (4) |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 593 | 606 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 20 | 81 |
Gross estimated fair value of derivative assets | (7) | (38) |
Gross estimated fair value of derivative liabilities | (7) | (38) |
Cash collateral on derivative assets | (530) | (560) |
Cash collateral on derivative liabilities | (5) | (4) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ (1) | $ (39) |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Derivatives [Line Items] | ||
Collateral Amount Not Provided Due to Downgrade Threshold | $ 15 | |
Estimated fair value of derivatives in a net liability position (1) | 1,185 | $ 959 |
Derivative assets | 11,866 | 10,084 |
Derivative liabilities | 4,229 | 3,737 |
Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of collateral provided: | 1,224 | 1,063 |
Accrued Liabilities [Member] | ||
Credit Derivatives [Line Items] | ||
Derivative assets | 92 | 111 |
Derivative liabilities | (58) | (21) |
Derivatives Subject to Credit-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of derivatives in a net liability position (1) | 1,182 | 874 |
Derivatives Subject to Credit-Contingent Provisions | Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of collateral provided: | 1,222 | 983 |
Derivatives Not Subject to Credit-Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of derivatives in a net liability position (1) | 3 | 85 |
Derivatives Not Subject to Credit-Contingent Provisions | Fixed maturity securities AFS | ||
Credit Derivatives [Line Items] | ||
Estimated fair value of collateral provided: | $ 2 | $ 80 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | $ 1,196 | $ 802 |
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | 55 | 60 |
Direct guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 651 | 312 |
Assumed guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 283 | 312 |
Funds withheld on ceded reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 100 | 36 |
Fixed annuities with equity indexed returns [Member] | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 138 | 130 |
Fixed annuities with equity indexed returns | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | $ 24 | $ 12 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | $ 11,866 | $ 10,084 | |
Estimated Fair Value Liabilities | 4,229 | 3,737 | |
Maximum Amount of Future Payments under Credit Default Swaps | 9,609 | 11,520 | |
Estimated Fair Value of Credit Default Swaps | 196 | 271 | |
Excess cash collateral received on derivatives | 265 | $ 389 | |
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | $ 0 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Average Remaining Maturity | 4 years 9 months 18 days | 4 years 3 months 18 days | |
Net investment gains (losses) | $ (110) | $ 444 | $ (298) |
Derivative Instrument Detail [Abstract] | |||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | $ 21 | $ 58 | 5 |
Hedging exposure to variability in future cash flows for specific length of time | 8 years | 8 years | |
Accumulated Other Comprehensive Income Loss | $ 1,900 | $ 2,200 | |
Deferred net gains (losses) expected to be reclassified to earnings | 55 | ||
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges | 164 | 148 | |
Excess securities collateral provided on derivatives | 238 | 266 | |
Ba [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maximum Amount of Future Payments under Credit Default Swaps | 0 | 9 | |
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Average Remaining Maturity | 0 years | 5 years | |
Nonperformance Risk [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Embedded derivative gains (losses) | $ (10) | $ (116) | 133 |
Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 6,842 | 5,317 | |
Excess securities collateral received on derivatives | (231) | (156) | |
Excess securities collateral provided on derivatives | (269) | (189) | |
Exchange Cleared [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 530 | 560 | |
Excess securities collateral provided on derivatives | (2,100) | (1,000) | |
Exchange Traded [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Excess securities collateral provided on derivatives | (318) | (143) | |
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | 207 | 8 | $ 0 |
Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | 92 | 111 | |
Estimated Fair Value Liabilities | $ (58) | $ (21) |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 354,809 | $ 327,820 |
Equity securities | 1,079 | 1,342 |
Unit-linked and FVO Securities (1) | 13,319 | 13,102 |
Short-term investments (3) | 3,904 | 3,850 |
Residential mortgage loans — FVO | 83,919 | 80,529 |
Derivative assets | 11,866 | 10,084 |
Separate account assets | 199,970 | 188,445 |
Liabilities [Abstract] | ||
Derivative liabilities | 4,229 | 3,737 |
Embedded derivatives within liability host contracts | 1,196 | 802 |
Separate account liabilities | 199,970 | 188,445 |
Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 165 | 188 |
Recurring | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 354,809 | 327,820 |
Equity securities | 1,079 | 1,342 |
Unit-linked and FVO Securities (1) | 13,319 | 13,102 |
Short-term investments (3) | 3,373 | 3,182 |
Other investments | 885 | 689 |
Derivative assets | 11,866 | 10,084 |
Embedded derivatives within asset host contracts | 55 | 60 |
Separate account assets | 199,970 | 188,445 |
Total assets (7) | 585,521 | 544,912 |
Liabilities [Abstract] | ||
Derivative liabilities | 4,229 | 3,737 |
Embedded derivatives within liability host contracts | 1,196 | 802 |
Total liabilities | 5,451 | 4,561 |
Recurring | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 8,329 | 6,707 |
Liabilities [Abstract] | ||
Derivative liabilities | 238 | 418 |
Recurring | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,466 | 2,378 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,101 | 2,442 |
Recurring | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 205 | 276 |
Liabilities [Abstract] | ||
Derivative liabilities | 121 | 103 |
Recurring | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 866 | 723 |
Liabilities [Abstract] | ||
Derivative liabilities | 769 | 774 |
Recurring | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 26 | 22 |
Recurring | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 165 | 188 |
Recurring | U.S. corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 93,416 | 87,753 |
Recurring | Foreign government | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 71,699 | 67,229 |
Recurring | Foreign corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 69,408 | 64,165 |
Recurring | U.S. government and agency | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 47,100 | 42,084 |
Recurring | RMBS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 30,435 | 28,547 |
Recurring | ABS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 17,119 | 14,542 |
Recurring | Municipals | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 13,722 | 13,053 |
Recurring | CMBS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 11,910 | 10,447 |
Recurring | Level 1 | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 23,180 | 21,061 |
Equity securities | 636 | 794 |
Unit-linked and FVO Securities (1) | 10,559 | 10,598 |
Short-term investments (3) | 2,762 | 2,042 |
Other investments | 83 | 74 |
Derivative assets | 17 | 15 |
Embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 91,850 | 86,790 |
Total assets (7) | 129,087 | 121,374 |
Liabilities [Abstract] | ||
Derivative liabilities | 40 | 11 |
Embedded derivatives within liability host contracts | 0 | 0 |
Total liabilities | 52 | 12 |
Recurring | Level 1 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 2 |
Liabilities [Abstract] | ||
Derivative liabilities | 2 | 3 |
Recurring | Level 1 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 3 | 7 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 14 | 6 |
Liabilities [Abstract] | ||
Derivative liabilities | 38 | 8 |
Recurring | Level 1 | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 12 | 1 |
Recurring | Level 1 | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 0 | 0 |
Recurring | Level 1 | U.S. corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
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 | 23,180 | 21,058 |
Recurring | Level 1 | RMBS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 3 |
Recurring | Level 1 | ABS | ||
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 2 | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 302,122 | 287,948 |
Equity securities | 293 | 118 |
Unit-linked and FVO Securities (1) | 2,059 | 1,879 |
Short-term investments (3) | 568 | 1,108 |
Other investments | 229 | 160 |
Derivative assets | 11,137 | 9,882 |
Embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 107,035 | 100,668 |
Total assets (7) | 423,443 | 401,763 |
Liabilities [Abstract] | ||
Derivative liabilities | 4,071 | 3,393 |
Embedded derivatives within liability host contracts | 0 | 0 |
Total liabilities | 4,079 | 3,407 |
Recurring | Level 2 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 7,840 | 6,616 |
Liabilities [Abstract] | ||
Derivative liabilities | 168 | 220 |
Recurring | Level 2 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,287 | 2,336 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,063 | 2,324 |
Recurring | Level 2 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 180 | 244 |
Liabilities [Abstract] | ||
Derivative liabilities | 121 | 102 |
Recurring | Level 2 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 830 | 686 |
Liabilities [Abstract] | ||
Derivative liabilities | 719 | 747 |
Recurring | Level 2 | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 8 | 14 |
Recurring | Level 2 | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 0 | 0 |
Recurring | Level 2 | U.S. corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 83,214 | 81,501 |
Recurring | Level 2 | Foreign government | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 71,582 | 67,112 |
Recurring | Level 2 | Foreign corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 55,509 | 56,188 |
Recurring | Level 2 | U.S. government and agency | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 23,920 | 21,026 |
Recurring | Level 2 | RMBS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 27,133 | 25,682 |
Recurring | Level 2 | ABS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 15,734 | 13,326 |
Recurring | Level 2 | Municipals | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 13,722 | 13,046 |
Recurring | Level 2 | CMBS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 11,308 | 10,067 |
Recurring | Level 3 | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 29,507 | 18,811 |
Equity securities | 150 | 430 |
Unit-linked and FVO Securities (1) | 701 | 625 |
Short-term investments (3) | 43 | 32 |
Other investments | 573 | 455 |
Derivative assets | 712 | 187 |
Embedded derivatives within asset host contracts | 55 | 60 |
Separate account assets | 1,085 | 987 |
Total assets (7) | 32,991 | 21,775 |
Liabilities [Abstract] | ||
Derivative liabilities | 118 | 333 |
Embedded derivatives within liability host contracts | 1,196 | 802 |
Total liabilities | 1,320 | 1,142 |
Recurring | Level 3 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 489 | 89 |
Liabilities [Abstract] | ||
Derivative liabilities | 68 | 195 |
Recurring | Level 3 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 176 | 35 |
Liabilities [Abstract] | ||
Derivative liabilities | 38 | 118 |
Recurring | Level 3 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 25 | 32 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 1 |
Recurring | Level 3 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 22 | 31 |
Liabilities [Abstract] | ||
Derivative liabilities | 12 | 19 |
Recurring | Level 3 | Derivative Liabilities Within Separate Accounts | ||
Liabilities [Abstract] | ||
Separate account liabilities | 6 | 7 |
Recurring | Level 3 | Residential mortgage loans - FVO | ||
Assets [Abstract] | ||
Residential mortgage loans — FVO | 165 | 188 |
Recurring | Level 3 | U.S. corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 10,202 | 6,252 |
Recurring | Level 3 | Foreign government | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 117 | 117 |
Recurring | Level 3 | Foreign corporate | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 13,899 | 7,977 |
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 | 3,302 | 2,862 |
Recurring | Level 3 | ABS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 1,385 | 1,216 |
Recurring | Level 3 | Municipals | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 0 | 7 |
Recurring | Level 3 | CMBS | ||
Assets [Abstract] | ||
Estimated Fair Value of Fixed Maturity Securities AFS | 602 | 380 |
Other limited partnership interests | Recurring | ||
Assets [Abstract] | ||
Investments, Fair Value Disclosure | $ 75 | $ 95 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Minimum | Interest rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 92 | 190 |
Minimum | Interest rate contracts | Measurement Input, Repurchase Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (12) | (6) |
Minimum | Foreign currency exchange rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (309) | (125) |
Minimum | Credit contracts | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 96 | 96 |
Minimum | Equity market contracts | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.21 | 0.14 |
Minimum | Equity market contracts | Measurement Input, Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.10 | 0.10 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0 | 0 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0 | 0 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0833 | 0.0601 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Counterparty Credit Risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0004 | 0.0003 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 1 - 10 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0025 | 0.0025 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 11 - 20 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0050 | 0.0050 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 21 - 116 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0050 | 0.0050 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 0 - 40 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0 | 0 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 41 - 60 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0003 | 0.0003 |
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 61 - 115 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0012 | 0.0013 |
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 5 |
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 | 0 | 25 |
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 54 | 81 |
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 | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 1 | 3 |
Minimum | ABS | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 100 | 99 |
Maximum | Interest rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 184 | 251 |
Maximum | Interest rate contracts | Measurement Input, Repurchase Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 1 | 6 |
Maximum | Foreign currency exchange rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 248 | 328 |
Maximum | Credit contracts | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 99 | 100 |
Maximum | Equity market contracts | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.29 | 0.23 |
Maximum | Equity market contracts | Measurement Input, Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.30 | 0.30 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.22 | 0.22 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.20 | 0.20 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.27 | 0.30 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Counterparty Credit Risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0118 | 0.0130 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 1 - 10 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 11 - 20 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 21 - 116 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 0 - 40 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0017 | 0.0018 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 41 - 60 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0075 | 0.0080 |
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 61 - 115 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 1 | 1 |
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 | 186 | 145 |
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 | 116 | 131 |
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 104 | 109 |
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 | 159 | 119 |
Maximum | ABS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 112 | 119 |
Maximum | ABS | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 100 | 104 |
Weighted Average | Interest rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 149 | |
Weighted Average | Interest rate contracts | Measurement Input, Repurchase Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (6) | |
Weighted Average | Foreign currency exchange rate contracts | Measurement Input, Swap Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | (144) | |
Weighted Average | Credit contracts | Measurement Input, Credit Spread | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 98 | |
Weighted Average | Equity market contracts | Measurement Input, Price Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.28 | |
Weighted Average | Equity market contracts | Measurement Input, Correlation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative Asset (Liability) Net, Measurement Input | 0.10 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0017 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0398 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.1870 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Counterparty Credit Risk | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0040 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 1 - 10 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0686 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 11 - 20 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0518 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Durations 21 - 116 | Measurement Input, Lapse Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0518 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 0 - 40 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0006 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 41 - 60 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0030 | |
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Ages 61 - 115 | Measurement Input, Mortality Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Embedded Derivative Asset (Liability) Net, Measurement Input | 0.0190 | |
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 | 117 | 110 |
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 98 | 100 |
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 101 | 102 |
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 | 98 | 95 |
Weighted Average | ABS | Valuation Technique, Market Approach | Measurement Input, Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 100 | 98 |
Weighted Average | ABS | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 100 | 100 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Residential mortgage loans - FVO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | $ 188 | $ 299 | |
Total realized/unrealized gains (losses) included in net income (loss) | 9 | 7 | $ 7 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 0 | 0 | |
Sales | (13) | (87) | |
Issuances | 0 | 0 | |
Settlements | (19) | (31) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 165 | 188 | 299 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 3 | (14) | (15) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 | 3 | (14) | (15) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 | 67 | (129) | (59) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 579 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (146) | (225) | |
Total realized/unrealized gains (losses) included in net income (loss) | 279 | (108) | (161) |
Total realized/unrealized gains (losses) included in AOCI | 761 | 157 | (140) |
Purchases | 4 | 4 | |
Sales | 0 | 0 | |
Issuances | (2) | (2) | |
Settlements | (296) | 29 | |
Transfers into Level 3 | 0 | (1) | |
Transfers out of Level 3 | (6) | 0 | |
Balance at December 31, | 594 | (146) | (225) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 67 | (129) | (59) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 579 | ||
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 | (124) | 264 | (150) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (33) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (742) | (739) | |
Total realized/unrealized gains (losses) included in net income (loss) | (110) | 274 | (150) |
Total realized/unrealized gains (losses) included in AOCI | (34) | (2) | (15) |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (255) | (275) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | (1,141) | (742) | (739) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (124) | 264 | (150) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (33) | ||
Corporate fixed maturity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 14,229 | 10,467 | |
Total realized/unrealized gains (losses) included in net income (loss) | (88) | (49) | 9 |
Total realized/unrealized gains (losses) included in AOCI | 1,774 | 893 | (745) |
Purchases | 5,013 | 3,689 | |
Sales | (1,107) | (870) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 4,985 | 606 | |
Transfers out of Level 3 | (705) | (507) | |
Balance at December 31, | 24,101 | 14,229 | 10,467 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (48) | (50) | 1 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 1,754 | ||
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 | (48) | (50) | 1 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 1,754 | ||
Corporate fixed maturity securities | Metropolitan Property And Casualty Insurance Company [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Transfers out of Level 3 | 137 | ||
Foreign government | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 117 | 138 | |
Total realized/unrealized gains (losses) included in net income (loss) | (2) | 0 | 3 |
Total realized/unrealized gains (losses) included in AOCI | (1) | (2) | (14) |
Purchases | 29 | 10 | |
Sales | (8) | (24) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 6 | 20 | |
Transfers out of Level 3 | (24) | (25) | |
Balance at December 31, | 117 | 117 | 138 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (1) | 0 | 1 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (1) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (1) | 0 | 1 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | (1) | ||
Structured Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 4,458 | 4,266 | |
Total realized/unrealized gains (losses) included in net income (loss) | 49 | 46 | 82 |
Total realized/unrealized gains (losses) included in AOCI | 41 | 42 | (23) |
Purchases | 1,975 | 1,338 | |
Sales | (918) | (737) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 127 | 0 | |
Transfers out of Level 3 | (443) | (497) | |
Balance at December 31, | 5,289 | 4,458 | 4,266 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 54 | 44 | 70 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 47 | ||
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 | 54 | 44 | 70 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 47 | ||
Structured Securities | Metropolitan Property And Casualty Insurance Company [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Transfers out of Level 3 | 29 | ||
Municipals | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 7 | 0 | |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 0 | 7 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (7) | 0 | |
Balance at December 31, | 0 | 7 | 0 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | ||
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 430 | 419 | |
Total realized/unrealized gains (losses) included in net income (loss) | 12 | 47 | (36) |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 11 | 65 | |
Sales | (156) | (98) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (147) | (3) | |
Balance at December 31, | 150 | 430 | 419 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 2 | 39 | (26) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 | 2 | 39 | (26) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | ||
Unit-linked and FVO Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 625 | 405 | |
Total realized/unrealized gains (losses) included in net income (loss) | 67 | 48 | 6 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 47 | 203 | |
Sales | (101) | (39) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 154 | 20 | |
Transfers out of Level 3 | (91) | (12) | |
Balance at December 31, | 701 | 625 | 405 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 69 | 48 | 8 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 | 69 | 48 | 8 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | ||
Short-term Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 32 | 33 | |
Total realized/unrealized gains (losses) included in net income (loss) | (7) | 0 | (1) |
Total realized/unrealized gains (losses) included in AOCI | 4 | (1) | (1) |
Purchases | 38 | 31 | |
Sales | (17) | (33) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 9 | 2 | |
Transfers out of Level 3 | (16) | 0 | |
Balance at December 31, | 43 | 32 | 33 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (7) | 0 | (1) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 4 | ||
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 | (7) | 0 | (1) |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 4 | ||
Other Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 455 | 39 | |
Total realized/unrealized gains (losses) included in net income (loss) | 19 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 99 | 416 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Balance at December 31, | 573 | 455 | 39 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 24 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 | 24 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 0 | ||
Separate Accounts | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 980 | 937 | |
Total realized/unrealized gains (losses) included in net income (loss) | (5) | 7 | 7 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 |
Purchases | 270 | 191 | |
Sales | (159) | (151) | |
Issuances | (4) | (3) | |
Settlements | 1 | 2 | |
Transfers into Level 3 | 1 | 0 | |
Transfers out of Level 3 | (5) | (3) | |
Balance at December 31, | 1,079 | 980 | 937 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | 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 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period | $ 0 |
Fair Value (Fair Value Option f
Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) - Residential mortgage loans - FVO - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | $ 172 | $ 209 |
Difference between estimated fair value and unpaid principal balance | (7) | (21) |
Carrying value at estimated fair value | 165 | 188 |
Loans in nonaccrual status | 45 | 47 |
Loans more than 90 days past due | 27 | 18 |
Loans in nonaccrual status or more than 90 days past due, or both - difference between aggregate estimate fair value and unpaid principal balance | $ (13) | $ (19) |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans, net (1) | $ 83,919 | $ 80,529 | |
Nonrecurring | Mortgages [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Adjustment | (127) | (2) | $ (2) |
Nonrecurring | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage loans, net (1) | $ 408 | $ 52 |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Policy loans | $ 9,493 | $ 9,680 |
Liabilities | ||
Collateral financing arrangement | 845 | 993 |
Junior subordinated debt securities | 3,153 | 3,150 |
Separate account liabilities | 199,970 | 188,445 |
Carrying Value | ||
Assets | ||
Mortgage loans | 83,754 | 80,341 |
Policy loans | 9,493 | 9,680 |
Other invested assets | 1,188 | 1,183 |
Premiums, reinsurance and other receivables | 2,729 | 3,678 |
Other assets | 300 | 318 |
Liabilities | ||
Policyholder account balances | 126,458 | 119,262 |
Long-term debt | 14,492 | 13,336 |
Collateral financing arrangement | 845 | 993 |
Junior subordinated debt securities | 3,153 | 3,150 |
Other liabilities | 2,113 | 2,045 |
Separate account liabilities | 115,682 | 110,837 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans | 88,675 | 83,079 |
Policy loans | 11,598 | 11,655 |
Other invested assets | 1,188 | 1,183 |
Premiums, reinsurance and other receivables | 2,978 | 3,884 |
Other assets | 301 | 319 |
Liabilities | ||
Policyholder account balances | 134,569 | 122,998 |
Long-term debt | 18,332 | 15,830 |
Collateral financing arrangement | 710 | 810 |
Junior subordinated debt securities | 4,604 | 4,405 |
Other liabilities | 3,133 | 2,819 |
Separate account liabilities | 115,682 | 110,837 |
Estimated Fair Value | Level 1 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Other invested assets | 0 | 0 |
Premiums, reinsurance and other receivables | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 0 | 0 |
Collateral financing arrangement | 0 | 0 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 0 | 0 |
Separate account liabilities | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 326 |
Other invested assets | 814 | 809 |
Premiums, reinsurance and other receivables | 908 | 1,178 |
Other assets | 111 | 131 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 18,332 | 15,830 |
Collateral financing arrangement | 0 | 0 |
Junior subordinated debt securities | 4,604 | 4,405 |
Other liabilities | 527 | 540 |
Separate account liabilities | 115,682 | 110,837 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans | 88,675 | 83,079 |
Policy loans | 11,598 | 11,329 |
Other invested assets | 374 | 374 |
Premiums, reinsurance and other receivables | 2,070 | 2,706 |
Other assets | 190 | 188 |
Liabilities | ||
Policyholder account balances | 134,569 | 122,998 |
Long-term debt | 0 | 0 |
Collateral financing arrangement | 710 | 810 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 2,606 | 2,279 |
Separate account liabilities | $ 0 | $ 0 |
Leases Lease Costs (Details)
Leases Lease Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Costs [Abstract] | |||
Operating lease cost | $ 286 | $ 282 | |
Variable lease cost | 39 | 49 | |
Sublease income | (99) | (89) | $ (72) |
Net lease cost | $ 226 | $ 242 |
Leases Leases (Details)
Leases Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets and Liabilities, Lessee [Abstract] | |||
ROU asset | $ 1,314 | $ 1,488 | |
Cash paid for amounts included in the measurement of lease liability - operating cash flows | 289 | 285 | |
ROU assets obtained in exchange for new lease liabilities | $ 70 | $ 341 | $ 0 |
Weighted-average remaining lease term | 8 years | 8 years | |
Weighted-average discount rate | 3.40% | 3.30% | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2021 | $ 283 | ||
2022 | 238 | ||
2023 | 219 | ||
2024 | 197 | ||
2025 | 185 | ||
Thereafter | 553 | ||
Total undiscounted cash flows | 1,675 | ||
Less: interest | 205 | ||
Other Liabilities [Member] | |||
Assets and Liabilities, Lessee [Abstract] | |||
Lease liability | 1,470 | $ 1,654 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Lease liability | 1,470 | 1,654 | |
Lessee, Lease, Description [Line Items] | |||
Lease liability | $ 1,470 | $ 1,654 |
Leases Leases - (Narrative) (De
Leases Leases - (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating Leases, Rent Expense, Net | $ 342 | ||
Sublease income | $ 99 | $ 89 | $ 72 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 14 years | ||
Sublease Income | Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Sublease Income | Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 9 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | $ 9,988 | $ 10,102 | $ 10,270 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - beginning of period | 9,308 | 9,422 | 9,590 |
Acquisitions | 932 | 19 | |
Disposition | (71) | ||
Effect of foreign currency translation and other | 200 | (62) | (168) |
Goodwill - end of period | 10,792 | 9,988 | 10,102 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - end of period | 10,112 | 9,308 | 9,422 |
Metropolitan Property And Casualty Insurance Company [Member] | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 328 | ||
Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 328 | ||
U.S. | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,466 | 1,451 | 1,451 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 1,466 | 1,451 | 1,451 |
Acquisitions | 932 | 15 | |
Disposition | 0 | ||
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill - end of period | 2,070 | 1,466 | 1,451 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 2,070 | 1,466 | 1,451 |
U.S. | Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 328 | ||
Asia | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 4,636 | 4,690 | 4,673 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 4,636 | 4,690 | 4,673 |
Acquisitions | 0 | 4 | |
Disposition | (71) | ||
Effect of foreign currency translation and other | 127 | 13 | 17 |
Goodwill - end of period | 4,763 | 4,636 | 4,690 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 4,763 | 4,636 | 4,690 |
Asia | Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
Latin America | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,099 | 1,172 | 1,306 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 1,099 | 1,172 | 1,306 |
Acquisitions | 0 | 0 | |
Disposition | 0 | ||
Effect of foreign currency translation and other | 44 | (73) | (134) |
Goodwill - end of period | 1,143 | 1,099 | 1,172 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 1,143 | 1,099 | 1,172 |
Latin America | Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
EMEA | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,117 | 1,119 | 1,170 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 1,117 | 1,119 | 1,170 |
Acquisitions | 0 | 0 | |
Disposition | 0 | ||
Effect of foreign currency translation and other | 29 | (2) | (51) |
Goodwill - end of period | 1,146 | 1,117 | 1,119 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 1,146 | 1,117 | 1,119 |
EMEA | Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
MetLife Holdings | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 1,567 | 1,567 | 1,567 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - beginning of period | 887 | 887 | 887 |
Acquisitions | 0 | 0 | |
Disposition | 0 | ||
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill - end of period | 1,567 | 1,567 | 1,567 |
Accumulated impairment | (680) | (680) | (680) |
Total goodwill, net - end of period | 887 | 887 | 887 |
MetLife Holdings | Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
Corporate & Other | |||
Goodwill Rollforward and by Segment | |||
Goodwill - beginning of period | 103 | 103 | 103 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - beginning of period | 103 | 103 | 103 |
Acquisitions | 0 | 0 | |
Disposition | 0 | ||
Effect of foreign currency translation and other | 0 | 0 | 0 |
Goodwill - end of period | 103 | 103 | 103 |
Accumulated impairment | 0 | 0 | 0 |
Total goodwill, net - end of period | 103 | 103 | 103 |
Corporate & Other | Goodwill | |||
Goodwill Rollforward and by Segment | |||
Disposal Group, Including Discontinued Operation, Goodwill | 0 | ||
JAPAN | |||
Goodwill Rollforward and by Segment | |||
Total goodwill, net - beginning of period | 4,500 | 4,500 | |
Total goodwill, net - end of period | $ 4,600 | $ 4,500 | $ 4,500 |
Long-term and Short-term Debt_2
Long-term and Short-term Debt (Long-term and Short-term Outstanding) (Details) $ in Millions, ¥ in Billions | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (90) | $ (88) | ||||
Financing lease obligations | 106 | 125 | ||||
Long Term Debt Excluding Consolidated Securitization Entities Face Value | 14,688 | 13,549 | ||||
Long-term debt | 14,598 | 13,461 | ||||
Short-term debt | 393 | 235 | ||||
Debt And Capital Lease Obligations Face Value | 15,081 | 13,784 | ||||
Total | 14,991 | 13,696 | ||||
Debt Instrument, Face Amount | 3,200 | |||||
Debt Issuance Costs, Gross | 6 | 9 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 | |||||
Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate | 4.28% | |||||
Debt Instrument, Principal Outstanding | $ 13,548 | 12,460 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (85) | (81) | ||||
Long-term Debt | $ 13,463 | 12,379 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |||||
Surplus notes | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate | 7.79% | |||||
Debt Instrument, Principal Outstanding | $ 507 | 507 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (3) | (4) | ||||
Long-term Debt | $ 504 | 503 | ||||
Other notes | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate | 2.89% | |||||
Debt Instrument, Principal Outstanding | $ 527 | 457 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (2) | (3) | ||||
Long-term Debt | 525 | 454 | ||||
Capital Lease Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | 0 | ||||
Short-term Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | 0 | ||||
Other Notes MPEH [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 50 | $ 350 | $ 75 | |||
Repayments of Long-term Debt | $ 75 | $ 50 | ||||
Minimum | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | |||||
Minimum | Surplus notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.63% | |||||
Minimum | Other notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.14% | |||||
Maximum | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | |||||
Maximum | Surplus notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.88% | |||||
Maximum | Other notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | |||||
Senior Debt Yen 25.2 Billion May 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 230 | ¥ 25.2 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.495% | 0.495% | ||||
senior debt 1.0 billion March 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |||||
Committed Credit Facility Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |||||
Committed Credit Facility Six [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,896 | |||||
General Credit Facility Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | |||||
Committed Credit FacilityMPEH [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350 |
Long-term and Short-term Debt_3
Long-term and Short-term Debt (Short-term with Maturities of Year or Less) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 100 | $ 99 |
Other Short-term Borrowings | 293 | 136 |
Short-term Debt | 393 | 235 |
Average daily balance | $ 326 | $ 216 |
Average days outstanding | 69 days | 34 days |
Long-term and Short-term Debt_4
Long-term and Short-term Debt (Credit Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Collateral financing arrangement | $ 845 | $ 993 |
General Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife, Inc. and MetLife Funding, Inc. | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |
Letters of Credit Issued | 463 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 2,537 |
Long-term and Short-term Debt_5
Long-term and Short-term Debt (Committed Facilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Collateral financing arrangement | $ 845 | $ 993 |
Committed Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400 | |
Letters of Credit Issued | 396 | |
Collateral financing arrangement | 0 | |
Unused Commitments | $ 4 | |
Committed Credit Facility Six [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,896 | |
Letters of Credit Issued | 2,483 | |
Collateral financing arrangement | 0 | |
Unused Commitments | 413 | |
Committed Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,296 | |
Letters of Credit Issued | 2,879 | |
Collateral financing arrangement | 0 | |
Unused Commitments | 417 | |
Brighthouse Financial, Inc | Committed Credit Facility Six [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit Issued | $ 2,500 |
Long-term and Short-term Debt_6
Long-term and Short-term Debt (Narrative) (Details) £ in Millions, $ in Millions, ¥ in Billions | Jun. 26, 2018USD ($) | Jul. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Jun. 30, 2020 | Mar. 31, 2020USD ($) | Dec. 31, 2019JPY (¥) | May 08, 2018 | Apr. 19, 2018 | Mar. 22, 2018 |
Debt Instrument [Line Items] | |||||||||||||||
Other Short-term Borrowings | $ 293 | $ 136 | |||||||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.02% | 2.01% | 2.88% | 3.02% | 2.88% | ||||||||||
Debt Instrument, Face Amount | $ 3,200 | ||||||||||||||
Debt Issuance Costs, Gross | $ 6 | 9 | |||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 90 | 88 | |||||||||||||
Long Term Debt Aggregate Maturities, Year One | 77 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Two | 527 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Three | 1,000 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Four | 2,100 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Five | 1,200 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,600 | ||||||||||||||
Reduction of long-term debt | 0 | 0 | $ 944 | ||||||||||||
Redemption Premium | $ 18 | 40 | 30 | ||||||||||||
Interest Expense, Debt | 632 | 656 | 827 | ||||||||||||
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 37 | ||||||||||||||
Senior notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Principal Outstanding | $ 13,548 | 12,460 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 85 | 81 | |||||||||||||
Other Notes MPEH [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 50 | 350 | $ 75 | ||||||||||||
Repayments of Long-term Debt | $ 75 | 50 | |||||||||||||
Other Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Principal Outstanding | 527 | 457 | |||||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 2 | $ 3 | |||||||||||||
Senior Debt GBP 400 Million June 2020 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | |||||||||||||
Early Repayment of Senior Debt | $ 509 | £ 400 | |||||||||||||
Principal1035MaturityAugust2018 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 1,035 | $ 1,035 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.817% | 6.817% | |||||||||||||
Early Repayment of Senior Debt | $ 160 | ||||||||||||||
Reduction of long-term debt | $ 343 | ||||||||||||||
Principal1035MaturityFebruary2019 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 1,035 | $ 1,035 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.717% | 7.717% | |||||||||||||
Early Repayment of Senior Debt | $ 566 | ||||||||||||||
Reduction of long-term debt | $ 469 | ||||||||||||||
Redemption Premium | 14 | ||||||||||||||
Principal1000MaturityFebruary2021 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 1,000 | $ 1,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | |||||||||||||
Early Repayment of Senior Debt | $ 500 | ||||||||||||||
Reduction of long-term debt | $ 132 | ||||||||||||||
Senior Debt $368 Million February 2021 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | |||||||||||||
Early Repayment of Senior Debt | $ 368 | ||||||||||||||
Senior Debt Yen 25.2 Billion May 2026 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 230 | ¥ 25.2 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.495% | 0.495% | |||||||||||||
Senior Debt Yen 64.9 Billion May 2029 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 591 | ¥ 64.9 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.769% | 0.769% | |||||||||||||
Senior Debt Yen 10.7 Billion May 2031 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 98 | ¥ 10.7 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.898% | 0.898% | |||||||||||||
Senior Debt Yen 26.5 Billion May 2034 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 241 | ¥ 26.5 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.189% | 1.189% | |||||||||||||
Senior Debt Yen 24.4 Billion May 2039 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 222 | ¥ 24.4 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.385% | 1.385% | |||||||||||||
Securities Sold under Agreements to Repurchase [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Other Short-term Borrowings | 293 | $ 136 | |||||||||||||
Parent Company [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long Term Debt Aggregate Maturities, Year One | 1,000 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Two | 500 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Three | 1,400 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Four | 1,500 | ||||||||||||||
Long Term Debt Aggregate Maturities, Year Five | 1,200 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,900 | ||||||||||||||
Reduction of long-term debt | 0 | 0 | 944 | ||||||||||||
Interest Expense, Debt | 833 | $ 850 | $ 1,009 | ||||||||||||
Parent Company [Member] | Senior Notes Affiliated [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 182.00% | 3.14% | 2.97% | ||||||||||||
Parent Company [Member] | MaturitySeptember2020Rate.82 [Member] | Senior Notes Affiliated [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.82% | ||||||||||||||
Brighthouse Financial, Inc | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Reduction of long-term debt | $ 944 | ||||||||||||||
Committed Credit Facility Six [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letters of Credit Outstanding, Amount | 2,483 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,896 | ||||||||||||||
Committed Credit Facility Six [Member] | Brighthouse Financial, Inc | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Letters of Credit Outstanding, Amount | $ 2,500 |
Long-term and Short-term Debt L
Long-term and Short-term Debt Long-term and Short-term Debt (Narrative - Line of Credit) (Details) - USD ($) | 12 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2037 | Dec. 01, 2037 | Dec. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Committed Credit Facility Six [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 413,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,896,000,000 | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 2,800,000,000 | |||||||||
General Credit Facility Three [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,537,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||
Committed Credit Facility Three [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 4,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |||||||||
Committed Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 417,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,296,000,000 | |||||||||
Committed Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,300,000,000 | |||||||||
Line of Credit Facility, Commitment Fee Amount | 12,000,000 | $ 12,000,000 | $ 15,000,000 | |||||||
General Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 14,000,000 | $ 12,000,000 | $ 10,000,000 | |||||||
Forecast [Member] | Committed Credit Facility Six [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | $ 2,000,000,000 | ||||||||
Forecast [Member] | Committed Credit Facility Three [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 0 | $ 260,000,000 | $ 310,000,000 | $ 360,000,000 | $ 380,000,000 |
Collateral Financing Arrangem_3
Collateral Financing Arrangements Collateral Financing Arrangements (Associated with Closed Block) (Details) - Secured Debt [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2007 | |
Parent Company [Member] | Secured Debt Mrc [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 1.12% | |||
Met Life Reinsurance Company Of Charleston [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Principal Outstanding | $ 845 | $ 993 | ||
Other Receivables | 110 | 130 | ||
Pledged Assets Separately Reported, Securities Pledged for Other Debt Obligations, at Fair Value | 41 | 58 | ||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 1,408 | 1,390 | ||
Increase (Decrease) in Other Receivables | $ 20 | $ 9 | $ 7 | |
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 0.55% |
Collateral Financing Arrangem_4
Collateral Financing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2007 | |
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Debt Instrument, Face Amount | $ 3,200 | |||
AmountTransferredTo(From)TheTrust | $ (78) | 2 | $ 97 | |
Parent Company | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Interest expense | 833 | 850 | 1,009 | |
MRC [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 0.55% | |||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Interest expense | 20 | 38 | 37 | |
Debt Instrument, Face Amount | $ 2,500 | |||
Debt Instrument, Term in Years | 35 years | |||
Partial repurchase | 148 | 67 | 61 | |
Increase (Decrease) in Other Receivables | 20 | 9 | 7 | |
MRC [Member] | Cash Received (Paid) Collateral Financing Arrangements MRC [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Cash Received (Paid) In Connection With Collateral Financing Arrangements | 20 | $ 9 | $ 7 | |
MRC [Member] | Parent Company | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate Terms | three-month LIBOR plus 1.12% | |||
Cumulative Repayment [Member] | MRC [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Partial repurchase | $ 1,700 |
Junior Subordinated Debt Secu_3
Junior Subordinated Debt Securities (Junior Subordinated Debt Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Face Value | $ 3,200 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (90) | (88) |
Junior Subordinated Notes | 3,153 | 3,150 |
MetLife Inc $500M Maturing 2069 [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | 500 | 500 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (6) | (7) |
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | |
Debt Instrument, Interest Rate Terms | LIBOR + 7.548% | |
Junior Subordinated Notes | $ 494 | 493 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (85) | (81) |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |
MetLife Capital Trust X $750M Maturing 2068 [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | $ 750 | 750 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (10) | (10) |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |
Debt Instrument, Interest Rate Terms | LIBOR + 5.540% | |
Junior Subordinated Notes | $ 740 | 740 |
MetLife Capital Trust IV $700M Maturing 2067 [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | 700 | 700 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (14) | (15) |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | |
Debt Instrument, Interest Rate Terms | LIBOR + 3.960% | |
Junior Subordinated Notes | $ 686 | 685 |
MetLife Inc $1,250M Maturing 2066 [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | 1,250 | 1,250 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (17) | (18) |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | |
Debt Instrument, Interest Rate Terms | LIBOR + 2.205% | |
Junior Subordinated Notes | $ 1,233 | 1,232 |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Face Value | 3,200 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (47) | $ (50) |
Junior Subordinated Debt Secu_4
Junior Subordinated Debt Securities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR | ||
Debt Instrument, Face Amount | $ 3,200 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 90 | 88 | |
Interest Expense, Junior Subordinated Debentures | 261 | 261 | $ 258 |
Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 85 | 81 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 3,200 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 47 | 50 | |
Junior Subordinated Debt Instrument One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 500 | 500 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 6 | 7 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | ||
Junior Subordinated Debt Instrument Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,250 | 1,250 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 17 | 18 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||
Junior Subordinated Debt Instrument Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 700 | 700 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 14 | 15 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||
Junior Subordinated Debt Instrument Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 750 | 750 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 10 | $ 10 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 10, 2020 | Jan. 15, 2020 | Jun. 04, 2018 | Mar. 20, 2018 | |
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 | ||||||
Preferred Stock, Shares Issued | 26,072,200 | 26,032,200 | ||||||
Preferred Stock, Shares Outstanding | 26,072,200 | 26,032,200 | ||||||
Preferred Stock | ||||||||
Preferred stock, dividends | $ 202,000,000 | $ 178,000,000 | $ 141,000,000 | |||||
Series A Preferred Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Dividend Payment Rate, Variable | Three-month LIBOR + 1.00%, with floor of 4.00% | |||||||
Preferred Stock, Shares Authorized | 27,600,000 | 27,600,000 | ||||||
Preferred Stock, Shares Issued | 24,000,000 | 24,000,000 | ||||||
Preferred Stock, Shares Outstanding | 24,000,000 | 24,000,000 | ||||||
Preferred Stock | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1.015 | $ 1.017 | $ 1.015 | |||||
Preferred stock, dividends | $ 24,000,000 | $ 24,000,000 | $ 25,000,000 | |||||
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.25% Fixed-to-Floating Rate | |||||||
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 | ||||||
Preferred Stock, Shares Issued | 500,000 | 1,500,000 | ||||||
Preferred Stock, Shares Outstanding | 500,000 | 1,500,000 | ||||||
Preferred Stock | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 45.860 | $ 52.500 | $ 52.500 | |||||
Preferred stock, dividends | $ 59,000,000 | $ 79,000,000 | $ 79,000,000 | |||||
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.875 | |||||||
Preferred Stock, Shares Authorized | 500,000 | 500,000 | ||||||
Preferred Stock, Shares Issued | 500,000 | 500,000 | 500,000 | |||||
Preferred Stock, Shares Outstanding | 500,000 | 500,000 | ||||||
Preferred Stock | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 58.750 | $ 58.750 | $ 28.233 | |||||
Preferred stock, dividends | $ 30,000,000 | $ 30,000,000 | $ 14,000,000 | |||||
Series E Preferred Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 32,200 | 32,200 | ||||||
Preferred Stock, Shares Issued | 32,200 | 32,200 | 32,200 | |||||
Preferred Stock, Shares Outstanding | 32,200 | 32,200 | ||||||
Preferred Stock | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,406.252 | $ 1,406.252 | $ 746.094 | |||||
Preferred stock, dividends | $ 45,000,000 | $ 45,000,000 | $ 23,000,000 | |||||
Series A Junior Preferred Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||
Not Designated Preferred Stock [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 159,327,800 | 160,367,800 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 40,000 | 0 | ||||||
Preferred Stock, Shares Issued | 40,000 | 0 | 40,000 | |||||
Preferred Stock, Shares Outstanding | 40,000 | 0 | ||||||
Preferred Stock | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 1,088.542 | $ 0 | $ 0 | |||||
Preferred stock, dividends | $ 44,000,000 | $ 0 | $ 0 | |||||
Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $0.01 | ||||||||
Dividends Payable [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 0 | ||||||
Preferred Stock, Shares Issued | 1,000,000 | 0 | 1,000,000 | |||||
Preferred Stock, Shares Outstanding | 1,000,000 | 0 | ||||||
Preferred Stock | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | $ 0 | $ 0 | |||||
Preferred stock, dividends | $ 0 | $ 0 | $ 0 |
Equity (Preferred Stock - Narra
Equity (Preferred Stock - Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 10, 2020 | Jan. 15, 2020 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2020 | Jul. 31, 2019 | Nov. 01, 2018 | Jun. 04, 2018 | May 22, 2018 | Mar. 20, 2018 |
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | $ 2,000 | $ 2,000 | $ 1,500 | |||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,800 | $ 2,800 | |||||||||||||||
Preferred Stock, Shares Issued | 26,072,200 | 26,072,200 | 26,032,200 | ||||||||||||||
Preferred stock issued, net of issuance costs | $ 1,961 | $ 0 | $ 1,274 | ||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 26,072,200 | 26,072,200 | 26,032,200 | ||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||||
Preferred stock redemption premium | $ 0 | $ 14 | $ 0 | $ 0 | $ 14 | $ 0 | $ 0 | ||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.625% | 562.50% | |||||||||||||||
Preferred Stock, Shares Issued | 32,200 | 32,200 | 32,200 | 32,200 | |||||||||||||
Preferred stock issued, net of issuance costs | $ 780 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 25 | ||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 32,200 | 32,200 | 32,200 | ||||||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||||||
Preferred Stock, Shares Authorized | 32,200 | 32,200 | 32,200 | ||||||||||||||
Series E Preferred Stock [Member] | Depositary Share [Member] | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 25 | $ 25 | |||||||||||||||
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Shares Issued | 500,000 | 500,000 | 500,000 | 500,000 | |||||||||||||
Preferred stock issued, net of issuance costs | $ 494 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 6 | ||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 500,000 | 500,000 | 500,000 | ||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.875 | ||||||||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||||
Preferred Stock, Shares Authorized | 500,000 | 500,000 | 500,000 | ||||||||||||||
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Shares Issued | 500,000 | 500,000 | 1,500,000 | ||||||||||||||
Preferred stock redemption price per share | $ 1,000 | $ 1,000 | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 500,000 | 500,000 | 1,500,000 | ||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.25% Fixed-to-Floating Rate | ||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 1,000 | $ 1,000 | |||||||||||||||
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 | 1,500,000 | ||||||||||||||
Redeem and Canceled Preferred Stock [Line Items] | 1,000,000 | 1,000,000 | |||||||||||||||
Preferred stock redemption premium | $ 14 | ||||||||||||||||
Preferred Stock, Redemption Amount | $ 1,000 | $ 1,000 | |||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Shares Issued | 24,000,000 | 24,000,000 | 24,000,000 | ||||||||||||||
Preferred stock redemption price per share | $ 25 | $ 25 | |||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 24,000,000 | 24,000,000 | 24,000,000 | ||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | Three-month LIBOR + 1.00%, with floor of 4.00% | ||||||||||||||||
Preferred Stock, Shares Authorized | 27,600,000 | 27,600,000 | 27,600,000 | ||||||||||||||
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 4.75% | 475.00% | |||||||||||||||
Preferred Stock, Shares Issued | 40,000 | 40,000 | 40,000 | 0 | |||||||||||||
Preferred stock issued, net of issuance costs | $ 972 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 28 | ||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 40,000 | 40,000 | 0 | ||||||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||||||
Preferred Stock, Shares Authorized | 40,000 | 40,000 | 0 | ||||||||||||||
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | Depositary Share [Member] | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 25 | $ 25 | |||||||||||||||
Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $0.01 | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 3.85% | 385.00% | |||||||||||||||
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 | 1,000,000 | 0 | |||||||||||||
Preferred stock issued, net of issuance costs | $ 989 | ||||||||||||||||
Payments of Stock Issuance Costs | $ 11 | ||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 | 0 | ||||||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 0 | ||||||||||||||
Treasury Shares Issued For Stock Options [Member] | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 0 | 0 | 0 | ||||||||||||||
Fixed Rate1 [Member] | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.875% | ||||||||||||||||
Fixed Rate1 [Member] | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | 5.250% | ||||||||||||||||
Variable Rate1 [Member] | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | three-month LIBOR + 2.959% | ||||||||||||||||
Variable Rate1 [Member] | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | three-month LIBOR + 3.575% | ||||||||||||||||
Variable Rate1 [Member] | Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred Stock, Dividend Payment Rate, Variable | five year treasury rate, reset every five years, + 3.576% | ||||||||||||||||
RatingAgency [Member] | Series E Preferred Stock [Member] | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 25,500 | $ 25,500 | |||||||||||||||
RatingAgency [Member] | Series E Preferred Stock [Member] | Depositary Share [Member] | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | 25.50 | 25.50 | |||||||||||||||
RatingAgency [Member] | Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | 1,020 | 1,020 | |||||||||||||||
RatingAgency [Member] | Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | 25,500 | 25,500 | |||||||||||||||
RatingAgency [Member] | Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F | Depositary Share [Member] | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | 25.50 | 25.50 | |||||||||||||||
RatingAgency [Member] | Fixed Rate Reset Non-Cumulative Preferred Stock, Series G, par value $0.01 | |||||||||||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||
Preferred stock, aggregate liquidation preference | $ 1,020 | $ 1,020 | |||||||||||||||
May2018Authorization [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 0 | $ 0 | |||||||||||||||
November2018Authorization [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 0 | 0 | |||||||||||||||
July2019Authorization [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 0 | 0 | |||||||||||||||
December2020Authorization | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,835 | $ 2,835 |
Equity (Common Stock - Narrativ
Equity (Common Stock - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 11, 2020 | Jul. 31, 2019 | Nov. 01, 2018 | May 22, 2018 | |
Business Acquisition [Line Items] | |||||||
Common Stock, Shares, Issued | 1,181,614,288 | 1,177,680,299 | |||||
Cost of shares issued | $ 160 | $ 206 | $ 89 | ||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | $ 2,000 | $ 2,000 | $ 1,500 | |||
Class of Stock Disclosures [Abstract] | |||||||
Repurchase amount outstanding | $ 2,800 | ||||||
Repurchase Shares | 26,361,487 | 49,131,501 | 88,029,138 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,151 | $ 2,285 | $ 3,992 | ||||
Common Shares Issued For Stock Options [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Common stock, shares issued | 3,933,989 | 5,856,057 | 3,114,141 | ||||
Cost of shares issued | $ 153 | $ 199 | $ 108 | ||||
Treasury Shares Issued For Stock Options [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Issued Treasury Stock | 0 | 0 | 0 |
Equity (Compensation Expense Re
Equity (Compensation Expense Related to Stock-Based Compensation - Related to Phantom Stock-Based Awards) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 127 | $ 150 | $ 86 |
Income tax benefit | 27 | 32 | 18 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 6 | 7 | 6 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 63 | 89 | 23 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $ 58 | $ 54 | $ 57 |
Equity (Unrecognized Compensati
Equity (Unrecognized Compensation Expense Related to Stock-Based Compensation) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 2 |
Weighted Average Period | 1 year 6 months 25 days |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 28 |
Weighted Average Period | 1 year 7 months 20 days |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $ 38 |
Weighted Average Period | 1 year 9 months 3 days |
Equity (Summary of Activity Rel
Equity (Summary of Activity Related to Stock Options) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares Under Option | |||
Shares Under Option Outstanding at January 1, | 9,011,323 | ||
Granted Shares Under Option | 487,564 | ||
Exercised Shares Under Option | (2,363,639) | ||
Expired Shares Under Option | (55,844) | ||
Forfeited Shares Under Option | (36,963) | ||
Shares Under Option Outstanding at December 31, | 7,042,441 | 9,011,323 | |
Vested and expected to vest at December 31, | 7,030,683 | ||
Shares Under Option Exercisable at December 31, | 6,005,334 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price Outstanding at January 1, | $ 39.20 | ||
Granted Weighted Average Exercise Price | 47.58 | $ 44.65 | $ 45.50 |
Exercised Weighted Average Exercise Price | 37.79 | ||
Expired Weighted Average Exercise Price | 34.27 | ||
Forfeited Weighted Average Exercise Price | 46.56 | ||
Weighted Average Exercise Price Outstanding at December 31, | 40.25 | $ 39.20 | |
Weighted Average Exercise Price Aggregate number of stock options expected to vest at December 31, | 40.25 | ||
Weighted Average Exercise Price Exercisable at December 31, | $ 39.24 | ||
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term Outstanding at January 1, | 3 years 11 months 12 days | 3 years 8 months 23 days | |
Weighted Average Remaining Contractual Term Aggregate number of stock options expected to vest at December 31, | 3 years 11 months 8 days | ||
Weighted Average Remaining Contractual Term Exercisable at December 31, | 3 years 2 months 1 day | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value Outstanding at January 1, | $ 106 | ||
Aggregate Intrinsic Value Outstanding at December 31, | 47 | $ 106 | |
Aggregate Intrinsic Value Aggregate number of stock options expected to vest at December 31, | 47 | ||
Aggregate Intrinsic Value Exercisable at December 31, | $ 46 | ||
Sale of Stock, Price Per Share | $ 46.95 | $ 50.97 |
Equity (Weighted Average Assump
Equity (Weighted Average Assumptions Used to Determine Fair Value of Stock Options) (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity - Stock-based Compensation Plans [Line Items] | |||
Dividend yield | 3.70% | 3.76% | 3.52% |
Risk-free rate of return, Minimum | 1.30% | 2.52% | 2.02% |
Risk-free rate of return, Maximum | 1.57% | 3.32% | 3.40% |
Expected volatility | 25.55% | 30.27% | 34.18% |
Exercise multiple | 1.44 | 1.43 | 1.43 |
Post-vesting termination rate | 3.79% | 3.86% | 3.77% |
Contractual term (years) | 10 years | 10 years | 10 years |
Expected life (years) | 7 years | 6 years | 6 years |
Weighted average exercise price of stock options granted | $ 47.58 | $ 44.65 | $ 45.50 |
Weighted average fair value of stock options granted | $ 9.02 | $ 10.36 | $ 11.87 |
Equity (Summary of Stock Option
Equity (Summary of Stock Option Exercise Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Total intrinsic value of stock options exercised | $ 29 | $ 60 | $ 24 |
Cash received from exercise of stock options | 89 | 125 | 54 |
Income tax benefit realized from stock options exercised | $ 6 | $ 13 | $ 5 |
Equity (Performance Share and R
Equity (Performance Share and Restricted Stock Unit) (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | shares | 3,945,742 |
Granted Shares | shares | 1,341,997 |
Forfeited Shares | shares | (117,786) |
Paid | shares | (1,068,099) |
Shares Outstanding at December 31, | shares | 4,101,854 |
Vested and expected to vest at December 31, | shares | 4,034,096 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $ / shares | $ 43.40 |
Granted Weighted Average Grant Date Fair Value | $ / shares | 41.89 |
Forfeited Weighted Average Grant Date Fair Value | $ / shares | 39.72 |
Payable Weighted Average Grant Date Fair Value | $ / shares | 46.24 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $ / shares | 40.61 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $ / shares | $ 40.60 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | shares | 2,894,428 |
Granted Shares | shares | 1,431,970 |
Forfeited Shares | shares | (178,960) |
Paid | shares | (1,359,288) |
Shares Outstanding at December 31, | shares | 2,788,150 |
Vested and expected to vest at December 31, | shares | 2,735,982 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $ / shares | $ 40.31 |
Granted Weighted Average Grant Date Fair Value | $ / shares | 41.21 |
Forfeited Weighted Average Grant Date Fair Value | $ / shares | 40.87 |
Payable Weighted Average Grant Date Fair Value | $ / shares | 40.78 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $ / shares | 40.51 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $ / shares | $ 40.52 |
Equity (Liability Award Activit
Equity (Liability Award Activity) (Details) | 12 Months Ended |
Dec. 31, 2020shares | |
Stock Options | |
Summary of performance share activity | |
Exercised Shares Liability Awards | (2,363,639) |
Expired Shares Liability Awards | (55,844) |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 3,945,742 |
Granted Shares Liability Awards | 1,341,997 |
Forfeited Shares Liability Awards | (117,786) |
Paid Liability Awards | (1,068,099) |
Shares Outstanding at December 31, | 4,101,854 |
Vested and expected to vest at December 31, | 4,034,096 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 2,894,428 |
Granted Shares Liability Awards | 1,431,970 |
Forfeited Shares Liability Awards | (178,960) |
Paid Liability Awards | (1,359,288) |
Shares Outstanding at December 31, | 2,788,150 |
Vested and expected to vest at December 31, | 2,735,982 |
Liability Awards Plan | Stock Options | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 501,687 |
Granted Shares Liability Awards | 21,518 |
Exercised Shares Liability Awards | (141,693) |
Expired Shares Liability Awards | (3,078) |
Forfeited Shares Liability Awards | 0 |
Paid Liability Awards | 0 |
Shares Outstanding at December 31, | 378,434 |
Vested and expected to vest at December 31, | 377,317 |
Liability Awards Plan | Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 529,997 |
Granted Shares Liability Awards | 185,251 |
Exercised Shares Liability Awards | 0 |
Expired Shares Liability Awards | 0 |
Forfeited Shares Liability Awards | (33,822) |
Paid Liability Awards | (166,191) |
Shares Outstanding at December 31, | 515,235 |
Vested and expected to vest at December 31, | 499,864 |
Liability Awards Plan | Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 623,095 |
Granted Shares Liability Awards | 319,981 |
Exercised Shares Liability Awards | 0 |
Expired Shares Liability Awards | 0 |
Forfeited Shares Liability Awards | (46,685) |
Paid Liability Awards | (290,944) |
Shares Outstanding at December 31, | 605,447 |
Vested and expected to vest at December 31, | 589,494 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2015 Stock Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 33,701,004 | |||
Other Stock And Incentive Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Deferred shares | 806,715 | |||
2015 Director Stock Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 1,548,274 | |||
Other Director Stock Plans | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Deferred shares | 298,808 | |||
Stock Options | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Award Expiration Date | 10 years | 10 years | 10 years | |
Stock Options | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Stock Options | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | 0 | |||
Performance Shares | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,068,099) | |||
Performance Factor | 91.40% | |||
Performance Shares | Scenario, Forecast | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (1,266,651) | |||
Performance Shares | Minimum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Future Performance Factor | 0.00% | |||
Performance Shares | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Future Performance Factor | 175.00% | |||
Performance Shares | Liability Awards Plan | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (166,191) | |||
Performance Shares | Liability Awards Plan | Scenario, Forecast | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | (170,214) |
Equity (Statutory Equity & Inco
Equity (Statutory Equity & Income - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Principal U.S. Insurance Subsidiaries, Excluding American Life | |||
Statutory Accounting Practices [Line Items] | |||
Combined RBC ratio of the principal U.S. insurance subsidiaries | in excess of 350% | in excess of 360% | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Prescribed Practice, Amount | $ 1,600 | $ 1,200 | |
Statutory Accounting Practices, Statutory Net Income Amount | 3,392 | 3,859 | $ 3,656 |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 11,312 | 10,915 | |
MetLife Reinsurance Company of Vermont | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Prescribed Practice, Amount | 2,000 | 2,000 | |
MetLife's Domestic Captive Life Reinsurance Subsidiaries | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Accounting Practices, Statutory Net Income Amount | (7) | (27) | $ (59) |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 691 | $ 695 | |
Japan | |||
Statutory Accounting Practices [Line Items] | |||
Adjusted capital | in excess of four times the 200% solvency margin ratio | in excess of four times the 200% solvency margin ratio | |
Other Foreign Operations, Excluding Japan | |||
Statutory Accounting Practices [Line Items] | |||
Statutory capital and surplus required | $ 3,900 | ||
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | $ 9,600 |
Equity (Statutory Net Income (L
Equity (Statutory Net Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 3,392 | $ 3,859 | $ 3,656 |
Statutory capital and surplus | 11,312 | 10,915 | |
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 980 | 1,386 | 2,086 |
Statutory capital and surplus | 4,419 | 4,970 | |
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 336 | 245 | 345 |
Statutory capital and surplus | 2,249 | 2,159 | |
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (237) | (13) | 76 |
Statutory capital and surplus | 1,387 | 1,502 | |
Other | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 84 | 12 | $ 16 |
Statutory capital and surplus | $ 186 | $ 105 |
Equity (Dividend Restrictions)
Equity (Dividend Restrictions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | $ 2,832 | $ 3,065 | |
Metropolitan Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 3,392 | ||
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | 1,200 | 1,100 | |
Dividends from subsidiary | 341 | ||
American Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 800 | ||
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | 250 | 430 | |
Metropolitan Property and Casualty Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 222 | ||
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Cash Dividends Paid | $ 0 | $ 0 | |
Metropolitan Tower Life Insurance Company | Scenario, Forecast | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | $ 82 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | $ 13,052 | $ 1,722 | $ 7,427 |
OCI before reclassifications | 7,602 | 15,047 | (9,114) |
Deferred income tax benefit (expense) | (1,664) | (3,339) | 1,921 |
AOCI before reclassifications, net of income tax | 18,990 | 13,430 | 234 |
Amounts reclassified from AOCI | (1,287) | (415) | 651 |
Deferred income tax benefit (expense) | 421 | 16 | (167) |
Amounts reclassified from AOCI, net of income tax | (866) | (399) | 484 |
Balance end of period | 18,072 | 13,052 | 1,722 |
Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 18,283 | 7,042 | 12,757 |
OCI before reclassifications | 5,775 | 14,850 | (8,735) |
Deferred income tax benefit (expense) | (1,349) | (3,408) | 1,961 |
AOCI before reclassifications, net of income tax | 22,709 | 18,484 | 5,983 |
Amounts reclassified from AOCI | (357) | (265) | 14 |
Deferred income tax benefit (expense) | 83 | 61 | (3) |
Amounts reclassified from AOCI, net of income tax | (274) | (204) | 11 |
Balance end of period | 22,217 | 18,283 | 7,042 |
Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 1,698 | 1,613 | 905 |
OCI before reclassifications | 730 | 328 | 157 |
Deferred income tax benefit (expense) | (257) | 34 | (41) |
AOCI before reclassifications, net of income tax | 2,171 | 1,975 | 1,021 |
Amounts reclassified from AOCI | (1,016) | (268) | 517 |
Deferred income tax benefit (expense) | 358 | (27) | (135) |
Amounts reclassified from AOCI, net of income tax | (658) | (295) | 382 |
Balance end of period | 1,513 | 1,698 | 1,613 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | (4,927) | (4,905) | (4,390) |
OCI before reclassifications | 1,002 | (43) | (679) |
Deferred income tax benefit (expense) | (36) | 21 | 36 |
AOCI before reclassifications, net of income tax | (3,961) | (4,927) | (5,033) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 |
Balance end of period | (3,795) | (4,927) | (4,905) |
Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | (2,002) | (2,028) | (1,845) |
OCI before reclassifications | 95 | (88) | 143 |
Deferred income tax benefit (expense) | (22) | 14 | (35) |
AOCI before reclassifications, net of income tax | (1,929) | (2,102) | (1,737) |
Amounts reclassified from AOCI | 86 | 118 | 120 |
Deferred income tax benefit (expense) | (20) | (18) | (29) |
Amounts reclassified from AOCI, net of income tax | 66 | 100 | 91 |
Balance end of period | (1,863) | (2,002) | (2,028) |
MetLife Afore | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 92 | ||
MetLife Afore | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
MetLife Afore | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
MetLife Afore | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 92 | ||
MetLife Afore | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
MetLife Hong Kong | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI, net of income tax | (52) | ||
MetLife Hong Kong | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI, net of income tax | (218) | ||
MetLife Hong Kong | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI, net of income tax | 0 | ||
MetLife Hong Kong | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI, net of income tax | 166 | ||
MetLife Hong Kong | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI, net of income tax | $ 0 | ||
Accounting Standards Update 2016-01 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (425) | ||
Deferred income tax benefit (expense) | 1,337 | ||
Amounts reclassified from AOCI, net of income tax | 912 | ||
Accounting Standards Update 2016-01 | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | (425) | ||
Deferred income tax benefit (expense) | 1,473 | ||
Amounts reclassified from AOCI, net of income tax | 1,048 | ||
Accounting Standards Update 2016-01 | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 210 | ||
Amounts reclassified from AOCI, net of income tax | 210 | ||
Accounting Standards Update 2016-01 | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 36 | ||
Amounts reclassified from AOCI, net of income tax | 36 | ||
Accounting Standards Update 2016-01 | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | (382) | ||
Amounts reclassified from AOCI, net of income tax | $ (382) | ||
Accounting Standards Update 2017-12 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 26 | ||
Deferred income tax benefit (expense) | (5) | ||
Amounts reclassified from AOCI, net of income tax | 21 | ||
Accounting Standards Update 2017-12 | Unrealized Investment Gains (Losses), Net of Related Offsets | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 4 | ||
Deferred income tax benefit (expense) | (1) | ||
Amounts reclassified from AOCI, net of income tax | 3 | ||
Accounting Standards Update 2017-12 | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 22 | ||
Deferred income tax benefit (expense) | (4) | ||
Amounts reclassified from AOCI, net of income tax | 18 | ||
Accounting Standards Update 2017-12 | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | 0 | ||
Accounting Standards Update 2017-12 | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | $ 0 |
Equity (Reclassifications Out o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | $ (110) | $ 444 | $ (298) | ||||||||
Net investment income | 17,117 | 18,868 | 16,166 | ||||||||
Net derivative gains (losses) | 1,349 | 628 | 851 | ||||||||
Other expenses | 13,150 | 13,689 | 13,714 | ||||||||
Income (loss) from continuing operations before provision for income tax | 6,927 | 6,795 | 6,307 | ||||||||
Income tax (expense) benefit | (1,509) | (886) | (1,179) | ||||||||
Net income (loss) | $ 158 | $ 709 | $ 150 | $ 4,401 | $ 588 | $ 2,190 | $ 1,746 | $ 1,385 | 5,418 | 5,909 | 5,128 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | 866 | 399 | (484) | ||||||||
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) | 362 | 270 | 6 | ||||||||
Net investment income | (24) | (30) | (1) | ||||||||
Net derivative gains (losses) | 19 | 25 | (19) | ||||||||
Income (loss) from continuing operations before provision for income tax | 357 | 265 | (14) | ||||||||
Income tax (expense) benefit | (83) | (61) | 3 | ||||||||
Net income (loss) | 274 | 204 | (11) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from continuing operations before provision for income tax | 1,016 | 268 | (517) | ||||||||
Income tax (expense) benefit | (358) | 27 | 135 | ||||||||
Net income (loss) | 658 | 295 | (382) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | 121 | 4 | 0 | ||||||||
Net investment income | 36 | 23 | 20 | ||||||||
Net derivative gains (losses) | 0 | 0 | 21 | ||||||||
Other expenses | 2 | 2 | 1 | ||||||||
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) | 851 | 240 | 0 | ||||||||
Net investment income | 4 | (4) | (5) | ||||||||
Net derivative gains (losses) | 0 | 0 | (558) | ||||||||
Other expenses | 2 | 2 | 2 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Credit derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment income | 0 | 1 | 1 | ||||||||
Net derivative gains (losses) | 0 | 0 | 1 | ||||||||
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) | (105) | (145) | (145) | ||||||||
Amortization of prior service (costs) credit | 19 | 27 | 25 | ||||||||
Income (loss) from continuing operations before provision for income tax | (86) | (118) | (120) | ||||||||
Income tax (expense) benefit | 20 | 18 | 29 | ||||||||
Net income (loss) | $ (66) | $ (100) | $ (91) |
Other Revenues and Other Expe_3
Other Revenues and Other Expenses Other Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,354 | $ 1,289 | $ 1,256 |
Other revenues | 1,849 | 1,842 | 1,880 |
Prepaid legal plans | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 395 | 347 | 296 |
Fee-based investment management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 318 | 286 | 293 |
Recordkeeping and administrative services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 196 | 206 | 221 |
Administrative services-only contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 218 | 210 | 205 |
Other revenue from service contracts from customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 227 | 240 | 241 |
Other Income | |||
Disaggregation of Revenue [Line Items] | |||
Other revenues | $ 495 | $ 553 | $ 624 |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Employee related costs (1) | $ 3,514 | $ 3,665 | $ 3,664 |
Third party staffing costs | 1,335 | 1,755 | 1,703 |
General and administrative expenses | 761 | 901 | 910 |
Pension, postretirement and postemployment benefit costs | 165 | 233 | 185 |
Premium taxes, other taxes, and licenses & fees | 764 | 674 | 758 |
Commissions and other variable expenses | 5,596 | 6,001 | 5,707 |
Capitalization of DAC | (3,013) | (3,358) | (3,254) |
Amortization of DAC and VOBA | 3,160 | 2,896 | 2,975 |
Amortization of negative VOBA | (45) | (33) | (56) |
Interest expense on debt | 913 | 955 | 1,122 |
Total other expenses | 13,150 | 13,689 | 13,714 |
Net change in cash surrender value of investments, net of premiums paid | $ (147) | $ (219) | $ 0 |
Other Expenses (Restructuring C
Other Expenses (Restructuring Charges) (Details) - Other expenses - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease and Asset Impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 43 | $ 12 |
Unit Cost Initiative | Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at January 1, | 57 | 23 | 22 |
Restructuring charges | 0 | 108 | 63 |
Cash payments | (51) | (74) | (62) |
Balance at December 31, | 6 | 57 | 23 |
Total restructuring charges incurred since inception of initiative | $ 244 | $ 244 | $ 136 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans (Obligations, Funded Status, and Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | $ 12,873 | $ 11,950 | $ 10,591 |
Estimated fair value of plan assets | 11,256 | 10,230 | 8,948 |
Over (under) funded status | (1,617) | (1,720) | |
Net periodic benefit costs | 246 | 336 | 259 |
Pension Benefits | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 11,700 | 10,824 | |
Estimated fair value of plan assets | 10,692 | 9,742 | |
Over (under) funded status | (1,008) | (1,082) | |
Net periodic benefit costs | 143 | 244 | |
Pension Benefits | Non- U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,173 | 1,126 | |
Estimated fair value of plan assets | 564 | 488 | |
Over (under) funded status | (609) | (638) | |
Net periodic benefit costs | 103 | 92 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,252 | 1,289 | 1,324 |
Estimated fair value of plan assets | 1,492 | 1,468 | 1,360 |
Over (under) funded status | 240 | 179 | |
Net periodic benefit costs | (92) | (67) | $ (64) |
Other Postretirement Benefits | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 1,208 | 1,247 | |
Estimated fair value of plan assets | 1,465 | 1,441 | |
Over (under) funded status | 257 | 194 | |
Net periodic benefit costs | (94) | (70) | |
Other Postretirement Benefits | Non- U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | 44 | 42 | |
Estimated fair value of plan assets | 27 | 27 | |
Over (under) funded status | (17) | (15) | |
Net periodic benefit costs | $ 2 | $ 3 |
Employee Benefit Plans (Obligat
Employee Benefit Plans (Obligations and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | $ 11,950 | $ 10,591 | |
Service costs | 226 | 214 | $ 223 |
Interest costs | 363 | 425 | 391 |
Plan participants’ contributions | 0 | 0 | |
Plan amendments | 0 | 3 | |
Net actuarial (gains) losses | 928 | 1,360 | |
Acquisition, divestitures, settlements and curtailments | (55) | (5) | |
Benefits paid | (589) | (647) | |
Effect of foreign currency translation | 50 | 9 | |
Benefit obligations at December 31, | 12,873 | 11,950 | 10,591 |
Change in plan assets | |||
Estimated fair value of plan assets at January 1, | 10,230 | 8,948 | |
Actual return on plan assets | 1,491 | 1,619 | |
Acquisition, divestitures and settlements | (55) | (5) | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 155 | 311 | |
Benefits paid | (589) | (647) | |
Effect of foreign currency translation | 24 | 4 | |
Estimated fair value of plan assets at December 31, | 11,256 | 10,230 | 8,948 |
Over (under) funded status at December 31, | (1,617) | (1,720) | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 390 | 147 | |
Other liabilities | (2,007) | (1,867) | |
Net amount recognized | (1,617) | (1,720) | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 2,780 | 3,009 | |
Prior service costs (credit) | (86) | (100) | |
AOCI, before income tax | 2,694 | 2,909 | |
Accumulated benefit obligation | 12,510 | 11,616 | |
Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | 1,289 | 1,324 | |
Service costs | 5 | 5 | 6 |
Interest costs | 42 | 53 | 55 |
Plan participants’ contributions | 32 | 32 | |
Plan amendments | 0 | 0 | |
Net actuarial (gains) losses | (15) | (31) | |
Acquisition, divestitures, settlements and curtailments | 0 | (3) | |
Benefits paid | (101) | (93) | |
Effect of foreign currency translation | 0 | 2 | |
Benefit obligations at December 31, | 1,252 | 1,289 | 1,324 |
Change in plan assets | |||
Estimated fair value of plan assets at January 1, | 1,468 | 1,360 | |
Actual return on plan assets | 89 | 173 | |
Acquisition, divestitures and settlements | 0 | (3) | |
Plan participants’ contributions | 32 | 32 | |
Employer contributions | 4 | (2) | |
Benefits paid | (101) | (93) | |
Effect of foreign currency translation | 0 | 1 | |
Estimated fair value of plan assets at December 31, | 1,492 | 1,468 | $ 1,360 |
Over (under) funded status at December 31, | 240 | 179 | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 756 | 617 | |
Other liabilities | (516) | (438) | |
Net amount recognized | 240 | 179 | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | (327) | (359) | |
Prior service costs (credit) | 1 | (2) | |
AOCI, before income tax | (326) | (361) | |
Changes to financial assumptions [Member] | Pension Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 851 | 1,200 | |
Changes to financial assumptions [Member] | Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 103 | 66 | |
Changes to demographic assumptions [Member] | Pension Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 31 | ||
Changes to demographic assumptions [Member] | Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 4 | ||
Changes to Plan Experience [Member] | Pension Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | 46 | 103 | |
Changes to Plan Experience [Member] | Other Postretirement Benefits | |||
Change in benefit obligations: | |||
Net actuarial (gains) losses | $ (122) | $ (97) |
Employee Benefit Plans (Paid Be
Employee Benefit Plans (Paid Benefit Obligations and Accumulated Benefit Obligations in Excess of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated benefit obligation [Abstract] | ||
Projected benefit obligations | $ 2,441 | $ 2,227 |
Accumulated benefit obligations | 2,312 | 2,113 |
Estimated fair value of plan assets | 539 | 430 |
Defined Benefit Plan, Plan with Accumulated Postretirement Benefit Obligation in Excess of Plan Assets, Accumulated Postretirement Benefit Obligation | 868 | 812 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | 2,469 | 2,287 |
Accumulated benefit obligations | 2,332 | 2,162 |
Estimated fair value of plan assets | 564 | 487 |
Defined Benefit Plan, Plan with Accumulated Postretirement Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 355 | $ 375 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs and Other Changes Recognized in OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Total recognized in OCI | $ (181) | $ (30) | $ (263) |
Pension Benefits | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 226 | 214 | 223 |
Interest costs | 363 | 425 | 391 |
Settlement and curtailment costs | 10 | 0 | (1) |
Expected return on plan assets | (528) | (489) | (533) |
Amortization of net actuarial (gains) losses | 189 | 201 | 182 |
Amortization of prior service costs (credit) | (14) | (15) | (3) |
Total net periodic benefit costs (credit) | 246 | 336 | 259 |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Net actuarial (gains) losses | (35) | 231 | 244 |
Prior service costs (credit) | 0 | 3 | (110) |
Amortization of net actuarial (gains) losses | (189) | (201) | (182) |
Amortization of prior service (costs) credit | 14 | 15 | 3 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (10) | 0 | 0 |
Total recognized in OCI | (215) | 48 | (45) |
Total recognized in net periodic benefit costs and OCI | 31 | 384 | 214 |
Pension Benefits | Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | |||
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Total recognized in OCI | 5 | 0 | 0 |
Other Postretirement Benefits | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 5 | 5 | 6 |
Interest costs | 42 | 53 | 55 |
Settlement and curtailment costs | 0 | 2 | 0 |
Expected return on plan assets | (62) | (67) | (71) |
Amortization of net actuarial (gains) losses | (74) | (48) | (34) |
Amortization of prior service costs (credit) | (3) | (12) | (20) |
Total net periodic benefit costs (credit) | (92) | (67) | (64) |
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Net actuarial (gains) losses | (42) | (138) | (248) |
Prior service costs (credit) | 0 | 0 | (7) |
Amortization of net actuarial (gains) losses | 74 | 48 | 34 |
Amortization of prior service (costs) credit | 3 | 12 | 20 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | 0 | 0 | 0 |
Total recognized in OCI | 35 | (78) | (201) |
Total recognized in net periodic benefit costs and OCI | (57) | (145) | (265) |
Other Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | |||
Other changes in plan assets and benefit obligations recognized in OCI: | |||
Total recognized in OCI | $ 0 | $ 0 | $ 0 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions in Determining Benefit Obligations) (Details) - UNITED STATES | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 2.65% | 3.30% |
Weighted average interest crediting rate | 3.46% | 3.99% |
Pension Benefits | Minimum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 2.50% | 2.25% |
Pension Benefits | Maximum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 8.00% | 8.50% |
Other Postretirement Benefits | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 2.85% | 3.45% |
Employee Benefit Plans (Assum_2
Employee Benefit Plans (Assumptions in Determining Net Periodic Benefit Costs) (Details) - UNITED STATES | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 3.30% | 4.35% | 3.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 3.38% | 4.01% | 4.13% |
Weighted average expected rate of return on plan assets | 5.50% | 5.75% | 5.75% |
Pension Benefits | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.25% | 2.25% | 2.25% |
Pension Benefits | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 8.50% | 8.50% | 8.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 3.45% | 4.35% | 3.70% |
Weighted average expected rate of return on plan assets | 4.31% | 5.04% | 5.11% |
Employee Benefit Plans (Assumed
Employee Benefit Plans (Assumed Healthcare Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Before Age 65 | ||
Assumed healthcare costs trend rates | ||
Following year | 5.80% | 4.90% |
Ultimate rate to which cost increase is assumed to decline | 3.80% | 3.80% |
Year in which the ultimate trend rate is reached | 2074 | 2074 |
Age 65 and older | ||
Assumed healthcare costs trend rates | ||
Following year | 5.60% | (1.00%) |
Ultimate rate to which cost increase is assumed to decline | 3.80% | 3.80% |
Year in which the ultimate trend rate is reached | 2074 | 2074 |
Employee Benefit Plans (Actual
Employee Benefit Plans (Actual & Target Allocation of Fair Value by Asset Class) (Details) - UNITED STATES | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Pension Benefits | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 85.00% | |
Actual | 85.00% | 81.00% |
Pension Benefits | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 11.00% | |
Actual | 8.00% | 12.00% |
Pension Benefits | Alternative Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 4.00% | |
Actual | 7.00% | 7.00% |
Other Postretirement Benefits | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Other Postretirement Benefits | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 95.00% | |
Actual | 95.00% | 95.00% |
Other Postretirement Benefits | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 5.00% | |
Actual | 5.00% | 5.00% |
Other Postretirement Benefits | Alternative Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 0.00% | 0.00% |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 11,256 | $ 10,230 | $ 8,948 |
Pension Benefits | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,407 | 8,328 | |
Pension Benefits | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,704 | 3,750 | |
Pension Benefits | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,868 | 2,056 | |
Pension Benefits | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 990 | 996 | |
Pension Benefits | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114 | 106 | |
Pension Benefits | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 310 | 280 | |
Pension Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 265 | 192 | |
Pension Benefits | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,156 | 948 | |
Pension Benefits | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,101 | 1,177 | |
Pension Benefits | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 734 | 712 | |
Pension Benefits | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 13 | |
Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,085 | 2,922 | |
Pension Benefits | Level 1 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,219 | 1,927 | |
Pension Benefits | Level 1 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,820 | 1,599 | |
Pension Benefits | Level 1 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 1 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 399 | 328 | |
Pension Benefits | Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 826 | 962 | |
Pension Benefits | Level 1 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26 | 23 | |
Pension Benefits | Level 1 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 10 | |
Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,463 | 6,622 | |
Pension Benefits | Level 2 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,188 | 6,401 | |
Pension Benefits | Level 2 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,704 | 3,750 | |
Pension Benefits | Level 2 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 48 | 457 | |
Pension Benefits | Level 2 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 990 | 996 | |
Pension Benefits | Level 2 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 114 | 106 | |
Pension Benefits | Level 2 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 310 | 280 | |
Pension Benefits | Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 265 | 192 | |
Pension Benefits | Level 2 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 757 | 620 | |
Pension Benefits | Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 275 | 215 | |
Pension Benefits | Level 2 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3 | |
Pension Benefits | Level 2 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3 | |
Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 708 | 686 | |
Pension Benefits | Level 3 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 1 |
Pension Benefits | Level 3 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Benefits | Level 3 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 1 |
Pension Benefits | Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 0 |
Pension Benefits | Level 3 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 708 | 686 | |
Pension Benefits | Level 3 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,492 | 1,468 | $ 1,360 |
Other Postretirement Benefits | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,436 | 1,409 | |
Other Postretirement Benefits | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 244 | 278 | |
Other Postretirement Benefits | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51 | 259 | |
Other Postretirement Benefits | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 69 | 63 | |
Other Postretirement Benefits | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 9 | |
Other Postretirement Benefits | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 20 | |
Other Postretirement Benefits | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 974 | 407 | |
Other Postretirement Benefits | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 88 | 373 | |
Other Postretirement Benefits | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56 | 59 | |
Other Postretirement Benefits | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 622 | 493 | |
Other Postretirement Benefits | Level 1 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 566 | 434 | |
Other Postretirement Benefits | Level 1 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 51 | 259 | |
Other Postretirement Benefits | Level 1 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 471 | 24 | |
Other Postretirement Benefits | Level 1 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 151 | |
Other Postretirement Benefits | Level 1 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56 | 59 | |
Other Postretirement Benefits | Level 1 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 1 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 870 | 972 | |
Other Postretirement Benefits | Level 2 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 870 | 972 | |
Other Postretirement Benefits | Level 2 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 244 | 278 | |
Other Postretirement Benefits | Level 2 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 69 | 63 | |
Other Postretirement Benefits | Level 2 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 9 | |
Other Postretirement Benefits | Level 2 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 20 | |
Other Postretirement Benefits | Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 503 | 383 | |
Other Postretirement Benefits | Level 2 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44 | 219 | |
Other Postretirement Benefits | Level 2 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3 | |
Other Postretirement Benefits | Level 3 | Fixed Maturity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3 | |
Other Postretirement Benefits | Level 3 | Corporate fixed maturity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | U.S. government bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Foreign government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Federal agencies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Municipals | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Other (1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 3 | |
Other Postretirement Benefits | Level 3 | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | Derivative assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Signifi
Employee Benefit Plans (Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | $ 10,230 | $ 8,948 |
Purchases, sales, issuances and settlements, net | (55) | (5) |
Estimated fair value of plan assets at December 31, | 11,256 | 10,230 |
Pension Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 3,750 | |
Estimated fair value of plan assets at December 31, | 4,704 | 3,750 |
Pension Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 996 | |
Estimated fair value of plan assets at December 31, | 990 | 996 |
Pension Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 948 | |
Estimated fair value of plan assets at December 31, | 1,156 | 948 |
Pension Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1,177 | |
Estimated fair value of plan assets at December 31, | 1,101 | 1,177 |
Other Postretirement Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 1,468 | 1,360 |
Purchases, sales, issuances and settlements, net | 0 | (3) |
Estimated fair value of plan assets at December 31, | 1,492 | 1,468 |
Other Postretirement Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 278 | |
Estimated fair value of plan assets at December 31, | 244 | 278 |
Other Postretirement Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 63 | |
Estimated fair value of plan assets at December 31, | 69 | 63 |
Other Postretirement Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 373 | |
Estimated fair value of plan assets at December 31, | 88 | 373 |
Other Postretirement Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 59 | |
Estimated fair value of plan assets at December 31, | 56 | 59 |
Level 3 | Pension Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 686 | |
Estimated fair value of plan assets at December 31, | 708 | 686 |
Level 3 | Pension Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | 1 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | (1) |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Pension Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Pension Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | 1 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, issuances and settlements, net | (3) | 2 |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Pension Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | 0 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Pension Benefits | Other investments | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 686 | 688 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | (55) | (1) |
Purchases, sales, issuances and settlements, net | 77 | (1) |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 708 | 686 |
Level 3 | Pension Benefits | Derivative assets | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | 1 |
Realized gains (losses) | 0 | 0 |
Unrealized gains (losses) | 0 | (1) |
Purchases, sales, issuances and settlements, net | 0 | 0 |
Transfers into and/or out of Level 3 | 0 | 0 |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 3 | |
Estimated fair value of plan assets at December 31, | 0 | 3 |
Level 3 | Other Postretirement Benefits | Corporate fixed maturity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | Foreign government | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | 0 | 0 |
Level 3 | Other Postretirement Benefits | Other (1) | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 3 | |
Estimated fair value of plan assets at December 31, | 0 | 3 |
Level 3 | Other Postretirement Benefits | Equity securities | ||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | ||
Estimated fair value of plan assets at January 1, | 0 | |
Estimated fair value of plan assets at December 31, | $ 0 | $ 0 |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Gross Benefit Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2021 | $ 674 |
2022 | 684 |
2023 | 704 |
2024 | 722 |
2025 | 732 |
2026-2030 | 3,781 |
Other Postretirement Benefits | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2021 | 71 |
2022 | 70 |
2023 | 68 |
2024 | 68 |
2025 | 66 |
2026-2030 | $ 314 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost | $ 95 | $ 96 | $ 63 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 12,873 | 11,950 | $ 10,591 | |
Pension Benefits | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 11,700 | $ 10,824 | ||
Weighted average expected return on plan assets | 5.50% | 5.75% | 5.75% | |
Pension Benefits | Non- U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 1,173 | $ 1,126 | ||
Pension Benefits | Scenario, Forecast | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 5.00% | |||
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,252 | 1,289 | $ 1,324 | |
Other Postretirement Benefits | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | $ 1,208 | $ 1,247 | ||
Weighted average expected return on plan assets | 4.31% | 5.04% | 5.11% | |
Expected future discretionary contributions | $ 28 | |||
Other Postretirement Benefits | Non- U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 44 | $ 42 | ||
Other Postretirement Benefits | Scenario, Forecast | UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 3.87% | |||
United States Pension Plan of US Entity, Non Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,400 | $ 1,200 | ||
Expected future discretionary contributions | $ 74 |
Income Tax (Provision for Incom
Income Tax (Provision for Income Tax from Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
U.S. federal | $ 271 | $ (189) | $ (207) |
U.S. state and local | 27 | 4 | 11 |
Non-U.S. | 882 | 850 | 932 |
Subtotal | 1,180 | 665 | 736 |
Deferred: | |||
U.S. federal | (115) | (235) | 342 |
U.S. state and local | 1 | 0 | 0 |
Non-U.S. | 443 | 456 | 101 |
Subtotal | 329 | 221 | 443 |
Current and Deferred: | |||
Provision for income tax expense (benefit) | $ 1,509 | $ 886 | $ 1,179 |
Income Tax (Income Loss from Co
Income Tax (Income Loss from Continuing Operations Before Income Tax Expense from Domestic and Foreign Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) from continuing operations: | |||
U.S. | $ 2,970 | $ 2,094 | $ (803) |
Non-U.S. | 3,957 | 4,701 | 7,110 |
Income (loss) before provision for income tax | $ 6,927 | $ 6,795 | $ 6,307 |
Income Tax (Reconciliation of I
Income Tax (Reconciliation of Income Tax Provision between US Statutory Rate and As Reported for Continuing Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax expense benefit continuing operations income tax reconciliation | |||||
Tax provision at U.S. statutory rate | $ 1,455 | $ 1,427 | $ 1,325 | ||
Dividend received deduction | (34) | (37) | (35) | ||
Tax-exempt income | (45) | (64) | (29) | ||
Prior year tax (1), (2) | (27) | (179) | (197) | ||
Low income housing tax credits | (202) | (254) | (284) | ||
Other tax credits | (45) | (52) | (79) | ||
Foreign tax rate differential expense (benefit) | 414 | 395 | 335 | ||
Change in valuation allowance | (5) | (22) | (2) | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (2) | (2) | 67 | ||
Deferred Federal Income Tax Expense (Benefit) | (115) | (235) | 342 | ||
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 | ||
MetLife Hong Kong | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Foreign tax rate differential expense (benefit) | 61 | ||||
Provision for income tax expense (benefit) | 40 | ||||
Brighthouse Financial, Inc | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 69 | ||||
MetLife Seguros de Retiro [Member] | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Foreign tax rate differential expense (benefit) | 60 | ||||
MetLife Russia [Member] | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Foreign tax rate differential expense (benefit) | 24 | ||||
Impact of U.S. Tax Reform | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Tax provision at U.S. statutory rate | 12 | ||||
Other Adjustments, Amount | 0 | (326) | 78 | ||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | |||
Provision for income tax expense (benefit) | (326) | 66 | |||
Alternative Minimum Tax Credits | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Deferred Federal Income Tax Expense (Benefit) | (9) | 0 | |||
Tax Rate Change [Member] | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Other Adjustments, Amount | (390) | ||||
Patient Protection and Affordable Care Act excise tax [Member] | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 18 | ||||
Settlement with Taxing Authority | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Prior year tax (1), (2) | (40) | (158) | (168) | ||
Provision for income tax expense (benefit) | $ (158) | $ (168) | |||
GILTI [Member] | Impact of U.S. Tax Reform | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | $ 43 | 12 | |||
Provision for income tax expense (benefit) | 35 | 45 | |||
Foreign Tax Authority | Impact of U.S. Tax Reform | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Repatriation of Foreign Earnings | 317 | 468 | |||
CHILE | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Foreign tax rate differential expense (benefit) | 17 | ||||
UNITED KINGDOM | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (36) | ||||
ARGENTINA | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Foreign tax rate differential expense (benefit) | $ 13 | ||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | GILTI [Member] | Impact of U.S. Tax Reform | |||||
Income tax expense benefit continuing operations income tax reconciliation | |||||
Provision for income tax expense (benefit) | $ (23) |
Income Tax (Impact of U.S. Tax
Income Tax (Impact of U.S. Tax Reform) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before provision for income tax and equity in earnings of subsidiaries | $ 6,927 | $ 6,795 | $ 6,307 | |
Deferred Federal Income Tax Expense (Benefit) | (115) | (235) | 342 | |
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 5,418 | 5,909 | 5,128 | |
Income tax (expense) benefit related to items of other comprehensive income (loss) | 1,237 | 3,324 | (1,754) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 74,817 | 66,382 | 52,958 | $ 58,870 |
Impact of U.S. Tax Reform | ||||
Income (loss) before provision for income tax and equity in earnings of subsidiaries | 0 | (58) | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | (317) | 468 | ||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | ||
Provision for income tax expense (benefit) | (326) | 66 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 326 | (124) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 326 | $ (124) |
Income Tax (Impact of U.S. Ta_2
Income Tax (Impact of U.S. Tax Reform) (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Federal corporate income tax rate | 21.00% | 35.00% | |||
Transition tax rate | 6.20% | ||||
Provision for income tax expense (benefit) | $ 1,509 | $ 886 | $ 1,179 | ||
Deferred Federal Income Tax Expense (Benefit) | (115) | (235) | 342 | ||
Deferred Tax Liabilities, Investments | 4,421 | 4,170 | |||
Other Assets | |||||
Transition tax rate | 8.00% | ||||
Cash and Cash Equivalents | |||||
Transition tax rate | 15.50% | ||||
Impact of U.S. Tax Reform | |||||
Other Adjustments, Amount | 0 | (326) | 78 | ||
Provision for income tax expense (benefit) | (326) | 66 | |||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | |||
Alternative Minimum Tax Credits | |||||
Deferred Federal Income Tax Expense (Benefit) | (9) | 0 | |||
Foreign Tax Authority | Impact of U.S. Tax Reform | |||||
Repatriation of Foreign Earnings | 317 | 468 | |||
Deferred Tax Liabilities, Investments | 281 | ||||
GILTI [Member] | Impact of U.S. Tax Reform | |||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | 43 | 12 | |||
Provision for income tax expense (benefit) | 35 | 45 | |||
Other limited partnership interests | |||||
Gross Investment Income, Operating | $ 1,000 | $ 825 | 731 | ||
Other limited partnership interests | Impact of U.S. Tax Reform | |||||
Provision for income tax expense (benefit) | (125) | ||||
Gross Investment Income, Operating | $ 46 |
Income Tax (Net Deferred Income
Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Liabilities, Other | $ 134 | $ 0 |
Tax Credit Carryforward, Amount | 922 | 1,296 |
Deferred income tax assets: | ||
Policyholder liabilities and receivables | 3,890 | 3,635 |
Net operating loss carryforwards (1) | 301 | 240 |
Employee benefits | 673 | 692 |
Capital loss carryforwards | 9 | 10 |
Tax credit carryforwards (2) | 922 | 1,296 |
Litigation-related and government mandated | 126 | 151 |
Other | 0 | 127 |
Total gross deferred income tax assets | 5,921 | 6,151 |
Less: Valuation allowance (1) | 309 | 294 |
Total net deferred income tax assets | 5,612 | 5,857 |
Deferred income tax liabilities: | ||
Investments, including derivatives | 4,421 | 4,170 |
Intangibles | 1,387 | 1,181 |
Net unrealized investment gains | 7,422 | 6,226 |
DAC | 3,162 | 3,312 |
Other | 134 | 0 |
Total deferred income tax liabilities | 16,526 | 14,889 |
Net deferred income tax asset (liability) (3) | (10,914) | (9,032) |
Deferred tax assets and liabilities [Abstract] | ||
Deferred Income Tax Liabilities, Net | 11,008 | 9,097 |
General Business Tax Credit Carryforward [Member] | 2037and2040 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Amount | 94 | |
Deferred income tax assets: | ||
Tax credit carryforwards (2) | 94 | |
Other Assets | ||
Deferred tax assets and liabilities [Abstract] | ||
Deferred Tax Assets, Net | 94 | $ 65 |
Certain State and Foreign Net Operating Loss Carryforwards | ||
Tax Credit Carryforward [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 301 |
Income Tax (Reconciliation of U
Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at January 1, | $ 256 | $ 1,111 | $ 1,102 |
Additions for tax positions of prior years (1) | 16 | 6 | 269 |
Reductions for tax positions of prior years (2) | (1) | (493) | (195) |
Additions for tax positions of current year (1) | 12 | 13 | 226 |
Reductions for tax positions of current year | 0 | 0 | (3) |
Settlements with tax authorities (3) | (1) | (381) | (288) |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (10) | 0 | 0 |
Balance at December 31, | 272 | 256 | 1,111 |
Unrecognized tax benefits that, if recognized, would impact the effective rate | $ 203 | 194 | 1,046 |
Current Income Tax Payable | |||
Reconciliation of Unrecognized Tax Benefits | |||
Settlements with tax authorities (3) | $ (377) | $ (284) |
Income Tax (Interest Accrued Re
Income Tax (Interest Accrued Related to Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination [Line Items] | |||
Interest expense (benefit) recognized on the consolidated statements of operations (1) | $ 12 | $ (179) | $ (441) |
Interest included in other liabilities on the consolidated balance sheets | 51 | 39 | |
Operating Expense | |||
Income Tax Examination [Line Items] | |||
Interest expense (benefit) recognized on the consolidated statements of operations (1) | 60 | 168 | |
Current Income Tax Payable | |||
Income Tax Examination [Line Items] | |||
Interest expense (benefit) recognized on the consolidated statements of operations (1) | $ 119 | $ 273 |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Valuation Allowance | $ 309 | $ 294 | $ 309 | $ 294 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Policyholder Liabilities | 3,890 | 3,635 | 3,890 | 3,635 | ||
Deferred Tax Assets, Other | 0 | 127 | 0 | 127 | ||
Deferred Tax Liabilities, Investments | 4,421 | 4,170 | 4,421 | 4,170 | ||
Deferred Tax Liabilities, Other | 134 | 0 | 134 | 0 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 301 | 240 | 301 | 240 | ||
Provision for income tax expense (benefit) | 1,509 | 886 | $ 1,179 | |||
Operating Expenses | 13,150 | 13,689 | 13,714 | |||
Tax Credit Carryforward, Amount | 922 | 1,296 | 922 | 1,296 | ||
Deferred Federal Income Tax Expense (Benefit) | (115) | (235) | 342 | |||
Settlement with Taxing Authority | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | (226) | $ (349) | ||||
Provision for income tax expense (benefit) | (158) | (168) | ||||
Operating Expenses | 28 | 86 | 229 | |||
Operating Expenses Net | 22 | 68 | $ 181 | |||
Certain State and Foreign Net Operating Loss Carryforwards | ||||||
Valuation allowance, change during year | 301 | |||||
Impact of U.S. Tax Reform | ||||||
Provision for income tax expense (benefit) | (326) | 66 | ||||
Deferred Federal Income Tax Expense (Benefit) | (9) | (402) | ||||
Impact of U.S. Tax Reform | GILTI [Member] | ||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Foreign, Amount | 43 | 12 | ||||
Provision for income tax expense (benefit) | 35 | $ 45 | ||||
Other Assets | ||||||
Deferred Tax Assets, Net | $ 94 | $ 65 | $ 94 | $ 65 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Shares: | |||||||||||
Weighted average common stock outstanding - basic | 907.8 | 937.6 | 1,005.9 | ||||||||
Incremental common shares from assumed exercise or issuance of stock-based awards | 5.4 | 6.8 | 8 | ||||||||
Weighted average common stock outstanding - diluted | 913.2 | 944.4 | 1,013.9 | ||||||||
Net Income (Loss): | |||||||||||
Net income (loss) | $ 158 | $ 709 | $ 150 | $ 4,401 | $ 588 | $ 2,190 | $ 1,746 | $ 1,385 | $ 5,418 | $ 5,909 | $ 5,128 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 3 | 5 | 3 | (5) | 6 | 5 | 4 | 11 | 10 | 5 |
Less: Preferred stock dividends | 34 | 59 | 77 | 32 | 57 | 32 | 57 | 32 | 202 | 178 | 141 |
Preferred stock redemption premium | 0 | 14 | 0 | 0 | 14 | 0 | 0 | ||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 124 | $ 633 | $ 68 | $ 4,366 | $ 536 | $ 2,152 | $ 1,684 | $ 1,349 | $ 5,191 | $ 5,721 | $ 4,982 |
Basic | $ 0.14 | $ 0.70 | $ 0.07 | $ 4.78 | $ 0.58 | $ 2.31 | $ 1.78 | $ 1.41 | $ 5.72 | $ 6.10 | $ 4.95 |
Diluted | $ 0.14 | $ 0.69 | $ 0.07 | $ 4.75 | $ 0.58 | $ 2.30 | $ 1.77 | $ 1.40 | $ 5.68 | $ 6.06 | $ 4.91 |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees (Asbestos Claims) (Details) - Asbestos Related Claims $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Claims | Dec. 31, 2019USD ($)Claims | Dec. 31, 2018USD ($)Claims | |
Loss Contingencies [Line Items] | |||
Asbestos personal injury claims at year end | Claims | 60,618 | 61,134 | 62,522 |
Number of new claims during the year | Claims | 2,496 | 3,187 | 3,359 |
Settlement payments during the year | $ | $ 52.9 | $ 49.4 | $ 51.4 |
Asbestos-related claims liability, ending balance | $ | $ 425 |
Contingencies, Commitments an_4
Contingencies, Commitments and Guarantees (Insolvency Assessments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets: | ||
Premium tax offset for future discounted and undiscounted assessments | $ 40 | $ 43 |
Premium tax offset currently available for paid assessments | 35 | 43 |
Other Liabilities: | ||
Insolvency assessments | 60 | 62 |
Insurance-related Assessments | ||
Other Assets: | ||
Total assets held for insolvency assessments | $ 75 | $ 86 |
Contingencies, Commitments an_5
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) | Dec. 31, 2020USD ($) |
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 | $ 200,000,000 |
Contingencies, Commitments an_6
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contingencies, Commitments and Guarantees [Abstract] | ||
Liabilities for indemnities, guarantees and commitments | $ 20 | $ 6 |
Cumulative maximum indemnities and guarantees contractual limitation | 549 | |
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 | 329 | |
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 | 8,500 | 8,100 |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 3,300 | $ 4,100 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 19,418 | $ 16,015 | $ 14,099 | $ 18,310 | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | $ 67,842 | $ 69,620 | $ 67,941 |
Total expenses | 19,254 | 15,092 | 13,902 | 12,667 | 17,180 | 15,887 | 15,200 | 14,558 | 60,915 | 62,825 | 61,634 |
Net income (loss) | 158 | 709 | 150 | 4,401 | 588 | 2,190 | 1,746 | 1,385 | 5,418 | 5,909 | 5,128 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 3 | 5 | 3 | (5) | 6 | 5 | 4 | 11 | 10 | 5 |
Net income (loss) attributable to MetLife, Inc. | 158 | 706 | 145 | 4,398 | 593 | 2,184 | 1,741 | 1,381 | 5,407 | 5,899 | 5,123 |
Less: Preferred stock dividends | 34 | 59 | 77 | 32 | 57 | 32 | 57 | 32 | 202 | 178 | 141 |
Preferred stock redemption premium | 0 | 14 | 0 | 0 | 14 | 0 | 0 | ||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 124 | $ 633 | $ 68 | $ 4,366 | $ 536 | $ 2,152 | $ 1,684 | $ 1,349 | $ 5,191 | $ 5,721 | $ 4,982 |
Basic earnings per common share | |||||||||||
Net income (loss) attributable to MetLife, Inc. | $ 0.18 | $ 0.78 | $ 0.16 | $ 4.81 | $ 0.65 | $ 2.35 | $ 1.84 | $ 1.44 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | 0.14 | 0.70 | 0.07 | 4.78 | 0.58 | 2.31 | 1.78 | 1.41 | $ 5.72 | $ 6.10 | $ 4.95 |
Diluted earnings per common share | |||||||||||
Net income (loss) attributable to MetLife, Inc. | 0.17 | 0.77 | 0.16 | 4.78 | 0.64 | 2.33 | 1.83 | 1.43 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 0.14 | $ 0.69 | $ 0.07 | $ 4.75 | $ 0.58 | $ 2.30 | $ 1.77 | $ 1.40 | $ 5.68 | $ 6.06 | $ 4.91 |
Consolidated Summary of Inves_2
Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions | Dec. 31, 2020USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | $ 462,993 |
Estimated Fair Value | 508,519 |
Fixed Maturities [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 310,811 |
Estimated Fair Value | 354,809 |
Amount at Which Shown on Balance Sheet | 354,809 |
Foreign government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 63,243 |
Estimated Fair Value | 71,699 |
Amount at Which Shown on Balance Sheet | 71,699 |
U.S. government and agency | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 39,094 |
Estimated Fair Value | 47,100 |
Amount at Which Shown on Balance Sheet | 47,100 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 12,399 |
Estimated Fair Value | 14,948 |
Amount at Which Shown on Balance Sheet | 14,948 |
Municipals | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 10,982 |
Estimated Fair Value | 13,722 |
Amount at Which Shown on Balance Sheet | 13,722 |
All other corporate bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 127,375 |
Estimated Fair Value | 146,741 |
Amount at Which Shown on Balance Sheet | 146,741 |
Total bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 253,093 |
Estimated Fair Value | 294,210 |
Amount at Which Shown on Balance Sheet | 294,210 |
Mortgage-backed and asset-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 56,709 |
Estimated Fair Value | 59,464 |
Amount at Which Shown on Balance Sheet | 59,464 |
Redeemable preferred stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 1,009 |
Estimated Fair Value | 1,135 |
Amount at Which Shown on Balance Sheet | 1,135 |
Unit-linked and FVO Securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 11,339 |
Estimated Fair Value | 13,319 |
Amount at Which Shown on Balance Sheet | 13,319 |
Equity Securities, Investment Summary [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 941 |
Estimated Fair Value | 1,079 |
Amount at Which Shown on Balance Sheet | 1,079 |
Industrial, miscellaneous and all other | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 493 |
Estimated Fair Value | 596 |
Amount at Which Shown on Balance Sheet | 596 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 88 |
Estimated Fair Value | 52 |
Amount at Which Shown on Balance Sheet | 52 |
Banks, trust and insurance companies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 63 |
Estimated Fair Value | 131 |
Amount at Which Shown on Balance Sheet | 131 |
Non-redeemable Preferred Stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 297 |
Estimated Fair Value | 300 |
Amount at Which Shown on Balance Sheet | 300 |
Held-for-investment | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 84,509 |
Estimated Fair Value | 83,919 |
Policy loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 9,493 |
Estimated Fair Value | 9,493 |
Real estate and real estate joint ventures | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 11,913 |
Estimated Fair Value | 11,913 |
Real estate acquired in satisfaction of debt | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 20 |
Estimated Fair Value | 20 |
Other limited partnership interests | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 9,470 |
Estimated Fair Value | 9,470 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 3,904 |
Estimated Fair Value | 3,904 |
Other invested assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost or Amortized Cost | 20,593 |
Estimated Fair Value | $ 20,593 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company) (Condensed Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Investments: | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 354,809 | $ 327,820 | ||
Short-term investments, principally at estimated fair value | 3,904 | 3,850 | ||
Other invested assets, at estimated fair value | 20,593 | 19,015 | ||
Total investments | 508,519 | 473,795 | ||
Cash and cash equivalents | 19,795 | 16,598 | ||
Accrued investment income | 3,388 | 3,523 | ||
Other assets | 11,685 | 10,518 | ||
Total assets | 795,146 | 740,463 | ||
Liabilities | ||||
Payables for collateral under derivatives transactions | 29,475 | 26,745 | ||
Junior subordinated debt securities | 3,153 | 3,150 | ||
Other liabilities | 23,614 | 24,179 | ||
Total liabilities | 720,329 | 674,081 | ||
Stockholders’ Equity | ||||
Preferred stock, par value $0.01 per share; $4,405 and $3,405, respectively, aggregate liquidation preference | 0 | 0 | ||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,181,614,288 and 1,177,680,299 shares issued, respectively; 892,910,600 and 915,338,098 shares outstanding, respectively | 12 | 12 | ||
Additional paid-in capital | 33,812 | 32,680 | ||
Retained earnings | 36,491 | 33,078 | ||
Treasury stock, at cost; 288,703,688 and 262,342,201 shares, respectively | (13,829) | (12,678) | ||
Accumulated other comprehensive income (loss) | 18,072 | 13,052 | $ 1,722 | $ 7,427 |
Total stockholders’ equity | 74,558 | 66,144 | ||
Total liabilities and stockholders' equity | $ 795,146 | $ 740,463 | ||
Common stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 | ||
Parent Company | ||||
Investments: | ||||
Estimated Fair Value of Fixed Maturity Securities AFS | $ 3,443 | $ 3,073 | ||
Short-term investments, principally at estimated fair value | 156 | 2 | ||
Other invested assets, at estimated fair value | 187 | 120 | ||
Total investments | 3,786 | 3,195 | ||
Cash and cash equivalents | 441 | 377 | $ 376 | $ 516 |
Accrued investment income | 11 | 12 | ||
Investment in subsidiaries | 88,684 | 79,571 | ||
Loans to subsidiaries | 0 | 100 | ||
Other assets | 966 | 747 | ||
Total assets | 93,888 | 84,002 | ||
Liabilities | ||||
Payables for collateral under derivatives transactions | 65 | 16 | ||
Long-term debt — unaffiliated | 13,463 | 12,379 | ||
Long-term debt — affiliated | 2,073 | 1,976 | ||
Junior subordinated debt securities | 2,461 | 2,458 | ||
Other liabilities | 1,268 | 1,029 | ||
Total liabilities | 19,330 | 17,858 | ||
Stockholders’ Equity | ||||
Preferred stock, par value $0.01 per share; $4,405 and $3,405, respectively, aggregate liquidation preference | 0 | 0 | ||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,181,614,288 and 1,177,680,299 shares issued, respectively; 892,910,600 and 915,338,098 shares outstanding, respectively | 12 | 12 | ||
Additional paid-in capital | 33,812 | 32,680 | ||
Retained earnings | 36,491 | 33,078 | ||
Treasury stock, at cost; 288,703,688 and 262,342,201 shares, respectively | (13,829) | (12,678) | ||
Accumulated other comprehensive income (loss) | 18,072 | 13,052 | ||
Total stockholders’ equity | 74,558 | 66,144 | ||
Total liabilities and stockholders' equity | $ 93,888 | $ 84,002 | ||
Common stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company) (Condensed Balance Sheet - Insets) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Amortized cost of fixed maturity securities | $ 310,811 | $ 297,655 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Liquidation Preference, Value | $ 4,405 | $ 3,405 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,181,614,288 | 1,177,680,299 |
Common stock, shares outstanding | 892,910,600 | 915,338,098 |
Treasury stock, shares | 288,703,688 | 262,342,201 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Amortized cost of fixed maturity securities | $ 3,400 | $ 3,062 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Liquidation Preference, Value | $ 4,405 | $ 3,405 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,181,614,288 | 1,177,680,299 |
Common stock, shares outstanding | 892,910,600 | 915,338,098 |
Treasury stock, shares | 288,703,688 | 262,342,201 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net investment income | $ 17,117 | $ 18,868 | $ 16,166 | ||||||||
Other revenues | 1,849 | 1,842 | 1,880 | ||||||||
Net investment gains (losses) | (110) | 444 | (298) | ||||||||
Net derivative gains (losses) | 1,349 | 628 | 851 | ||||||||
Total revenues | $ 19,418 | $ 16,015 | $ 14,099 | $ 18,310 | $ 17,143 | $ 18,678 | $ 17,497 | $ 16,302 | 67,842 | 69,620 | 67,941 |
Expenses | |||||||||||
Other expenses | 13,150 | 13,689 | 13,714 | ||||||||
Total expenses | 19,254 | 15,092 | 13,902 | 12,667 | 17,180 | 15,887 | 15,200 | 14,558 | 60,915 | 62,825 | 61,634 |
Income (loss) before provision for income tax and equity in earnings of subsidiaries | 6,927 | 6,795 | 6,307 | ||||||||
Provision for income tax expense (benefit) | 1,509 | 886 | 1,179 | ||||||||
Equity in earnings of subsidiaries | 829 | 795 | 592 | ||||||||
Net income (loss) | 158 | 706 | 145 | 4,398 | 593 | 2,184 | 1,741 | 1,381 | 5,407 | 5,899 | 5,123 |
Less: Preferred stock dividends | 34 | 59 | 77 | 32 | 57 | 32 | 57 | 32 | 202 | 178 | 141 |
Preferred stock redemption premium | 0 | 14 | 0 | 0 | 14 | 0 | 0 | ||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ 124 | $ 633 | $ 68 | $ 4,366 | $ 536 | $ 2,152 | $ 1,684 | $ 1,349 | 5,191 | 5,721 | 4,982 |
Comprehensive income (loss) | 10,427 | 17,208 | (1,494) | ||||||||
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net investment income | 50 | 77 | 87 | ||||||||
Other revenues | 29 | 27 | 19 | ||||||||
Net investment gains (losses) | (154) | (40) | (277) | ||||||||
Net derivative gains (losses) | (61) | (45) | (56) | ||||||||
Total revenues | (136) | 19 | (227) | ||||||||
Expenses | |||||||||||
Interest expense | 833 | 850 | 1,009 | ||||||||
Other expenses | 154 | 153 | 158 | ||||||||
Total expenses | 987 | 1,003 | 1,167 | ||||||||
Income (loss) before provision for income tax and equity in earnings of subsidiaries | (1,123) | (984) | (1,394) | ||||||||
Provision for income tax expense (benefit) | (267) | (582) | (51) | ||||||||
Equity in earnings of subsidiaries | 6,263 | 6,301 | 6,466 | ||||||||
Net income (loss) | 5,407 | 5,899 | 5,123 | ||||||||
Less: Preferred stock dividends | 202 | 178 | 141 | ||||||||
Preferred stock redemption premium | 14 | 0 | 0 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | 5,191 | 5,721 | 4,982 | ||||||||
Comprehensive income (loss) | $ 10,427 | $ 17,208 | $ (1,494) |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||||||||||
Net income (loss) | $ 158 | $ 706 | $ 145 | $ 4,398 | $ 593 | $ 2,184 | $ 1,741 | $ 1,381 | $ 5,407 | $ 5,899 | $ 5,123 |
(Gains) losses on investments and from sales of businesses, net | 110 | (444) | 298 | ||||||||
Other, net | 351 | 285 | (62) | ||||||||
Net cash provided by (used in) operating activities | 11,639 | 13,786 | 11,738 | ||||||||
Cash flows from investing activities | |||||||||||
Sales and maturities of fixed maturity securities available-for-sale | 77,979 | 77,820 | 106,677 | ||||||||
Purchases of fixed maturity securities available-for-sale | (89,633) | (87,455) | (105,401) | ||||||||
Cash received in connection with freestanding derivatives | 4,847 | 2,914 | 3,778 | ||||||||
Cash paid in connection with freestanding derivatives | (4,247) | (3,749) | (4,173) | ||||||||
Purchases of businesses | (1,875) | 0 | 0 | ||||||||
Net change in short-term investments | (341) | 152 | 870 | ||||||||
Other, net | 139 | (131) | (32) | ||||||||
Net cash provided by (used in) investing activities | (18,569) | (17,586) | (5,634) | ||||||||
Cash flows from financing activities | |||||||||||
Net change in payables for collateral under securities loaned and other transactions | 3,538 | 2,019 | (821) | ||||||||
Long-term debt issued | 1,124 | 1,382 | 24 | ||||||||
Long-term debt repaid | (99) | (906) | (1,871) | ||||||||
Treasury stock acquired in connection with share repurchases | (1,151) | (2,285) | (3,992) | ||||||||
Preferred stock issued, net of issuance costs | 1,961 | 0 | 1,274 | ||||||||
Redemption of preferred stock | (989) | 0 | 0 | ||||||||
Preferred stock redemption premium | (14) | 0 | 0 | ||||||||
Dividends on preferred stock | (202) | (178) | (141) | ||||||||
Dividends on common stock | (1,657) | (1,643) | (1,678) | ||||||||
Other, net | 191 | (77) | (145) | ||||||||
Net cash provided by (used in) financing activities | 10,729 | 4,568 | (2,801) | ||||||||
Cash and cash equivalents, from continuing operations, beginning of year | 16,598 | 16,598 | |||||||||
Cash and cash equivalents, from continuing operations, end of year | 19,795 | 16,598 | 19,795 | 16,598 | |||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | 787 | 1,099 | 1,935 | ||||||||
Non-cash transactions: | |||||||||||
Reduction of long-term debt | 0 | 0 | 944 | ||||||||
Reduction of fair value option securities | 0 | 0 | 1,030 | ||||||||
Parent Company | |||||||||||
Cash flows from operating activities | |||||||||||
Net income (loss) | 5,407 | 5,899 | 5,123 | ||||||||
Earnings of subsidiaries | (6,263) | (6,301) | (6,466) | ||||||||
Dividends from subsidiaries | 3,970 | 4,790 | 7,367 | ||||||||
(Gains) losses on investments and from sales of businesses, net | 154 | 40 | 277 | ||||||||
Other, net | 211 | (251) | (807) | ||||||||
Net cash provided by (used in) operating activities | 3,479 | 4,177 | 5,494 | ||||||||
Cash flows from investing activities | |||||||||||
Sales and maturities of fixed maturity securities available-for-sale | 3,693 | 3,153 | 9,635 | ||||||||
Purchases of fixed maturity securities available-for-sale | (3,858) | (3,380) | (8,178) | ||||||||
Cash received in connection with freestanding derivatives | 71 | 101 | 227 | ||||||||
Cash paid in connection with freestanding derivatives | (100) | (392) | (237) | ||||||||
Purchases of businesses | (1,875) | 0 | 0 | ||||||||
Expense paid on behalf of subsidiaries | (15) | (13) | (14) | ||||||||
Proceeds from Collection of Long-term Loans to Related Parties | 100 | 0 | 0 | ||||||||
Returns of capital from subsidiaries | 16 | 10 | 87 | ||||||||
Capital contributions to subsidiaries | (422) | (75) | (767) | ||||||||
Net change in short-term investments | 4 | 14 | 14 | ||||||||
Other, net | (2) | 28 | (3) | ||||||||
Net cash provided by (used in) investing activities | (2,388) | (554) | 764 | ||||||||
Cash flows from financing activities | |||||||||||
Net change in payables for collateral under securities loaned and other transactions | 49 | 7 | (27) | ||||||||
Long-term debt issued | 1,246 | 1,382 | 0 | ||||||||
Long-term debt repaid | (251) | (877) | (1,759) | ||||||||
Treasury stock acquired in connection with share repurchases | (1,151) | (2,285) | (3,992) | ||||||||
Preferred stock issued, net of issuance costs | 1,961 | 0 | 1,274 | ||||||||
Redemption of preferred stock | (989) | 0 | 0 | ||||||||
Preferred stock redemption premium | (14) | 0 | 0 | ||||||||
Dividends on preferred stock | (202) | (178) | (141) | ||||||||
Dividends on common stock | (1,657) | (1,643) | (1,678) | ||||||||
Other, net | (19) | (28) | (75) | ||||||||
Net cash provided by (used in) financing activities | (1,027) | (3,622) | (6,398) | ||||||||
Change in cash and cash equivalents | 64 | 1 | (140) | ||||||||
Cash and cash equivalents, from continuing operations, beginning of year | $ 377 | $ 376 | 377 | 376 | 516 | ||||||
Cash and cash equivalents, from continuing operations, end of year | $ 441 | $ 377 | 441 | 377 | 376 | ||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid for Interest | 815 | 864 | 1,040 | ||||||||
Net cash paid (received) for Income tax | (296) | (155) | 877 | ||||||||
Non-cash transactions: | |||||||||||
Dividends from subsidiary | 341 | 0 | 0 | ||||||||
Returns of capital from subsidiaries | 13 | 29 | 3,844 | ||||||||
Capital contributions to subsidiaries | 1 | 30 | 3,844 | ||||||||
Reduction of long-term debt | 0 | 0 | 944 | ||||||||
Reduction of fair value option securities | 0 | 0 | 1,030 | ||||||||
Amounts paid to (received from) subsidiaries, net | Parent Company | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | (392) | (152) | (33) | ||||||||
Amounts paid to Brighthouse in accordance with the tax separation agreement | Parent Company | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | 0 | 0 | 909 | ||||||||
Income tax paid (received) by MetLife, Inc., net | Parent Company | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||
Net cash paid (received) for Income tax | $ 96 | $ (3) | $ 1 |
Condensed Financial Informati_6
Condensed Financial Information (Parent Company) (Investment in Subsidiaries - Narrative) (Details) - Versant Health, Inc. [Member] $ in Millions | Dec. 30, 2020USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Payments to Acquire Businesses, Gross | $ 1,800 |
Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Payments to Acquire Businesses, Gross | $ 1,800 |
Condensed Financial Informati_7
Condensed Financial Information (Parent Company) (Loans to Subsidiaries - Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Parent Company | Interest Income [Member] | |||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | |||
Loans to Subsidiaries, Interest Income | $ 2 | $ 3 | $ 3 |
Condensed Financial Informati_8
Condensed Financial Information (Parent Company) (Long-term Debt Outstanding) (Details) $ in Millions, ¥ in Billions | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 01, 2019JPY (¥) | Jul. 31, 2019JPY (¥) | May 08, 2018USD ($) | May 08, 2018JPY (¥) | Apr. 19, 2018USD ($) | Apr. 19, 2018JPY (¥) | Mar. 22, 2018USD ($) | Mar. 22, 2018JPY (¥) | Mar. 19, 2018USD ($) | Mar. 19, 2018JPY (¥) |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 3,200 | ||||||||||||
Parent Company | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Senior Notes | $ 13,463 | 12,379 | |||||||||||
Notes Payable, Related Parties | 2,073 | 1,976 | |||||||||||
Long-term Debt | $ 15,536 | 14,355 | |||||||||||
Parent Company | Senior Notes, Unaffiliated [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Weighted Average Interest Rate | 4.28% | ||||||||||||
Senior Notes | $ 13,463 | 12,379 | |||||||||||
Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 182.00% | 3.14% | 3.14% | 2.97% | 2.97% | ||||||||
Long-term Debt [Abstract] | |||||||||||||
Weighted Average Interest Rate | 2.31% | ||||||||||||
Senior Notes | $ 250 | $ 500 | ¥ 54.6 | $ 500 | ¥ 53.7 | $ 500 | ¥ 53.3 | ||||||
Notes Payable, Related Parties | $ 2,073 | $ 1,976 | |||||||||||
Minimum | Parent Company | Senior Notes, Unaffiliated [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.50% | ||||||||||||
Minimum | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.60% | ||||||||||||
Maximum | Parent Company | Senior Notes, Unaffiliated [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||||||||||||
Maximum | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.14% | ||||||||||||
SeniorDebtYen37.3BillionJuly2023 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.602% | ||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Senior Notes | ¥ | ¥ 37.3 | ||||||||||||
SeniorNote16.0BillionYenJuly2026 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.637% | ||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Senior Notes | ¥ | ¥ 16 | ||||||||||||
MaturityOctober2019Rate1.72 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Senior Notes | $ 250 | ¥ 26.5 | |||||||||||
SeniorNote26.5BillionYenMaturityOctober2029 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.81% | ||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Senior Notes | ¥ | ¥ 26.5 | ||||||||||||
MaturitySeptember2020Rate.82 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.82% | 0.82% | |||||||||||
Long-term Debt [Abstract] | |||||||||||||
Senior Notes | $ 250 | ¥ 26.5 |
Condensed Financial Informati_9
Condensed Financial Information (Parent Company) (Interest Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense [Abstract] | |||
Total interest expense | $ 632 | $ 656 | $ 827 |
Parent Company | |||
Interest Expense [Abstract] | |||
Total interest expense | 833 | 850 | 1,009 |
Parent Company | Long-term Debt | |||
Interest Expense [Abstract] | |||
Total interest expense | 570 | 591 | 755 |
Parent Company | Long-term Debt | Affiliated Entity [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 52 | 48 | 45 |
Parent Company | Secured Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 6 | 6 | 6 |
Parent Company | Junior Subordinated Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | $ 205 | $ 205 | $ 203 |
Condensed Financial Informat_10
Condensed Financial Information (Parent Company) (Long-term Debt - Narrative) (Details) $ in Millions, ¥ in Billions | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | May 08, 2018USD ($) | May 08, 2018JPY (¥) | Apr. 19, 2018USD ($) | Apr. 19, 2018JPY (¥) | Mar. 22, 2018USD ($) | Mar. 22, 2018JPY (¥) | Mar. 19, 2018USD ($) | Mar. 19, 2018JPY (¥) |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 90 | $ 88 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 77 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 527 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 2,100 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,200 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,600 | ||||||||||
Debt Instrument, Face Amount | 3,200 | ||||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 500 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,400 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,500 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,200 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,900 | ||||||||||
Senior Notes | 13,463 | 12,379 | |||||||||
Parent Company | Senior Notes Unaffiliated [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 85 | 81 | |||||||||
Senior Notes | $ 13,463 | $ 12,379 | |||||||||
Parent Company | Senior Notes, Affiliated [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Senior Notes | $ 250 | $ 500 | ¥ 54.6 | $ 500 | ¥ 53.7 | $ 500 | ¥ 53.3 | ||||
MaturityOctober2019Rate1.72 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Senior Notes | $ 250 | ¥ 26.5 | |||||||||
MaturitySeptember2020Rate.82 [Member] | Parent Company | Senior Notes, Affiliated [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Senior Notes | $ 250 | ¥ 26.5 |
Condensed Financial Informat_11
Condensed Financial Information (Parent Company) (Support Agreements - Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 108,000,000 | $ 25,000,000 |
Parent Company | Support Agreement Exeter Obligations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Amount guaranteed under support agreement | $ 1,000,000,000 | |
Parent Company | Support Agreement MetLife Reinsurance Company of Vermont [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Guaranteed adjusted capital levels | 200 | |
Parent Company | Support Agreement MetLife Reinsurance Company of Charleston [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Guaranteed adjusted capital levels | 200 | |
Parent Company | Support Agreement - Guarantees of Subsidiary Derivative Obligations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Derivative Assets, Fair Value, Net | $ 366,000,000 | 360,000,000 |
Unsecured derivative liability positions guaranteed by MetLife, Inc. | 158,000,000 | 197,000,000 |
Estimated fair value of collateral provided to counterparties by the subsidiaries | 158,000,000 | 196,000,000 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 | $ 1,000,000 |
Consolidated Supplementary In_2
Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | $ 16,389 | $ 17,833 | $ 18,895 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 226,726 | 214,100 | |
Policyholder account balances | 205,176 | 192,627 | |
Policyholder Dividends Payable | 587 | 681 | |
Unearned Premiums | 2,846 | 4,647 | |
Unearned Revenue | 2,112 | 2,478 | |
U.S. | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 434 | 649 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 85,037 | 79,147 | |
Policyholder account balances | 77,487 | 71,180 | |
Policyholder Dividends Payable | 0 | 0 | |
Unearned Premiums | 175 | 2,062 | |
Unearned Revenue | 42 | 41 | |
Asia | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 9,333 | 9,764 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 45,202 | 42,328 | |
Policyholder account balances | 81,710 | 75,699 | |
Policyholder Dividends Payable | 87 | 75 | |
Unearned Premiums | 2,493 | 2,275 | |
Unearned Revenue | 587 | 973 | |
Latin America | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 2,092 | 2,038 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 11,749 | 10,840 | |
Policyholder account balances | 5,100 | 5,071 | |
Policyholder Dividends Payable | 0 | 0 | |
Unearned Premiums | 1 | 123 | |
Unearned Revenue | 740 | 762 | |
EMEA | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 1,787 | 1,701 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 5,215 | 5,221 | |
Policyholder account balances | 12,037 | 11,730 | |
Policyholder Dividends Payable | 6 | 5 | |
Unearned Premiums | 23 | 23 | |
Unearned Revenue | 555 | 509 | |
MetLife Holdings | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 2,712 | 3,656 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 78,048 | 74,999 | |
Policyholder account balances | 28,858 | 28,966 | |
Policyholder Dividends Payable | 494 | 601 | |
Unearned Premiums | 154 | 164 | |
Unearned Revenue | 188 | 193 | |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 31 | 25 | |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 1,475 | 1,565 | |
Policyholder account balances | (16) | (19) | |
Policyholder Dividends Payable | 0 | 0 | |
Unearned Premiums | 0 | 0 | |
Unearned Revenue | $ 0 | $ 0 |
Consolidated Supplementary In_3
Consolidated Supplementary Insurance Information (Income Statement Items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | $ 47,637 | $ 47,838 | $ 49,342 |
Net Investment Income | 17,117 | 18,868 | 16,166 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 46,675 | 47,925 | 46,669 |
Amortization of DAC and VOBA Charged to Other Expenses | 3,160 | 2,896 | 2,975 |
Other Expenses (1) | 11,080 | 12,004 | 11,990 |
U.S. | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 28,335 | 27,879 | 29,239 |
Net Investment Income | 6,563 | 6,821 | 6,703 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 27,966 | 28,165 | 29,539 |
Amortization of DAC and VOBA Charged to Other Expenses | 471 | 475 | 477 |
Other Expenses (1) | 3,716 | 3,603 | 3,466 |
Asia | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 8,554 | 8,482 | 8,390 |
Net Investment Income | 3,931 | 3,920 | 3,055 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 7,249 | 7,278 | 6,559 |
Amortization of DAC and VOBA Charged to Other Expenses | 1,468 | 1,380 | 1,297 |
Other Expenses (1) | 1,825 | 1,907 | 1,903 |
Latin America | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 3,257 | 3,817 | 3,817 |
Net Investment Income | 991 | 1,262 | 1,194 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 2,857 | 3,210 | 3,057 |
Amortization of DAC and VOBA Charged to Other Expenses | 276 | 291 | 209 |
Other Expenses (1) | 971 | 1,039 | 1,044 |
EMEA | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,709 | 2,615 | 2,587 |
Net Investment Income | 697 | 1,442 | (195) |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 1,623 | 2,361 | 772 |
Amortization of DAC and VOBA Charged to Other Expenses | 452 | 420 | 433 |
Other Expenses (1) | 860 | 921 | 909 |
MetLife Holdings | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 4,757 | 4,960 | 5,191 |
Net Investment Income | 4,900 | 5,140 | 5,222 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 6,983 | 6,842 | 6,662 |
Amortization of DAC and VOBA Charged to Other Expenses | 485 | 324 | 553 |
Other Expenses (1) | 1,976 | 2,246 | 2,286 |
Corporate & Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 25 | 85 | 118 |
Net Investment Income | 35 | 283 | 187 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | (3) | 69 | 80 |
Amortization of DAC and VOBA Charged to Other Expenses | 8 | 6 | 6 |
Other Expenses (1) | $ 1,732 | $ 2,288 | $ 2,382 |
Consolidated Reinsurance (Conso
Consolidated Reinsurance (Consolidated Reinsurance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct Premiums, Life Insurance in Force | $ 5,222,988 | $ 5,100,675 | $ 4,963,820 |
Ceded Premiums, Life Insurance in Force | 442,381 | 488,958 | 507,589 |
Assumed Premiums, Life Insurance in Force | 597,903 | 623,662 | 532,511 |
Premiums, Net, Life Insurance in Force | $ 5,378,510 | $ 5,235,379 | $ 4,988,742 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 11.10% | 11.90% | 10.70% |
Consolidated Reinsurance | |||
Gross Amount | $ 42,201 | $ 42,513 | $ 44,199 |
Ceded | 2,199 | 2,298 | 2,380 |
Assumed | 2,032 | 2,020 | 2,021 |
Premiums | $ 42,034 | $ 42,235 | $ 43,840 |
% Amount Assumed to Net | 4.80% | 4.80% | 4.60% |
Life insurance (1) | |||
Consolidated Reinsurance | |||
Gross Amount | $ 23,629 | $ 23,938 | $ 26,356 |
Ceded | 1,620 | 1,704 | 1,792 |
Assumed | 1,809 | 1,794 | 1,791 |
Premiums | $ 23,818 | $ 24,028 | $ 26,355 |
% Amount Assumed to Net | 7.60% | 7.50% | 6.80% |
Accident & health insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 14,958 | $ 14,835 | $ 14,166 |
Ceded | 516 | 523 | 515 |
Assumed | 208 | 207 | 212 |
Premiums | $ 14,650 | $ 14,519 | $ 13,863 |
% Amount Assumed to Net | 1.40% | 1.40% | 1.50% |
Property and casualty insurance | |||
Consolidated Reinsurance | |||
Gross Amount | $ 3,614 | $ 3,740 | $ 3,677 |
Ceded | 63 | 71 | 73 |
Assumed | 15 | 19 | 18 |
Premiums | $ 3,566 | $ 3,688 | $ 3,622 |
% Amount Assumed to Net | 0.40% | 0.50% | 0.50% |