METLIFE INC, 10-Q filed on 8/1/2024
Quarterly Report
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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2024
Jul. 26, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Entity Registrant Name MetLife, Inc.  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
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 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   700,324,845
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
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 $0.01  
Trading Symbol MET PRA  
Security Exchange Name NYSE  
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E  
Trading Symbol MET PRE  
Security Exchange Name NYSE  
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest ina share of 4.75% Non-Cumulative Preferred Stock, Series F  
Trading Symbol MET PRF  
Security Exchange Name NYSE  
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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investments:    
Fixed maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $121 and $184, respectively); and amortized cost: $303,191 and $300,555, respectively $ 277,736 $ 281,412
Equity securities 754 757
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,106 10,331
Mortgage loans (net of allowance for credit loss of $806 and $721, respectively) 89,802 92,506
Policy loans 8,691 8,788
Real estate and real estate joint ventures (includes $321 and $317, respectively, under the fair value option; $34 and $0, respectively, of real estate held-for-sale; $210 and $0, respectively, relating to variable interest entities) 13,517 13,332
Other limited partnership interests 14,288 14,764
Short-term investments, principally at estimated fair value 3,804 6,045
Other invested assets (includes $1,863 and $1,993, respectively, of leveraged and direct financing leases; $429 and $333, respectively, relating to variable interest entities) 18,131 18,202
Total investments 436,829 446,137
Cash and cash equivalents, principally at estimated fair value 20,786 20,639
Accrued investment income 3,657 3,589
Premiums, reinsurance and other receivables 31,820 28,971
Market risk benefits, at estimated fair value 356 286
Deferred policy acquisition costs and value of business acquired 19,568 20,151
Current income tax recoverable 348 190
Deferred income tax asset 2,681 2,612
Goodwill 8,950 9,236
Other assets 11,043 11,139
Separate account assets 139,707 144,634
Total assets 675,745 687,584
Liabilities    
Future policy benefits 190,993 196,406
Policyholder account balances 219,543 219,269
Market risk benefits, at estimated fair value 2,618 3,179
Other policy-related balances 19,379 19,736
Policyholder dividends payable 365 386
Payables for collateral under securities loaned and other transactions 17,719 17,524
Short-term debt (includes $113 and $0, respectively, relating to variable interest entities) 390 119
Long-term debt 14,809 15,548
Collateral financing arrangement 555 637
Junior subordinated debt securities 3,163 3,161
Deferred income tax liability 216 927
Other liabilities 38,748 35,805
Separate account liabilities 139,707 144,634
Total liabilities 648,205 657,331
Contingencies, Commitments and Guarantees (Note 19)
MetLife, Inc.’s stockholders’ equity:    
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference 0 0
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,193,636,489 and 1,191,823,651 shares issued, respectively; 703,760,956 and 730,821,111 shares outstanding, respectively 12 12
Additional paid-in capital 33,740 33,690
Retained earnings 40,873 40,146
Treasury stock, at cost; 489,875,533 and 461,002,540 shares, respectively (26,637) (24,591)
Accumulated other comprehensive income (loss) (20,736) (19,242)
Total MetLife, Inc.’s stockholders’ equity 27,252 30,015
Noncontrolling interests 288 238
Total equity 27,540 30,253
Total liabilities and equity $ 675,745 $ 687,584
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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets    
Amortized cost of fixed maturity securities valuation allowances $ 121 $ 184
Amortized Cost 303,191 300,555
Mortgage loans valuation allowances 806 721
Real estate and real estate joint ventures - FVO 13,517 13,332
Other Invested Assets - Leveraged and Direct Financing Leases 1,863 1,993
Other invested assets, at estimated fair value (2) 18,131 18,202
Liabilities    
Long-term debt $ 14,809 $ 15,548
MetLife, Inc.’s stockholders’ equity:    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, Liquidation Preference, Value $ 3,905 $ 3,905
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 3,000,000,000 3,000,000,000
Common stock, shares issued 1,193,636,489 1,191,823,651
Common stock, shares outstanding 703,760,956 730,821,111
Treasury stock, shares 489,875,533 461,002,540
Short-term Debt $ 390 $ 119
Real Estate Held-for-sale 34 0
Residential mortgage loans - FVO    
Assets    
Real estate and real estate joint ventures - FVO 321 317
Variable interest entities    
Assets    
Real estate and real estate joint ventures - FVO 210 0
Other invested assets, at estimated fair value (2) 429 333
MetLife, Inc.’s stockholders’ equity:    
Short-term Debt $ 113 $ 0
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Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Premiums $ 11,628 $ 11,678 $ 21,681 $ 21,267
Universal life and investment-type product policy fees 1,281 1,288 2,529 2,577
Net investment income 5,205 5,072 10,641 9,717
Other revenues 638 621 1,312 1,260
Net investment gains (losses) (421) (1,039) (796) (1,723)
Net derivative gains (losses) (508) (997) (1,487) (1,087)
Total revenues 17,823 16,623 33,880 32,011
Expenses        
Policyholder benefits and claims 11,485 11,809 21,559 21,681
Policyholder liability remeasurement (gains) losses (10) (16) (32) (25)
Market risk benefit remeasurement (gains) losses (182) (817) (876) (629)
Interest credited to policyholder account balances 2,000 1,933 4,290 3,797
Policyholder dividends 148 151 295 310
Other expenses 3,180 3,133 6,397 6,190
Total expenses 16,621 16,193 31,633 31,324
Income (loss) before provision for income tax 1,202 430 2,247 687
Provision for income tax expense (benefit) 249 22 419 194
Net income (loss) 953 408 1,828 493
Less: Net income (loss) attributable to noncontrolling interests 7 6 15 11
Net income (loss) attributable to MetLife, Inc. 946 402 1,813 482
Dividends, Preferred Stock 34 32 101 98
Net income (loss) available to MetLife, Inc.’s common shareholders 912 370 1,712 384
Comprehensive income (loss) (11) (829) 336 2,712
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax 8 8 17 (5)
Comprehensive income (loss) attributable to MetLife, Inc. $ (19) $ (837) $ 319 $ 2,717
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:        
Basic $ 1.28 $ 0.48 $ 2.39 $ 0.50
Diluted $ 1.28 $ 0.48 $ 2.37 $ 0.50
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Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock, Common
Accumulated Other Comprehensive Income (Loss)
Total MetLife, Inc.'s Stockholders' Equity
Total MetLife, Inc.'s Stockholders' Equity
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling Interests
Beginning Balance at Dec. 31, 2022 $ 30,125   $ 0 $ 12 $ 33,616 $ 40,332   $ (21,458) $ (22,621) $ 29,881   $ 244
Treasury stock acquired in connection with share repurchases (787)             (787)   (787)    
Share Repurchase Program, Excise Tax 7                      
Stock-based compensation 1       1         1    
Dividends on preferred stock (66)         (66)       (66)    
Dividends on common stock $ (389)         (389)       (389)    
Dividend Per Share $ 0.500                      
Change in equity of noncontrolling interests $ (2)                 0   (2)
Net income (loss) 85         80       80   5
Other comprehensive income (loss), net of income tax 3,456               3,474 3,474   (18)
Ending Balance at Mar. 31, 2023 32,423   0 12 33,617 39,957   (22,245) (19,147) 32,194   229
Beginning Balance at Dec. 31, 2022 30,125   0 12 33,616 40,332   (21,458) (22,621) 29,881   244
Dividends on preferred stock (98)                      
Net income (loss) 493                      
Ending Balance at Jun. 30, 2023 30,492   0 12 33,630 39,928   (22,923) (20,386) 30,261   231
Beginning Balance at Mar. 31, 2023 32,423   0 12 33,617 39,957   (22,245) (19,147) 32,194   229
Treasury stock acquired in connection with share repurchases (678)             (678)   (678)    
Share Repurchase Program, Excise Tax 6                      
Stock-based compensation 13       13         13    
Dividends on preferred stock (32)         (32)       (32)    
Dividends on common stock $ (399)         (399)       (399)    
Dividend Per Share $ 0.520                      
Change in equity of noncontrolling interests $ (6)                 0   (6)
Net income (loss) 408         402       402   6
Other comprehensive income (loss), net of income tax (1,237)               (1,239) (1,239)   2
Ending Balance at Jun. 30, 2023 30,492   0 12 33,630 39,928   (22,923) (20,386) 30,261   231
Beginning Balance at Dec. 31, 2023 30,253 $ (219) 0 12 33,690 40,146 $ (219) (24,591) (19,242) 30,015 $ (219) 238
Treasury stock acquired in connection with share repurchases (1,183)             (1,183)   (1,183)    
Share Repurchase Program, Excise Tax 11                      
Stock-based compensation 28       28         28    
Dividends on preferred stock (67)         (67)       (67)    
Dividends on common stock $ (377)         (377)       (377)    
Dividend Per Share $ 0.520                      
Change in equity of noncontrolling interests $ 14                 0   14
Net income (loss) 875         867       867   8
Other comprehensive income (loss), net of income tax (528)               (529) (529)   1
Ending Balance at Mar. 31, 2024 28,796   0 12 33,718 40,350   (25,774) (19,771) 28,535   261
Beginning Balance at Dec. 31, 2023 30,253 $ (219) 0 12 33,690 40,146 $ (219) (24,591) (19,242) 30,015 $ (219) 238
Dividends on preferred stock (101)                      
Net income (loss) 1,828                      
Ending Balance at Jun. 30, 2024 27,540   0 12 33,740 40,873   (26,637) (20,736) 27,252   288
Beginning Balance at Mar. 31, 2024 28,796   0 12 33,718 40,350   (25,774) (19,771) 28,535   261
Treasury stock acquired in connection with share repurchases (863)             (863)   (863)    
Share Repurchase Program, Excise Tax 8                      
Stock-based compensation 22       22         22    
Dividends on preferred stock (34)         (34)       (34)    
Dividends on common stock $ (389)         (389)       (389)    
Dividend Per Share $ 0.545                      
Change in equity of noncontrolling interests $ 19                 0   19
Net income (loss) 953         946       946   7
Other comprehensive income (loss), net of income tax (964)               (965) (965)   1
Ending Balance at Jun. 30, 2024 $ 27,540   $ 0 $ 12 $ 33,740 $ 40,873   $ (26,637) $ (20,736) $ 27,252   $ 288
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Statement of Cash Flows [Abstract]    
Net cash provided by (used in) operating activities $ 5,818 $ 5,064
Cash flows from investing activities    
Sales, maturities and repayments of fixed maturity securities available-for-sale 26,840 32,415
Sales, maturities and repayments of equity securities 44 927
Sales, maturities and repayments of mortgage loans 4,777 4,347
Sales, maturities and repayments of real estate and real estate joint ventures 298 76
Sales, maturities and repayments of other limited partnership interests 626 541
Sales, maturities and repayments of short-term investments 7,641 6,262
Purchases of fixed maturity securities available-for-sale (31,986) (35,072)
Purchases of equity securities (64) (51)
Purchases of mortgage loans (3,545) (5,094)
Purchases of real estate and real estate joint ventures (707) (555)
Purchases of other limited partnership interests (574) (910)
Purchases of short-term investments (5,440) (8,216)
Cash received in connection with freestanding derivatives 1,034 1,446
Cash paid in connection with freestanding derivatives (2,261) (2,742)
Net change in policy loans (17) 16
Net change in other invested assets (506) (1,133)
Other, net (127) (107)
Net cash provided by (used in) investing activities (3,967) (7,850)
Cash flows from financing activities    
Policyholder account balances - deposits 50,011 51,869
Policyholder account balances - withdrawals (48,065) (49,013)
Net change in payables for collateral under securities loaned and other transactions 385 (1,972)
Long-term debt issued 1,270 1,000
Long-term debt repaid (1,741) (1,019)
Collateral financing arrangement repaid (82) (41)
Derivatives with certain financing elements and other derivative-related transactions, net (150) 58
Proceeds from mortgage loan secured financing 92 277
Repayments of mortgage loan secured financing (419) (663)
Treasury stock acquired in connection with share repurchases (2,027) (1,452)
Dividends on preferred stock (101) (98)
Dividends on common stock (766) (788)
Other, net 127 (74)
Net cash provided by (used in) financing activities (1,466) (1,916)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (238) (76)
Change in cash and cash equivalents 147 (4,778)
Cash and cash equivalents, beginning of period 20,639 20,195
Cash and cash equivalents, end of period 20,786 15,417
Supplemental disclosures of cash flow information    
Net cash paid for Interest 527 472
Net cash paid (received) for Income tax 994 1,116
Non-cash transactions:    
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 2,342 1,691
Real estate and real estate joint ventures acquired in satisfaction of debt 334 6
Other invested assets received in connection with the sale of other limited partnership interests 372 0
Increase of real estate and real estate joint ventures 134 0
Increase of short-term debt $ 113 $ 0
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Business, Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
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 six segments: Group Benefits; Retirement and Income Solutions (“RIS”); 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 interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.
The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, 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.
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (each, an “ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.
Adopted Accounting Pronouncements
The table below describes the impacts of ASUs adopted by the Company.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2023-02, Investments—Equity Method and Joint Ventures
(Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method


The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.
January 1, 2024. The Company adopted this update, applying a modified retrospective basis.
The Company has elected to use the proportional amortization method to account for its tax equity investments that meet the required criteria. The adoption of this update resulted in a decrease to retained earnings of $219 million, net of income tax, primarily related to the Company’s tax equity investments reported within other invested assets, as of January 1, 2024.
Future Adoption of Accounting Pronouncements
ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2024 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).
Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).
The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this update are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include:
(i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss on an annual and interim basis;
(ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss;
(iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and
(iv) specifying the title and position of the CODM.
Effective for annual periods beginning January 1, 2024 and
interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).
The Company is evaluating the impact of the guidance on its consolidated financial statements.
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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information 2. Segment Information
In the fourth quarter of 2023, MetLife reorganized from five segments into the following six segments to reflect changes in management’s responsibilities: Group Benefits, RIS, Asia, Latin America, EMEA and MetLife Holdings. The Group Benefits and RIS businesses were previously reported as the U.S. segment. These changes were applied retrospectively and did not have an impact on prior period total consolidated net income (loss) or adjusted earnings. In addition, the Company continues to report certain of its results of operations in Corporate & Other.
Group Benefits
The Group Benefits segment, based in the U.S., offers a broad range of products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include term, variable and universal life insurance, dental, group and individual disability, vision and accident & health insurance.
RIS
The RIS segment, based in the U.S., offers a broad range of life and annuity-based insurance and investment products to corporations and their respective employees, other institutions and their respective members, as well as individuals. These products include stable value and pension risk transfer products, institutional income annuities, structured settlements, longevity reinsurance solutions, benefit funding solutions and capital markets investment products.
Asia
The Asia segment offers a broad range of products and services 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, retirement and savings, accident & health insurance 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 U.S. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance. It also includes an in-force block of assumed variable annuity guarantees from a third party.
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 initiatives), 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 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.
These financial measures focus on the Company’s primary businesses principally by excluding the impact of (i) market volatility which could distort trends, (ii) asymmetrical and non-economic accounting, and (iii) revenues and costs related to divested businesses, non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP.
Market volatility can have a significant impact on the Company’s financial results. Adjusted earnings excludes net investment gains (losses), net derivative gains (losses), market risk benefits (“MRBs”) remeasurement gains (losses) and goodwill impairments. Further, policyholder benefits and claims exclude (i) changes in the discount rate on certain annuitization guarantees accounted for as additional liabilities, and (ii) market value adjustments.
Asymmetrical and non-economic accounting adjustments are made to the line items indicated in calculating adjusted earnings:
•Net investment income includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment.
•Other revenues include settlements of foreign currency earnings hedges and exclude asymmetrical accounting associated with in-force reinsurance.
•Policyholder benefits and claims excludes (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits (“FPBs”), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments, (iii) asymmetrical accounting associated with in-force reinsurance, and (iv) non-economic losses incurred at contract inception for certain single premium annuity business. These losses are amortized into adjusted earnings within policyholder benefits and claims over the estimated lives of the contracts.
•Interest credited to policyholder account balances (“PABs”) excludes amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass-through adjustments and asymmetrical accounting associated with in-force reinsurance.
Divested businesses are those that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP.
Other adjustments are made to the line items indicated in calculating adjusted earnings:
•Net investment income and interest credited to PABs excludes certain amounts related to contractholder-directed equity securities.
•Other revenues include fee revenue on synthetic guaranteed interest contracts (“GICs”) accounted for as freestanding derivatives.
•Other revenues exclude and other expenses include fees received in connection with services provided under transition service agreements.
•Other expenses exclude (i) implementation of new insurance regulatory requirements and other costs, and (ii) acquisition, integration and other related costs. Other expenses include (i) deductions for net income attributable to noncontrolling interests, and (ii) benefits accrued on synthetic GICs accounted for as freestanding derivatives.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2024 and 2023. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.
Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in 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.
Three Months Ended June 30, 2024Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$5,599 $2,448 $1,216 $1,122 $536 $692 $15 $11,628 $— $11,628 
Universal life and investment-type product policy fees229 73 434 373 77 94 1 1,281 — 1,281 
Net investment income313 2,117 1,167 398 54 1,016 95 5,160 45 5,205 
Other revenues382 61 18 11 8 37 97 614 24 638 
Net investment gains (losses)— — — — — — — — (421)(421)
Net derivative gains (losses)— — — — — — — — (508)(508)
Total revenues6,523 4,699 2,835 1,904 675 1,839 208 18,683 (860)17,823 
Expenses
Policyholder benefits and claims and policyholder dividends4,780 3,248 988 1,018 265 1,252 9 11,560 73 11,633 
Policyholder liability remeasurement (gains) losses2 (23)(4)(3)1 17 — (10)— (10)
MRB remeasurement (gains) losses
— — — — — — — — (182)(182)
Interest credited to PABs
48 838 657 115 17 106 — 1,781 219 2,000 
Capitalization of deferred policy acquisition costs (“DAC”)
(5)(46)(335)(175)(115)(4)(3)(683)— (683)
Amortization of DAC and value of business acquired (“VOBA”)
7 16 207 129 82 57 1 499 — 499 
Amortization of negative VOBA
— — (5)— (1)— — (6)— (6)
Interest expense on debt1 3 — 4 — 3 246 257 — 257 
Other expenses1,016 145 702 505 328 220 188 3,104 9 3,113 
Total expenses5,849 4,181 2,210 1,593 577 1,651 441 16,502 119 16,621 
Provision for income tax expense (benefit)141 108 176 85 21 35 (47)519 (270)249 
Adjusted earnings$533 $410 $449 $226 $77 $153 $(186)1,662 
Adjustments to:
Total revenues(860)
Total expenses(119)
Provision for income tax (expense) benefit270 
Net income (loss)$953 $953 
Three Months Ended June 30, 2023Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$5,427 $2,681 $1,310 $1,023 $499 $719 $19 $11,678 $— $11,678 
Universal life and investment-type product policy fees223 71 396 352 75 170 1 1,288 — 1,288 
Net investment income327 1,948 1,050 418 47 1,170 80 5,040 32 5,072 
Other revenues363 71 21 10 8 49 106 628 (7)621 
Net investment gains (losses)— — — — — — — — (1,039)(1,039)
Net derivative gains (losses)— — — — — — — — (997)(997)
Total revenues6,340 4,771 2,777 1,803 629 2,108 206 18,634 (2,011)16,623 
Expenses
Policyholder benefits and claims and policyholder dividends4,866 3,441 1,057 976 237 1,341 12 11,930 30 11,960 
Policyholder liability remeasurement (gains) losses2 (11)(27)3 2 15 — (16)— (16)
MRB remeasurement (gains) losses
— — — — — — — — (817)(817)
Interest credited to PABs
48 702 570 105 19 198 — 1,642 291 1,933 
Capitalization of DAC
(5)(50)(397)(148)(119)(6)(4)(729)— (729)
Amortization of DAC and VOBA
7 12 190 117 85 64 4 479 — 479 
Amortization of negative VOBA
— — (5)— (1)— — (6)— (6)
Interest expense on debt1 4 — 4 — 3 244 256 — 256 
Other expenses950 146 778 465 314 231 229 3,113 20 3,133 
Total expenses5,869 4,244 2,166 1,522 537 1,846 485 16,669 (476)16,193 
Provision for income tax expense (benefit)99 110 180 62 22 51 (83)441 (419)22 
Adjusted earnings$372 $417 $431 $219 $70 $211 $(196)1,524 
Adjustments to:
Total revenues(2,011)
Total expenses476 
Provision for income tax (expense) benefit419 
Net income (loss)$408 $408 
Six Months Ended June 30, 2024
Group
Benefits
RISAsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$11,310 $3,123 $2,513 $2,237 $1,072 $1,405 $21 $21,681 $— $21,681 
Universal life and investment-type product policy fees451 148 860 743 154 172 1 2,529 — 2,529 
Net investment income628 4,206 2,275 784 108 2,026 201 10,228 413 10,641 
Other revenues779 124 39 22 15 87 195 1,261 51 1,312 
Net investment gains (losses)— — — — — — — — (796)(796)
Net derivative gains (losses)— — — — — — — — (1,487)(1,487)
Total revenues13,168 7,601 5,687 3,786 1,349 3,690 418 35,699 (1,819)33,880 
Expenses
Policyholder benefits and claims and policyholder dividends10,016 4,719 2,055 2,001 523 2,503 17 21,834 20 21,854 
Policyholder liability remeasurement (gains) losses(1)(22)(36)(11)1 37 — (32)— (32)
MRB remeasurement (gains) losses
— — — — — — — — (876)(876)
Interest credited to PABs
96 1,634 1,304 229 36 209 — 3,508 782 4,290 
Capitalization of DAC
(9)(107)(696)(353)(243)(9)(6)(1,423)— (1,423)
Amortization of DAC and VOBA
13 31 417 254 173 116 3 1,007 — 1,007 
Amortization of negative VOBA
— — (10)— (2)— — (12)— (12)
Interest expense on debt1 7 — 7 — 7 499 521 — 521 
Other expenses2,019 317 1,446 1,017 660 443 382 6,284 20 6,304 
Total expenses12,135 6,579 4,480 3,144 1,148 3,306 895 31,687 (54)31,633 
Provision for income tax expense (benefit)216 213 335 183 47 72 (117)949 (530)419 
Adjusted earnings$817 $809 $872 $459 $154 $312 $(360)3,063 
Adjustments to:
Total revenues(1,819)
Total expenses54 
Provision for income tax (expense) benefit530 
Net income (loss)$1,828 $1,828 
Six Months Ended June 30, 2023
Group Benefits
RIS
AsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustments
Total
Consolidated
(In millions)
Revenues
Premiums$10,878 $3,182 $2,687 $2,048 $995 $1,442 $35 $21,267 $— $21,267 
Universal life and investment-type product policy fees441 150 793 687 152 353 1 2,577 — 2,577 
Net investment income637 3,762 1,931 797 92 2,297 130 9,646 71 9,717 
Other revenues743 139 41 22 16 102 207 1,270 (10)1,260 
Net investment gains (losses)— — — — — — — — (1,723)(1,723)
Net derivative gains (losses)— — — — — — — — (1,087)(1,087)
Total revenues12,699 7,233 5,452 3,554 1,255 4,194 373 34,760 (2,749)32,011 
Expenses
Policyholder benefits and claims and policyholder dividends9,860 4,666 2,187 1,942 498 2,710 28 21,891 100 21,991 
Policyholder liability remeasurement (gains) losses(2)(40)(16)(1)(1)35 — (25)— (25)
MRB remeasurement (gains) losses
— — — — — — — — (629)(629)
Interest credited to PABs
94 1,348 1,106 204 35 397 — 3,184 613 3,797 
Capitalization of DAC
(11)(95)(798)(299)(227)(12)(5)(1,447)— (1,447)
Amortization of DAC and VOBA
13 23 383 223 170 132 5 949 — 949 
Amortization of negative VOBA
— — (11)— (2)— — (13)— (13)
Interest expense on debt1 7 — 6 — 6 491 511 — 511 
Other expenses1,882 292 1,585 895 614 469 406 6,143 47 6,190 
Total expenses11,837 6,201 4,436 2,970 1,087 3,737 925 31,193 131 31,324 
Provision for income tax expense (benefit)183 215 305 150 38 88 (186)793 (599)194 
Adjusted earnings$679 $817 $711 $434 $130 $369 $(366)2,774 
Adjustments to:
Total revenues(2,749)
Total expenses(131)
Provision for income tax (expense) benefit599 
Net income (loss)$493 $493 
The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:
June 30, 2024December 31, 2023
(In millions)
Group Benefits$35,966 $36,715 
RIS222,719 218,587 
Asia151,700 157,206 
Latin America66,527 69,177 
EMEA18,846 18,596 
MetLife Holdings144,045 148,524 
Corporate & Other35,942 38,779 
Total$675,745 $687,584 
v3.24.2.u1
Disposition
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposition
3. Disposition
Pending Disposition of MetLife Malaysia
In October 2023, the Company entered into an agreement to sell its ownership interests in AmMetLife Insurance Berhad (Malaysia) and AmMetLife Takaful Berhad (Malaysia) (collectively, “MetLife Malaysia”). The transaction is expected to close in 2024 and is subject to regulatory approvals and satisfaction of other closing conditions. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information.
v3.24.2.u1
Future Policy Benefits
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure
4. Future Policy Benefits
The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts.
The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:
June 30, 2024December 31, 2023
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$64,338 $64,324 
Asia:
Whole and term life & endowments
11,260 12,874 
Accident & health
9,189 10,712 
Latin America - Fixed annuities
9,020 9,637 
MetLife Holdings - Long-term care
14,455 15,240 
Deferred Profit Liabilities:
RIS - Annuities
3,735 3,697 
Asia:
Whole and term life & endowments
690 654 
Accident & health
788 830 
Latin America - Fixed annuities
522 562 
Additional Insurance Liabilities:
Asia:
Variable life
1,074 1,258 
Universal and variable universal life
354 424 
MetLife Holdings - Universal and variable universal life
2,434 2,362 
MetLife Holdings - Participating life
48,911 49,543 
Other long-duration (1)
10,544 11,099 
Short-duration and other
13,679 13,190 
Total
$190,993 $196,406 
__________________
(1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.
Rollforwards - Traditional and Limited-Payment Contracts
The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable.
RIS - Annuities
The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$— $— 
Balance, beginning of period, at original discount rate$— $— 
Effect of actual variances from expected experience (1)
(25)(29)
Adjusted balance (25)(29)
Issuances
4,206 2,558 
Net premiums collected
(4,181)(2,529)
Ending balance at original discount rate— — 
Balance, end of period, at current discount rate at balance sheet date$— $— 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$64,515 $58,695 
Balance, beginning of period, at original discount rate$64,737 $61,426 
Effect of actual variances from expected experience (1)
(93)(167)
Adjusted balance64,644 61,259 
Issuances
4,328 2,561 
Interest accrual
1,526 1,411 
Benefit payments
(2,976)(2,726)
Ending balance at original discount rate67,522 62,505 
Effect of changes in discount rate assumptions
(2,847)(2,020)
Balance, end of period, at current discount rate at balance sheet date64,675 60,485 
Cumulative amount of fair value hedging adjustments(337)(204)
Net liability for FPBs
64,338 60,281 
Less: Reinsurance recoverables
1,933 — 
Net liability for FPBs, net of reinsurance
$62,405 $60,281 
Undiscounted - Expected future benefit payments$123,752 $115,364 
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$64,675 $60,485 
Weighted-average duration of the liability9 years9 years
Weighted-average interest accretion (original locked-in) rate4.7 %4.7 %
Weighted-average current discount rate at balance sheet date5.6 %5.3 %
_________________
(1)    For the six months ended June 30, 2024 and 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $49 million and $98 million, respectively. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements.
Significant Methodologies and Assumptions
When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the six months ended June 30, 2024, the Company incurred a loss at issue of $126 million. This loss at issue was offset by a deferred gain on ceded reinsurance, which will be amortized over the life of the reinsurance agreement.
Asia
Whole and Term Life & Endowments
The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$4,561 $4,682 
Balance, beginning of period, at original discount rate$4,793 $4,943 
Effect of actual variances from expected experience
(33)(26)
Adjusted balance4,760 4,917 
Issuances
269 328 
Interest accrual
34 27 
Net premiums collected
(304)(300)
Effect of foreign currency translation
(507)(384)
Ending balance at original discount rate4,252 4,588 
Effect of changes in discount rate assumptions
(277)(196)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
30 15 
Balance, end of period, at current discount rate at balance sheet date$4,005 $4,407 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$17,435 $17,463 
Balance, beginning of period, at original discount rate$17,198 $18,209 
Effect of actual variances from expected experience
(33)1 
Adjusted balance17,165 18,210 
Issuances269 328 
Interest accrual183 185 
Benefit payments(484)(624)
Effect of foreign currency translation
(1,813)(1,360)
Ending balance at original discount rate15,320 16,739 
Effect of changes in discount rate assumptions
(131)154 
Effect of foreign currency translation on the effect of changes in discount rate assumptions
76 11 
Balance, end of period, at current discount rate at balance sheet date15,265 16,904 
Cumulative impact of flooring the future policyholder benefits reserve
— 2 
Net liability for FPBs
11,260 12,499 
Less: Amount due to reinsurer
(1)(2)
Net liability for FPBs, net of reinsurance
$11,261 $12,501 
Undiscounted:
Expected future gross premiums$8,363 $8,786 
Expected future benefit payments$25,574 $26,771 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$7,140 $7,691 
Expected future benefit payments$15,265 $16,904 
Weighted-average duration of the liability17 years17 years
Weighted -average interest accretion (original locked-in) rate2.6 %2.5 %
Weighted-average current discount rate at balance sheet date2.8 %2.5 %
Accident & Health
The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$19,835 $21,181 
Balance, beginning of period, at original discount rate$21,232 $22,594 
Effect of actual variances from expected experience (1)
292 (33)
Adjusted balance21,524 22,561 
Issuances
551 536 
Interest accrual
110 120 
Net premiums collected
(928)(1,055)
Effect of foreign currency translation
(2,496)(1,849)
Ending balance at original discount rate18,761 20,313 
Effect of changes in discount rate assumptions
(1,720)(1,006)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
187 83 
Balance, end of period, at current discount rate at balance sheet date$17,228 $19,390 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$30,480 $30,879 
Balance, beginning of period, at original discount rate$36,010 $37,189 
Effect of actual variances from expected experience (1)
331 (53)
Adjusted balance36,341 37,136 
Issuances551 536 
Interest accrual232 246 
Benefit payments(614)(653)
Effect of foreign currency translation
(4,161)(3,017)
Ending balance at original discount rate32,349 34,248 
Effect of changes in discount rate assumptions
(6,761)(4,664)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
750 385 
Balance, end of period, at current discount rate at balance sheet date26,338 29,969 
Cumulative impact of flooring the future policyholder benefits reserve
79 83 
Net liability for FPBs
9,189 10,662 
Less: Reinsurance recoverables
143 149 
Net liability for FPBs, net of reinsurance
$9,046 $10,513 
Undiscounted:
Expected future gross premiums$36,531 $39,362 
Expected future benefit payments$42,531 $44,435 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$29,420 $33,399 
Expected future benefit payments$26,338 $29,969 
Weighted-average duration of the liability23 years26 years
Weighted-average interest accretion (original locked-in) rate1.7 %1.8 %
Weighted-average current discount rate at balance sheet date2.8 %2.3 %
_________________
(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident and health products of ($6) million.
Latin America - Fixed Annuities
The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$—$—
Balance, at beginning of period, at original discount rate$—$—
Effect of actual variances from expected experience (1)
——
Adjusted balance——
Issuances
494525
Interest accrual
55
Net premiums collected
(499)(530)
Ending balance at original discount rate——
Balance, end of period, at current discount rate at balance sheet date$—$—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$9,637$9,265
Balance, beginning of period, at original discount rate$9,249$8,240
Effect of actual variances from expected experience (1)
(9)(9)
Adjusted balance9,2408,231
Issuances509577
Interest accrual167173
Benefit payments(339)(336)
Inflation adjustment184243
Effect of foreign currency translation
(691)538
Ending balance at original discount rate9,0709,426
Effect of changes in discount rate assumptions
(28)706
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(22)60
Balance, end of period, at current discount rate at balance sheet date9,02010,192
Net liability for FPBs
$9,020$10,192
Undiscounted - Expected future benefit payments$13,648$14,343
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$9,020$10,192
Weighted-average duration of the liability10 years11 years
Weighted-average interest accretion (original locked-in) rate3.6 %3.9 %
Weighted-average current discount rate at balance sheet date3.7 %2.9 %
__________________
(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the six months ended June 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.
MetLife Holdings - Long-term Care
The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$5,687$5,775
Balance, beginning of period, at original discount rate$5,566$5,807
Effect of actual variances from expected experience
1383
Adjusted balance5,5795,890
Interest accrual
141149
Net premiums collected
(286)(293)
Ending balance at original discount rate5,4345,746
Effect of changes in discount rate assumptions
(80)3
Balance, end of period, at current discount rate at balance sheet date$5,354$5,749
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$20,927$19,619
Balance, beginning of period, at original discount rate$20,494$20,165
Effect of actual variances from expected experience
3199
Adjusted balance20,52520,264
Interest accrual540534
Benefit payments(421)(382)
Ending balance at original discount rate20,64420,416
Effect of changes in discount rate assumptions
(835)(169)
Balance, end of period, at current discount rate at balance sheet date19,80920,247
Net liability for FPBs
$14,455$14,498
Undiscounted:
Expected future gross premiums$10,280$10,893
Expected future benefit payments$44,653$45,653
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$6,715$7,089
Expected future benefit payments$19,809$20,247
Weighted-average duration of the liability14 years15 years
Weighted-average interest accretion (original locked-in) rate5.4 %5.4 %
Weighted-average current discount rate at balance sheet date5.8 %5.5 %
Rollforwards - Additional Insurance Liabilities
The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.
The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers.
Asia
The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:
Six Months
Ended
June 30,
2024202320242023
Variable Life
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period
$1,258$1,381$424$455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment
— — (14)(33)
Balance, beginning of period, before AOCI adjustment
1,2581,381438488
Effect of actual variances from expected experience(14)(8)(32)(22)
Adjusted balance
1,2441,373406466
Assessments accrual(2)(2)——
Interest accrual91033
Excess benefits paid(23)(19)——
Effect of foreign currency translation and other, net
(154)(119)(53)(41)
Balance, end of period, before AOCI adjustment
1,0741,243356428
Add: AOCI adjustment
——(2)(18)
Balance, end of period
$1,074$1,243$354$410
Weighted-average duration of the liability16 years17 years43 years43 years
Weighted-average interest accretion rate1.5 %1.5 %1.5 %1.5 %
MetLife Holdings
The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:
Six Months
Ended
June 30,
20242023
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period$2,362$2,156
Less: AOCI adjustment (14)(63)
Balance, beginning of period, before AOCI adjustment2,3762,219
Effect of actual variances from expected experience28(6)
Adjusted balance2,4042,213
Assessments accrual5155
Interest accrual6561
Excess benefits paid(70)(63)
Balance, end of period, before AOCI adjustment2,4502,266
Add: AOCI adjustment(16)2
Balance, end of period2,4342,268
Less: Reinsurance recoverables2,117744
Balance, end of period, net of reinsurance$317$1,524
Weighted-average duration of the liability15 years16 years
Weighted-average interest accretion rate5.5 %5.6 %
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
Six Months
Ended
June 30,
20242023
Gross Premiums or
Assessments (1)		Interest Expense (2)Gross Premiums or
Assessments (1)		Interest Expense (2)
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$4,246 $1,526 $2,592 $1,411 
Asia:
Whole and term life & endowments
564 149 555 158 
Accident & health
1,551 122 1,762 126 
Latin America - Fixed annuities
499 162 529 168 
MetLife Holdings - Long-term care
362 399 366 385 
Deferred Profit Liabilities:
RIS - Annuities
N/A88 N/A81 
Asia:
Whole and term life & endowments
N/A17 N/A14 
Accident & health
N/A9 N/A9 
Latin America - Fixed annuities
N/A10 N/A11 
Additional Insurance Liabilities:
Asia:
Variable life
55 9 11 10 
Universal and variable universal life
(33)3 (14)3 
MetLife Holdings - Universal and variable universal life
334 65 380 61 
Other long-duration
2,132 239 2,015 227 
 Total
$9,710 $2,798 $8,196 $2,664 
__________________
(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.
(2)Interest expense is included in policyholder benefits and claims.
Liabilities for Unpaid Claims and Claim Expenses
Rollforward of Claims and Claim Adjustment Expenses
Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period$16,468 $16,098 
Less: Reinsurance recoverables2,592 2,452 
Net balance, beginning of period13,876 13,646 
Incurred related to:
Current period13,420 13,580 
Prior periods (1)99 306 
Total incurred13,519 13,886 
Paid related to:
Current period(8,723)(8,546)
Prior periods(4,921)(4,959)
Total paid(13,644)(13,505)
Net balance, end of period13,751 14,027 
Add: Reinsurance recoverables2,762 2,590 
Balance, end of period (included in FPBs and other policy-related balances)
$16,513 $16,617 
__________________
(1)For the six months ended June 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.
v3.24.2.u1
Policyholder Account Balances
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Policyholder Account Balances
5. Policyholder Account Balances
The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
(In millions)
Group Benefits - Group life
$7,644$7,692
RIS:
Capital markets investment products and stable value GICs
64,94564,140
Annuities and risk solutions
18,79717,711
Asia:
Universal and variable universal life
49,22949,739
Fixed annuities
37,62936,863
EMEA - Variable annuities
2,5522,720
MetLife Holdings:
Annuities10,74711,537
Life and other
11,30311,641
Other16,69717,226
Total$219,543$219,269
Rollforwards
The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.
Group Benefits
Group Life
The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$7,692$8,028
Deposits1,9591,685
Policy charges(327)(318)
Surrenders and withdrawals(1,767)(1,608)
Benefit payments(6)(6)
Net transfers from (to) separate accounts(3)1
Interest credited9693
Balance, end of period$7,644$7,875
Weighted-average annual crediting rate
2.5 %2.4 %
At period end:
Cash surrender value$7,584$7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$264,497$251,590
The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$157$819$4,574$5,550
Equal to or greater than 2% but less than 4%
1,21795911,286
Equal to or greater than 4%
697—3934770
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A38
Total$1,914$166$917$4,609$7,644
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$79$910$4,615$5,604
Equal to or greater than 2% but less than 4%
1,252106321,327
Equal to or greater than 4%
74614334824
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A120
Total$1,998$90$1,016$4,651$7,875
RIS
Capital Markets Investment Products and Stable Value GICs
The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$64,140$63,723
Deposits37,60838,526
Surrenders and withdrawals(37,540)(39,865)
Interest credited1,180971
Effect of foreign currency translation and other, net(443)748
Balance, end of period$64,945$64,103
Weighted-average annual crediting rate
3.7 %3.1 %
Cash surrender value at period end
$1,850$2,309
The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$—$2,647$2,647
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A62,298
Total$—$—$—$2,647$64,945
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$1$2,595$2,596
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A61,507
Total$—$—$1$2,595$64,103
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$17,711$15,549
Deposits1,4671,362
Policy charges(63)(96)
Surrenders and withdrawals(189)(83)
Benefit payments(471)(385)
Net transfers from (to) separate accounts2054
Interest credited360307
Other(38)(15)
Balance, end of period$18,797$16,693
Weighted-average annual crediting rate
4.0 %3.8 %
At period end:
Cash surrender value$8,209$7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death
$43,702$43,311
The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$19$2,048$2,067
Equal to or greater than 2% but less than 4%
20135109421766
Equal to or greater than 4%
4,239—39754,641
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A11,323
Total$4,440$35$525$2,474$18,797
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$53$1,472$1,525
Equal to or greater than 2% but less than 4%
22735130448840
Equal to or greater than 4%
4,43911710764,669
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A9,659
Total$4,666$152$290$1,926$16,693
Asia
Universal and Variable Universal Life
The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$49,739$46,417
Deposits3,1463,244
Policy charges(545)(563)
Surrenders and withdrawals(1,736)(1,238)
Benefit payments(234)(287)
Interest credited744683
Effect of foreign currency translation and other, net(1,885)(1,405)
Balance, end of period$49,229$46,851
Weighted-average annual crediting rate
3.1 %3.0 %
At period end:
Cash surrender value$43,078$40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$88,255$92,521
The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$9,431$18$230$1,281$10,960
Equal to or greater than 2% but less than 4%
7,41315,6135,4868,98937,501
Equal to or greater than 4%
242———242
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A526
Total$17,086$15,631$5,716$10,270$49,229
June 30, 2023
Equal to or greater than 0% but less than 2%
$10,211$45$138$239$10,633
Equal to or greater than 2% but less than 4%
20,8592,9195,7835,88435,445
Equal to or greater than 4%
261———261
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A512
Total$31,331$2,964$5,921$6,123$46,851
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$36,863$32,454
Deposits3,4124,612
Policy charges(1)(1)
Surrenders and withdrawals(1,645)(1,003)
Benefit payments(1,174)(1,071)
Interest credited509404
Effect of foreign currency translation and other, net(335)(271)
Balance, end of period$37,629$35,124
Weighted-average annual crediting rate
2.8 %2.4 %
At period end:
Cash surrender value$32,555$30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$—$6,224
The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$394$487$5,486$30,060$36,427
Equal to or greater than 2% but less than 4%
—5——5
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,197
Total$394$492$5,486$30,060$37,629
June 30, 2023
Equal to or greater than 0% but less than 2%
$343$603$6,795$26,057$33,798
Equal to or greater than 2% but less than 4%
—6——6
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,320
Total$343$609$6,795$26,057$35,124
EMEA
Variable Annuities
Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$2,720$2,802
Deposits22
Policy charges(30)(32)
Surrenders and withdrawals(142)(132)
Benefit payments(61)(64)
Interest credited (1)8732
Effect of foreign currency translation and other, net(24)153
Balance, end of period$2,552$2,761
Weighted-average annual crediting rate6.8 %2.4 %
At period end:
Cash surrender value$2,552$2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$410$635
At annuitization or exercise of other living benefits
$529$797
__________________
(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.
MetLife Holdings
Annuities
The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$11,537$13,286
Deposits86132
Policy charges(7)(8)
Surrenders and withdrawals(903)(1,038)
Benefit payments(211)(224)
Net transfers from (to) separate accounts5847
Interest credited183200
Other415
Balance, end of period$10,747$12,410
Weighted-average annual crediting rate
3.4 %3.2 %
At period end:
Cash surrender value$10,154$11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death
$2,541$3,246
At annuitization or exercise of other living benefits
$707$813
__________________
(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.
The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$4$195$446$38$683
Equal to or greater than 2% but less than 4%
1,0496,7604721988,479
Equal to or greater than 4%
75940424—1,187
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A398
Total$1,812$7,359$942$236$10,747
June 30, 2023
Equal to or greater than 0% but less than 2%
$444$158$219$25$846
Equal to or greater than 2% but less than 4%
3,9175,447395729,831
Equal to or greater than 4%
98227719—1,278
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A455
Total$5,343$5,882$633$97$12,410
Life and Other
The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$11,641$12,402
Deposits381446
Policy charges(347)(354)
Surrenders and withdrawals(523)(612)
Benefit payments(76)(85)
Net transfers from (to) separate accounts1921
Interest credited211223
Other(3)3
Balance, end of period$11,303$12,044
Weighted-average annual crediting rate
3.7 %3.7 %
At period end:
Cash surrender value$10,863$11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)
$65,885$69,633
__________________
(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.
The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$18$54$72
Equal to or greater than 2% but less than 4%
4,2421722705405,224
Equal to or greater than 4%
4,960124407155,506
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A501
Total$9,202$296$695$609$11,303
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$21$56$77
Equal to or greater than 2% but less than 4%
4,7351722895585,754
Equal to or greater than 4%
5,158127415125,712
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A501
Total$9,893$299$725$626$12,044
6. Market Risk Benefits
The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
AssetLiabilityNetAssetLiabilityNet
(In millions)
Asia - Retirement Assurance$—$177$177$—$203$203
MetLife Holdings - Annuities213 2,366 2,153156 2,878 2,722
Other143 75 (68)130 98 (32)
Total$356$2,618$2,262$286$3,179$2,893
Rollforwards
The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
Asia - Retirement Assurance
The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period
$203 $226 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$205 $233 
Attributed fees collected2 1 
Benefit payments(6)(7)
Effect of changes in interest rates4 3 
Actual policyholder behavior different from expected behavior(1)— 
Effect of foreign currency translation and other, net(26)(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk178 207 
Cumulative effect of changes in the instrument-specific credit risk(1)(5)
Balance, end of period$177 $202 
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits$111 $110 
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits58 years58 years
Significant Methodologies and Assumptions
The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).
The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
MetLife Holdings - Annuities
The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period$2,722$3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$2,772$3,360
Attributed fees collected
179193
Benefit payments
(45)(21)
Effect of changes in interest rates
(556)23
Effect of changes in capital markets
(372)(661)
Effect of changes in equity index volatility
26(109)
Actual policyholder behavior different from expected behavior
13257
Effect of foreign currency translation and other, net (1)
5131
Effect of changes in risk margin
(62)(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
2,0792,938
Cumulative effect of changes in the instrument-specific credit risk
76(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(2)5
Balance, end of period
$2,153$2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death
$2,544 $3,254 
At annuitization or exercise of other living benefits
$671 $793 
Weighted-average attained age of contractholders:
In the event of death
71 years70 years
At annuitization or exercise of other living benefits
70 years70 years
__________________
(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.
(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.
Significant Methodologies and Assumptions
The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.
The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
Other
In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period
$(32)$32 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$(50)$24 
Attributed fees collected25 16 
Benefit payments(3)(18)
Effect of changes in interest rates(46)(26)
Effect of changes in capital markets(15)(14)
Effect of changes in equity index volatility(1)(4)
Actual policyholder behavior different from expected behavior4 (22)
Effect of foreign currency translation and other, net (2)17 
Effect of changes in risk margin(1)(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk(89)(28)
Cumulative effect of changes in the instrument-specific credit risk21 12 
Effect of foreign currency translation on the cumulative instrument-specific credit risk— 1 
Balance, end of period(68)(15)
Less: Reinsurance recoverable11 18 
Balance, end of period, net of reinsurance$(79)$(33)
v3.24.2.u1
Market Risk Benefits
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Market Risk Benefits
5. Policyholder Account Balances
The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
(In millions)
Group Benefits - Group life
$7,644$7,692
RIS:
Capital markets investment products and stable value GICs
64,94564,140
Annuities and risk solutions
18,79717,711
Asia:
Universal and variable universal life
49,22949,739
Fixed annuities
37,62936,863
EMEA - Variable annuities
2,5522,720
MetLife Holdings:
Annuities10,74711,537
Life and other
11,30311,641
Other16,69717,226
Total$219,543$219,269
Rollforwards
The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.
Group Benefits
Group Life
The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$7,692$8,028
Deposits1,9591,685
Policy charges(327)(318)
Surrenders and withdrawals(1,767)(1,608)
Benefit payments(6)(6)
Net transfers from (to) separate accounts(3)1
Interest credited9693
Balance, end of period$7,644$7,875
Weighted-average annual crediting rate
2.5 %2.4 %
At period end:
Cash surrender value$7,584$7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$264,497$251,590
The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$157$819$4,574$5,550
Equal to or greater than 2% but less than 4%
1,21795911,286
Equal to or greater than 4%
697—3934770
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A38
Total$1,914$166$917$4,609$7,644
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$79$910$4,615$5,604
Equal to or greater than 2% but less than 4%
1,252106321,327
Equal to or greater than 4%
74614334824
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A120
Total$1,998$90$1,016$4,651$7,875
RIS
Capital Markets Investment Products and Stable Value GICs
The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$64,140$63,723
Deposits37,60838,526
Surrenders and withdrawals(37,540)(39,865)
Interest credited1,180971
Effect of foreign currency translation and other, net(443)748
Balance, end of period$64,945$64,103
Weighted-average annual crediting rate
3.7 %3.1 %
Cash surrender value at period end
$1,850$2,309
The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$—$2,647$2,647
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A62,298
Total$—$—$—$2,647$64,945
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$1$2,595$2,596
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A61,507
Total$—$—$1$2,595$64,103
Annuities and Risk Solutions
The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$17,711$15,549
Deposits1,4671,362
Policy charges(63)(96)
Surrenders and withdrawals(189)(83)
Benefit payments(471)(385)
Net transfers from (to) separate accounts2054
Interest credited360307
Other(38)(15)
Balance, end of period$18,797$16,693
Weighted-average annual crediting rate
4.0 %3.8 %
At period end:
Cash surrender value$8,209$7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death
$43,702$43,311
The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$19$2,048$2,067
Equal to or greater than 2% but less than 4%
20135109421766
Equal to or greater than 4%
4,239—39754,641
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A11,323
Total$4,440$35$525$2,474$18,797
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$53$1,472$1,525
Equal to or greater than 2% but less than 4%
22735130448840
Equal to or greater than 4%
4,43911710764,669
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A9,659
Total$4,666$152$290$1,926$16,693
Asia
Universal and Variable Universal Life
The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$49,739$46,417
Deposits3,1463,244
Policy charges(545)(563)
Surrenders and withdrawals(1,736)(1,238)
Benefit payments(234)(287)
Interest credited744683
Effect of foreign currency translation and other, net(1,885)(1,405)
Balance, end of period$49,229$46,851
Weighted-average annual crediting rate
3.1 %3.0 %
At period end:
Cash surrender value$43,078$40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$88,255$92,521
The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$9,431$18$230$1,281$10,960
Equal to or greater than 2% but less than 4%
7,41315,6135,4868,98937,501
Equal to or greater than 4%
242———242
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A526
Total$17,086$15,631$5,716$10,270$49,229
June 30, 2023
Equal to or greater than 0% but less than 2%
$10,211$45$138$239$10,633
Equal to or greater than 2% but less than 4%
20,8592,9195,7835,88435,445
Equal to or greater than 4%
261———261
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A512
Total$31,331$2,964$5,921$6,123$46,851
Fixed Annuities
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$36,863$32,454
Deposits3,4124,612
Policy charges(1)(1)
Surrenders and withdrawals(1,645)(1,003)
Benefit payments(1,174)(1,071)
Interest credited509404
Effect of foreign currency translation and other, net(335)(271)
Balance, end of period$37,629$35,124
Weighted-average annual crediting rate
2.8 %2.4 %
At period end:
Cash surrender value$32,555$30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$—$6,224
The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$394$487$5,486$30,060$36,427
Equal to or greater than 2% but less than 4%
—5——5
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,197
Total$394$492$5,486$30,060$37,629
June 30, 2023
Equal to or greater than 0% but less than 2%
$343$603$6,795$26,057$33,798
Equal to or greater than 2% but less than 4%
—6——6
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,320
Total$343$609$6,795$26,057$35,124
EMEA
Variable Annuities
Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$2,720$2,802
Deposits22
Policy charges(30)(32)
Surrenders and withdrawals(142)(132)
Benefit payments(61)(64)
Interest credited (1)8732
Effect of foreign currency translation and other, net(24)153
Balance, end of period$2,552$2,761
Weighted-average annual crediting rate6.8 %2.4 %
At period end:
Cash surrender value$2,552$2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$410$635
At annuitization or exercise of other living benefits
$529$797
__________________
(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.
MetLife Holdings
Annuities
The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$11,537$13,286
Deposits86132
Policy charges(7)(8)
Surrenders and withdrawals(903)(1,038)
Benefit payments(211)(224)
Net transfers from (to) separate accounts5847
Interest credited183200
Other415
Balance, end of period$10,747$12,410
Weighted-average annual crediting rate
3.4 %3.2 %
At period end:
Cash surrender value$10,154$11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death
$2,541$3,246
At annuitization or exercise of other living benefits
$707$813
__________________
(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.
The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$4$195$446$38$683
Equal to or greater than 2% but less than 4%
1,0496,7604721988,479
Equal to or greater than 4%
75940424—1,187
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A398
Total$1,812$7,359$942$236$10,747
June 30, 2023
Equal to or greater than 0% but less than 2%
$444$158$219$25$846
Equal to or greater than 2% but less than 4%
3,9175,447395729,831
Equal to or greater than 4%
98227719—1,278
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A455
Total$5,343$5,882$633$97$12,410
Life and Other
The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$11,641$12,402
Deposits381446
Policy charges(347)(354)
Surrenders and withdrawals(523)(612)
Benefit payments(76)(85)
Net transfers from (to) separate accounts1921
Interest credited211223
Other(3)3
Balance, end of period$11,303$12,044
Weighted-average annual crediting rate
3.7 %3.7 %
At period end:
Cash surrender value$10,863$11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)
$65,885$69,633
__________________
(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.
The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$18$54$72
Equal to or greater than 2% but less than 4%
4,2421722705405,224
Equal to or greater than 4%
4,960124407155,506
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A501
Total$9,202$296$695$609$11,303
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$21$56$77
Equal to or greater than 2% but less than 4%
4,7351722895585,754
Equal to or greater than 4%
5,158127415125,712
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A501
Total$9,893$299$725$626$12,044
6. Market Risk Benefits
The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
AssetLiabilityNetAssetLiabilityNet
(In millions)
Asia - Retirement Assurance$—$177$177$—$203$203
MetLife Holdings - Annuities213 2,366 2,153156 2,878 2,722
Other143 75 (68)130 98 (32)
Total$356$2,618$2,262$286$3,179$2,893
Rollforwards
The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
Asia - Retirement Assurance
The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period
$203 $226 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$205 $233 
Attributed fees collected2 1 
Benefit payments(6)(7)
Effect of changes in interest rates4 3 
Actual policyholder behavior different from expected behavior(1)— 
Effect of foreign currency translation and other, net(26)(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk178 207 
Cumulative effect of changes in the instrument-specific credit risk(1)(5)
Balance, end of period$177 $202 
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits$111 $110 
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits58 years58 years
Significant Methodologies and Assumptions
The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).
The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
MetLife Holdings - Annuities
The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period$2,722$3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$2,772$3,360
Attributed fees collected
179193
Benefit payments
(45)(21)
Effect of changes in interest rates
(556)23
Effect of changes in capital markets
(372)(661)
Effect of changes in equity index volatility
26(109)
Actual policyholder behavior different from expected behavior
13257
Effect of foreign currency translation and other, net (1)
5131
Effect of changes in risk margin
(62)(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
2,0792,938
Cumulative effect of changes in the instrument-specific credit risk
76(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(2)5
Balance, end of period
$2,153$2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death
$2,544 $3,254 
At annuitization or exercise of other living benefits
$671 $793 
Weighted-average attained age of contractholders:
In the event of death
71 years70 years
At annuitization or exercise of other living benefits
70 years70 years
__________________
(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.
(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.
Significant Methodologies and Assumptions
The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.
The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.
The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.
These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.
Other
In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period
$(32)$32 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$(50)$24 
Attributed fees collected25 16 
Benefit payments(3)(18)
Effect of changes in interest rates(46)(26)
Effect of changes in capital markets(15)(14)
Effect of changes in equity index volatility(1)(4)
Actual policyholder behavior different from expected behavior4 (22)
Effect of foreign currency translation and other, net (2)17 
Effect of changes in risk margin(1)(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk(89)(28)
Cumulative effect of changes in the instrument-specific credit risk21 12 
Effect of foreign currency translation on the cumulative instrument-specific credit risk— 1 
Balance, end of period(68)(15)
Less: Reinsurance recoverable11 18 
Balance, end of period, net of reinsurance$(79)$(33)
v3.24.2.u1
Separate Account
 6 Months Ended
Jun. 30, 2024
Separate Accounts Disclosure [Abstract]  
Separate Account
7. Separate Accounts
Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
(In millions)
RIS:
Stable Value and Risk Solutions
$38,689 $41,343 
Annuities
11,246 11,659 
Latin America - Pensions38,944 41,320 
MetLife Holdings - Annuities28,843 29,224 
Other21,985 21,088 
Total
$139,707 $144,634 
Rollforwards
The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.
The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.
The balances of and changes in separate account liabilities were as follows:
RIS
Stable Value and
Risk Solutions
RIS
Annuities
Latin America
Pensions		MetLife Holdings
Annuities
(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits1,053 25 3,427 123 
Policy charges(139)(10)(132)(296)
Surrenders and withdrawals(2,945)(401)(2,652)(1,857)
Benefit payments(60)— (812)(259)
Investment performance692 (95)875 1,972 
Net transfers from (to) general account(20)— — (59)
Effect of foreign currency translation and other, net (1)
(1,235)68 (3,082)(5)
Balance, end of period$38,689 $11,246 $38,944 $28,843 
Six Months Ended June 30, 2023
Balance, beginning of period$48,265 $11,694 $39,428 $28,499 
Premiums and deposits1,586 120 4,096 139 
Policy charges(148)(11)(150)(305)
Surrenders and withdrawals(7,542)(360)(2,921)(1,362)
Benefit payments(46)— (879)(242)
Investment performance1,277 448 187 2,933 
Net transfers from (to) general account(57)3 — (47)
Effect of foreign currency translation and other, net
(715)(102)2,452 1 
Balance, end of period$42,620 $11,792 $42,213 $29,616 
Cash surrender value at June 30, 2024 (2)
$34,519 N/A$38,944 $28,706 
Cash surrender value at June 30, 2023 (2)
$37,782 N/A$42,213 $29,471 
__________________
(1)    The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(2)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Separate Account Assets
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
June 30, 2024
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $530 $1,184 $279 $2,889 $— $4,882 
U.S. government and agency— 9,307 — 9,115 — 18 18,440 
Public utilities— 1,078 220 — — 5 1,303 
Municipals— 306 24 — — 13 343 
Corporate bonds:
Materials— 125 — — — 1 126 
Communications— 759 15 — — 3 777 
Consumer— 1,783 36 — — 10 1,829 
Energy— 832 102 — — 3 937 
Financial— 2,512 500 5,268 281 18 8,579 
Industrial and other— 705 53 3,302 — 2 4,062 
Technology— 474 7 — — 3 484 
Foreign— 1,947 — 3,425 8 12 5,392 
Total corporate bonds
— 9,137 713 11,995 289 52 22,186 
Total bonds— 20,358 2,141 21,389 3,178 88 47,154 
Mortgage-backed securities
— 9,381 — — — 40 9,421 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,349 17 — — 11 2,377 
Redeemable preferred stock— 9 — — — — 9 
Total fixed maturity securities— 32,097 2,158 21,389 3,178 139 58,961 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,392 2,610 2,258 779 — 8,039 
Banks, trust and insurance companies— 705 309 386 373 — 1,773 
Public utilities— 64 20 — 128 — 212 
Non-redeemable preferred stock— — 132 — — — 132 
Mutual funds 1,270 9,276 3,036 10,672 127 35,439 59,820 
Total equity securities1,270 12,437 6,107 13,316 1,407 35,439 69,976 
Other invested assets
— 1,504 383 3,621 74 — 5,582 
Total investments
1,270 46,038 8,648 38,326 4,659 35,578 134,519 
Other assets
— 3,995 454 618 118 3 5,188 
Total
$1,270 $50,033 $9,102 $38,944 $4,777 $35,581 $139,707 
December 31, 2023
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $509 $1,190 $1,051 $2,638 $— $5,388 
U.S. government and agency— 9,673 — 9,920 — 18 19,611 
Public utilities— 1,077 308 — — 4 1,389 
Municipals— 380 31 — — 13 424 
Corporate bonds:
Materials— 144 — — — — 144 
Communications— 893 8 — — 3 904 
Consumer— 1,882 39 — — 8 1,929 
Energy— 911 105 — — 2 1,018 
Financial— 2,717 551 6,006 398 15 9,687 
Industrial and other— 764 38 3,598 — 3 4,403 
Technology— 547 — — — 3 550 
Foreign— 1,920 — 3,095 27 13 5,055 
Total corporate bonds
— 9,778 741 12,699 425 47 23,690 
Total bonds— 21,417 2,270 23,670 3,063 82 50,502 
Mortgage-backed securities
— 9,671 — — — 35 9,706 
ABS & CLO
— 2,557 18 — — 11 2,586 
Redeemable preferred stock— 9 — — — — 9 
Total fixed maturity securities— 33,654 2,288 23,670 3,063 128 62,803 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,411 2,661 2,453 677 — 8,202 
Banks, trust and insurance companies— 731 269 392 341 — 1,733 
Public utilities— 67 19 — 72 — 158 
Non-redeemable preferred stock— — 115 — — — 115 
Mutual funds 1,159 8,517 2,929 10,099 109 35,418 58,231 
Total equity securities1,159 11,726 5,993 12,944 1,199 35,418 68,439 
Other invested assets
— 1,620 403 4,212 30 — 6,265 
Total investments
1,159 47,000 8,684 40,826 4,292 35,546 137,507 
Other assets
— 6,093 503 494 35 2 7,127 
Total
$1,159 $53,093 $9,187 $41,320 $4,327 $35,548 $144,634 
v3.24.2.u1
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
 6 Months Ended
Jun. 30, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Intangible Assets and Liabilities and Unearned Revenue, excluding Goodwill [Text Block]
8. Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue
DAC and VOBA
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
MetLife
Holdings (3)
Corporate &
Other
Total
(In millions)
DAC:
Balance at January 1, 2024$258 $397 $10,864 $1,950 $1,618 $3,271 $30 $18,388 
Capitalizations9 107 696 353 243 9 6 1,423 
Amortization(13)(30)(379)(232)(166)(114)(3)(937)
Effect of foreign currency translation and other, net— — (618)(156)(49)— (1)(824)
Balance at June 30, 2024$254 $474 $10,563 $1,915 $1,646 $3,166 $32 $18,050 
Balance at January 1, 2023$265 $267 $10,270 $1,542 $1,480 $3,791 $29 $17,644 
Capitalizations11 95 798 299227 12 5 1,447 
Amortization(13)(22)(336)(197)(161)(130)(5)(864)
Effect of foreign currency translation and other, net— — (428)178 16 — 1 (233)
Balance at June 30, 2023$263 $340 $10,304 $1,822 $1,562 $3,673 $30 $17,994 
VOBA:
Balance at January 1, 2024$— $16 $1,119 $497 $113 $18 $— $1,763 
Amortization— (1)(38)(22)(7)(2)— (70)
Effect of foreign currency translation and other, net— — (136)(36)(3)— — (175)
Balance at June 30, 2024$— $15 $945 $439 $103 $16 $— $1,518 
Balance at January 1, 2023$— $19 $1,290 $545 $127 $28 $— $2,009 
Amortization— (1)(47)(26)(9)(2)— (85)
Effect of foreign currency translation and other, net— — (109)39 2 — — (68)
Balance at June 30, 2023$— $18 $1,134 $558 $120 $26 $— $1,856 
Total DAC and VOBA:
Balance at June 30, 2024
$19,568 
Balance at June 30, 2023
$19,850 
Balance at December 31, 2023$20,151 
__________________
(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.
(2)Includes DAC balances primarily related to universal life and variable universal life products.
(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.
Unearned Revenue
Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:
Six Months
Ended
June 30, 2024
RIS
AsiaLatin
 America		EMEAMetLife
Holdings 		Total
(In millions)
Balance, beginning of period$31 $2,850 $989 $608 $59 $4,537 
Deferrals1 285 75 49 8 418 
Amortization(3)(107)(60)(34)(2)(206)
Effect of foreign currency translation and other, net— (50)(74)(11)— (135)
Balance, end of period$29 $2,978 $930 $612 $65 $4,614 
Six Months
Ended
June 30, 2023
RIS
AsiaLatin
 America		EMEAMetLife
Holdings		Total
(In millions)
Balance, beginning of period$36 $2,382 $848 $559 $281 $4,106 
Deferrals1 283 70 46 28 428 
Amortization(4)(80)(58)(31)(11)(184)
Effect of foreign currency translation and other, net— (32)108 13 — 89 
Balance, end of period$33 $2,553 $968 $587 $298 $4,439 
v3.24.2.u1
Closed Block
 6 Months Ended
Jun. 30, 2024
Closed Block Disclosure [Abstract]  
Closed Block 9. 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. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information on the closed block.
Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.
Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.
Information regarding the liabilities and assets designated to the closed block was as follows at:
June 30, 2024December 31, 2023
(In millions)
Closed Block Liabilities
FPBs
$35,492 $36,142 
Other policy-related balances
283 319 
Policyholder dividends payable
172 174 
Policyholder dividend obligation
— — 
Current income tax payable4 — 
Other liabilities
797 668 
Total closed block liabilities
36,748 37,303 
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value
19,247 19,939 
Equity securities, at estimated fair value
11 10 
Mortgage loans
5,938 6,151 
Policy loans
3,876 3,960 
Real estate and real estate joint ventures (“REJV”)
688 668 
Other invested assets
487 496 
Total investments
30,247 31,224 
Cash and cash equivalents
759 717 
Accrued investment income
374 383 
Premiums, reinsurance and other receivables
67 54 
Current income tax recoverable
— 3 
Deferred income tax asset
397 312 
Total assets designated to the closed block
31,844 32,693 
Excess of closed block liabilities over assets designated to the closed block
4,904 4,610 
AOCI:
Unrealized investment gains (losses), net of income tax
(1,204)(820)
Unrealized gains (losses) on derivatives, net of income tax
164 130 
Total amounts included in AOCI
(1,040)(690)
Maximum future earnings to be recognized from closed block assets and liabilities
$3,864 $3,920 
Information regarding the closed block revenues and expenses was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Revenues
Premiums
$216 $226 $434 $461 
Net investment income
342 341 685 679 
Net investment gains (losses)
(13)5 (20)9 
Net derivative gains (losses)
2 5 7 3 
Total revenues
547 577 1,106 1,152 
Expenses
Policyholder benefits and claims
415 445 819 858 
Policyholder dividends
86 89 176 186 
Other expenses
20 22 40 44 
Total expenses
521 556 1,035 1,088 
Revenues, net of expenses before provision for income tax expense (benefit)
26 21 71 64 
Provision for income tax expense (benefit)
5 4 15 13 
Revenues, net of expenses and provision for income tax expense (benefit)
$21 $17 $56 $51 
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.
v3.24.2.u1
Investments
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments 10. Investments
Fixed Maturity Securities AFS
Fixed Maturity Securities AFS by Sector
The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
June 30, 2024December 31, 2023
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance
for
Credit Loss
(“ACL”)
GainsLosses
ACL
Gains
Losses
(In millions)
U.S. corporate$87,346 $(37)$1,573 $8,204 $80,678 $85,563 $(68)$1,894 $6,672 $80,717 
Foreign corporate
58,031 (2)1,513 6,123 53,419 59,123 (2)1,750 5,427 55,444 
Foreign government
44,444 (58)1,071 5,403 40,054 48,260 (88)1,754 4,437 45,489 
U.S. government and agency37,991 — 238 4,991 33,238 35,374 — 590 3,712 32,252 
RMBS35,366 (1)305 3,054 32,616 31,479 (1)353 2,735 29,096 
ABS & CLO
18,207 (9)89 512 17,775 17,910 (7)54 663 17,294 
Municipals11,642 — 229 1,401 10,470 11,991 — 408 1,228 11,171 
CMBS10,164 (14)78 742 9,486 10,855 (18)73 961 9,949 
Total fixed maturity securities AFS
$303,191 $(121)$5,096 $30,430 $277,736 $300,555 $(184)$6,876 $25,835 $281,412 
Maturities of Fixed Maturity Securities AFS
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2024:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$11,450 $48,991 $52,138 $126,778 $63,713 $303,070 
Estimated fair value$11,484 $48,300 $49,969 $108,106 $59,877 $277,736 
Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.
Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
June 30, 2024December 31, 2023
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$9,292 $745 $43,435 $7,432 $4,722 $420 $45,373 $6,208 
Foreign corporate6,069 226 29,622 5,897 3,210 187 32,355 5,240 
Foreign government5,939 599 17,192 4,795 3,913 246 19,715 4,187 
U.S. government and agency9,778 439 16,053 4,552 7,856 368 13,960 3,344 
RMBS5,169 106 17,954 2,947 3,465 60 17,128 2,675 
ABS & CLO1,501 9 7,125 502 1,662 31 11,438 629 
Municipals1,052 96 5,370 1,305 483 34 5,449 1,194 
CMBS1,301 18 5,867 722 1,034 36 6,671 917 
Total fixed maturity securities AFS
$40,101 $2,238 $142,618 $28,152 $26,345 $1,382 $152,089 $24,394 
Investment grade$37,786 $2,114 $137,638 $27,415 $24,834 $1,287 $146,138 $23,675 
Below investment grade2,315 124 4,980 737 1,511 95 5,951 719 
Total fixed maturity securities AFS
$40,101 $2,238 $142,618 $28,152 $26,345 $1,382 $152,089 $24,394 
Total number of securities in an unrealized loss position5,529 12,516 2,922 13,049 

Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.
Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position
Gross unrealized losses on securities without an ACL increased $4.6 billion for the six months ended June 30, 2024 to $30.4 billion primarily due to an increase in interest rates and the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.
As shown in the table above, most of the gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater at June 30, 2024, relate to investment grade securities. These unrealized losses are principally due to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.
As of June 30, 2024, $737 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 on below investment grade securities were concentrated in the consumer, communications, and transportation sectors within corporate securities and in foreign government securities. These unrealized losses are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty and, with respect to fixed-rate securities, rising interest rates since purchase.
At June 30, 2024, the Company did not intend to sell its securities in an unrealized loss position without an ACL, 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. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at June 30, 2024.
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 ACL for Fixed Maturity Securities AFS By Sector
The rollforward of ACL for fixed maturity securities AFS by sector is as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended June 30, 2024
Balance, at beginning of period$15 $2 $66 $1 $9 $20 $113 
ACL not previously recorded14 — — — — — 14 
Changes for securities with previously recorded ACL11 — (1)— — — 10 
Securities sold or exchanged(3)— (7)— — (6)(16)
Balance, at end of period$37 $2 $58 $1 $9 $14 $121 
Three Months Ended June 30, 2023
Balance, at beginning of period$63 $2 $117 $— $— $11 $193 
ACL not previously recorded— — — — — — — 
Changes for securities with previously recorded ACL6 — (2)— — — 4 
Securities sold or exchanged— — — — — — — 
Balance, at end of period$69 $2 $115 $— $— $11 $197 

U.S.
 Corporate		Foreign
Corporate		Foreign
Government
RMBS
ABS & CLO
CMBSTotal
(In millions)
Six Months Ended June 30, 2024
Balance, at beginning of period$68 $2 $88 $1 $7 $18 $184 
ACL not previously recorded14 — — — — — 14 
Changes for securities with previously recorded ACL11 — (5)— 2 2 10 
Securities sold or exchanged(56)— (25)— — (6)(87)
Balance, at end of period$37 $2 $58 $1 $9 $14 $121 
Six Months Ended June 30, 2023
Balance, at beginning of period$29 $5 $130 $— $— $19 $183 
ACL not previously recorded36 — — — — — 36 
Changes for securities with previously recorded ACL6 — (15)— — 3 (6)
Securities sold or exchanged(2)(3)— — — (11)(16)
Balance, at end of period$69 $2 $115 $— $— $11 $197 
Equity Securities
The following table presents equity securities by security type:
June 30, 2024December 31, 2023
CostNet Unrealized
Gains (Losses) (1)
Estimated
Fair
Value
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock (2)
$403 $242 $645 $424 $239 $663 
Non-redeemable preferred stock110 (1)109 90 4 94 
Total
$513 $241 $754 $514 $243 $757 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.
Contractholder-Directed Equity Securities and FVO Securities
The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
June 30, 2024December 31, 2023
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)
Estimated
Fair
Value
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Asset Type
(In millions)
Unit-linked investments
$7,176 $1,496 $8,672 $7,770 $1,112 $8,882 
FVO securities
837 597 1,434 972 477 1,449 
Total
$8,013 $2,093 $10,106 $8,742 $1,589 $10,331 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
Mortgage Loans
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
 June 30, 2024December 31, 2023
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$57,699 64.2 %$60,326 65.2 %
Agricultural19,636 21.9 19,805 21.4 
Residential13,273 14.8 13,096 14.2 
Total amortized cost90,608 100.9 93,227 100.8 
ACL
(806)(0.9)(721)(0.8)
Total mortgage loans$89,802 100.0 %$92,506 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $7.8 billion at amortized cost ($7.6 billion commercial and $253 million agricultural) and the related ACL of $92 million, with the corresponding mortgage loan secured financing liability of $7.8 billion included in other liabilities on the consolidated balance sheet at June 30, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of
$8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $91 million and $184 million for the three months and six months ended June 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.
The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($806) million and ($736) million at June 30, 2024 and December 31, 2023, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at June 30, 2024 was $269 million, $193 million and $97 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2023 was $277 million, $204 million and $95 million, respectively.
Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $263 million and $747 million for the three months and six months ended June 30, 2024, respectively, and $193 million and $1.0 billion for the three months and six months ended June 30, 2023, respectively.
For both the three months and six months ended June 30, 2024, the Company contributed commercial mortgage loans with an amortized cost of $218 million to REJVs which subsequently completed foreclosure on those mortgage loans. See “— Real Estate and REJV” for the carrying value of wholly-owned real estate acquired through foreclosure.
Rollforward of ACL for Mortgage Loans by Portfolio Segment
The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
Six Months
Ended
June 30,
20242023
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$367 $172 $182 $721 $218 $119 $190 $527 
Provision (release)155 6 (41)120 148 49 13 210 
Charge-offs, net of recoveries
(28)(7)— (35)— (13)— (13)
Balance, end of period
$494 $171 $141 $806 $366 $155 $203 $724 
ACL Methodology
The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).
Commercial and Agricultural Mortgage Loan Portfolio Segments
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.
After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Modifications to Borrowers Experiencing Financial Difficulty
The Company may modify mortgage loans to borrowers. Each mortgage loan modification is evaluated to determine whether the borrower was experiencing financial difficulties. Disclosed below are those modifications, in materially impacted mortgage segments, where the borrower was determined to be experiencing financial difficulties and the mortgage loans were modified by any of the following means: principal forgiveness, interest rate reduction, other-than-insignificant payment delay or term extension. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any ACL recorded.
These mortgage loan modifications are summarized as follows:
Three Months Ended June 30,
2024
2023
Maturity
Extension
Weighted Average
 Life Increase
Maturity
Extension
Weighted Average
 Life Increase
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
(Dollars in millions)
Commercial$156 Less than one year<1%$158 
One year
<1%
Six Months Ended June 30,
2024
2023
Maturity
Extension
Weighted Average
 Life Increase
Maturity
Extension
Weighted Average
 Life Increase
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
(Dollars in millions)
Commercial$236 Less than one year<1%$222 Less than one year <1 %
During the three months ended June 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became foreclosed. During the six months ended June 30, 2024, commercial mortgage loans with an amortized cost of $182 million which were extended over the past 12 months became delinquent
and foreclosed. For both the three months and six months ended June 30, 2023, all commercial mortgage loans which were modified to borrowers experiencing financial difficulties were current.
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,481 $2,526 $2,432 $3,216 $1,596 $14,427 $2,251 $27,929 48.4 %
65% to 75%
91 361 4,400 2,497 1,341 6,142 — 14,832 25.7 
76% to 80%
— 15 588 386 293 2,745 — 4,027 7.0 
Greater than 80%
1 43 895 1,118 948 7,906 — 10,911 18.9 
Total
$1,573 $2,945 $8,315 $7,217 $4,178 $31,220 $2,251 $57,699 100.0 %
DSCR:
> 1.20x
$1,436 $2,145 $7,503 $6,696 $3,880 $26,446 $2,251 $50,357 87.3 %
1.00x - 1.20x
35 531 572 488 139 2,751 — 4,516 7.8 
<1.00x
102 269 240 33 159 2,023 — 2,826 4.9 
Total
$1,573 $2,945 $8,315 $7,217 $4,178 $31,220 $2,251 $57,699 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$342 $1,152 $2,783 $2,639 $2,626 $7,263 $1,424 $18,229 92.9 %
65% to 75%
8 51 87 294 147 547 129 1,263 6.4 
76% to 80%
— — — — — — — — — 
Greater than 80%
— — — 14 32 79 19 144 0.7 
Total
$350 $1,203 $2,870 $2,947 $2,805 $7,889 $1,572 $19,636 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$241 $944 $2,493 $1,612 $324 $7,252 $— $12,866 96.9 %
Nonperforming (1)
1 22 67 25 13 279 — 407 3.1 
Total
$242 $966 $2,560 $1,637 $337 $7,531 $— $13,273 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure of $140 million at both June 30, 2024 and December 31, 2023.
Past Due and Nonaccrual Mortgage Loans
The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both June 30, 2024 and December 31, 2023. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL by portfolio segment, were as follows:
Past DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentJune 30, 2024December 31, 2023June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(In millions)
Commercial$660 $75 $38 $3 $741 $427 
Agricultural194 40 15 — 189 206 
Residential407 418 17 16 390 402 
Total$1,261 $533 $70 $19 $1,320 $1,035 
Real Estate and REJV
The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method REJV. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 June 30, 2024December 31, 2023Three Months
Ended
June 30,		Six Months
Ended
June 30,
 2024202320242023
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,242 $4,446 $83 $90 $167 $182 
Other real estate520 507 78 85 125 135 
REJV
8,755 8,379 (81)(38)(202)(154)
Total real estate and REJV
$13,517 $13,332 $80 $137 $90 $163 
The carrying value of wholly-owned real estate acquired through foreclosure was $264 million and $190 million at June 30, 2024 and December 31, 2023, respectively. Depreciation expense on real estate investments was $29 million and $59 million for the three months and six months ended June 30, 2024, respectively, and $30 million and $58 million for the three months and six months ended June 30, 2023, respectively. Real estate investments, net of accumulated depreciation, were $974 million and $952 million at June 30, 2024 and December 31, 2023, respectively.
Leased Real Estate Investments - Operating Leases
The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification and geographic diversification.
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a summary of leased real estate investments and income earned, by property type.
Tax Equity Investments
The Company invests in certain tax equity investments, including low income housing tax credit partnerships and renewable energy partnerships. The carrying value of tax equity investments, reported in other invested assets on the interim condensed consolidated balance sheet, was $787 million and $1.0 billion at June 30, 2024 and December 31, 2023, respectively. Beginning January 1, 2024, tax equity investments that meet certain criteria are accounted for using the proportional amortization method, where the initial cost of the investment is amortized in proportion to the tax credits received and recognized as a component of income tax expense (benefit) in the interim condensed consolidated statements of operations. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting. For the three months and six months ended June 30, 2024, income tax credits and other income tax benefits of $38 million and $75 million, respectively, and amortized expense of $34 million and $67 million, respectively, were recognized net as a component of income tax expense in the Company’s interim condensed consolidated statement of operations.
Cash Equivalents
Cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $12.0 billion and $10.8 billion, principally at estimated fair value, at June 30, 2024 and December 31, 2023, respectively.
Concentrations of Credit Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
June 30, 2024December 31, 2023
(In millions)
Japan$18,786 $22,606 
South Korea$6,038 $6,411 
Mexico$3,375 $3,778 
Securities Lending Transactions and Repurchase Agreements
Securities, Collateral and Reinvestment Portfolio
A summary of these transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2024December 31, 2023
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value
Cash Collateral
Received from
Counterparties (2)
Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value
Cash Collateral
Received from
Counterparties (2)
Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending
$10,787 $11,159 $10,953 $10,510 $10,788 $10,553 
Repurchase agreements
$2,984 $2,975 $2,912 $3,029 $2,975 $2,913 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments, and cash equivalents at both June 30, 2024 and December 31, 2023.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual Maturities
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2024December 31, 2023
Remaining MaturitiesRemaining Maturities
Security TypeOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency
$2,280 $3,785 $3,805 $— $9,870 $1,393 $4,106 $3,919 $— $9,418 
Foreign government
— 1,107 — — 1,107 — 483 624 — 1,107 
Agency RMBS— 109 73 — 182 — 88 175 — 263 
Total
$2,280 $5,001 $3,878 $— $11,159 $1,393 $4,677 $4,718 $— $10,788 
Repurchase agreements:
U.S. government and agency
$— $2,975 $— $— $2,975 $— $2,975 $— $— $2,975 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.
The securities lending and repurchase agreement reinvestment portfolios consist principally of high quality, liquid, publicly traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities in the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
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, and were as follows at:
June 30, 2024December 31, 2023
(In millions)
Invested assets on deposit (regulatory deposits)
$1,510 $1,596 
Invested assets held in trust (external reinsurance agreements) (1)924 941 
Invested assets pledged as collateral (2)28,093 26,017 
Total invested assets on deposit, held in trust and pledged as collateral
$30,527 $28,554 
__________________
(1)    Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.0 billion at June 30, 2024 and December 31, 2023, respectively.
(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.
See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements, and Note 9 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank of New York common stock, included within other invested assets, which is considered restricted until redeemed by the issuer, was $715 million and $714 million, at redemption value, at June 30, 2024 and December 31, 2023
Variable Interest Entities
The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.
Consolidated VIEs
Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.
The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:
June 30, 2024December 31, 2023
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets and REJV)
$625 $141 $282 $1 
Renewable energy partnership (primarily other invested assets)61 — 64 — 
Total
$686 $141 $346 $1 
Unconsolidated VIEs
The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:
June 30, 2024December 31, 2023
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$57,716 $57,716 $54,182 $54,182 
Other limited partnership interests (“OLPI”)
13,398 18,197 14,034 19,591 
Other investments (REJV and FVO securities)
1,096 1,097 1,039 1,055 
Other invested assets1,079 1,215 1,206 1,275 
Total$73,289 $78,225 $70,461 $76,103 
__________________
(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI and REJV is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.
As described in Note 19, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs for either the six months ended June 30, 2024 or 2023.
Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2024202320242023
(In millions)
Fixed maturity securities AFS
$3,355 $3,228 $6,643 $6,367 
Equity securities
7 10 14 22 
FVO securities
22 50 107 98 
Mortgage loans
1,187 1,306 2,381 2,347 
Policy loans
110 119 223 238 
Real estate and REJV80 137 90 163 
OLPI325 225 626 250 
Cash, cash equivalents and short-term investments
250 248 541 465 
Operating joint ventures
22 13 44 32 
Other
192 122 343 278 
Subtotal investment income5,550 5,458 11,012 10,260 
Less: Investment expenses
564 681 1,132 1,142 
Subtotal, net
4,986 4,777 9,880 9,118 
Unit-linked investments219 295 761 599 
Net investment income
$5,205 $5,072 $10,641 $9,717 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$66 $41 $134 $79 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
139 330 719 652 
Net realized and unrealized gains (losses) recognized in net investment income
$205 $371 $853 $731 
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income
$151 $291 $663 $591 
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$276 $172 $486 $79 
Net Investment Gains (Losses)
Net Investment Gains (Losses) by Asset Type and Transaction Type
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2024202320242023
(In millions)
Fixed maturity securities AFS
$(246)$(996)$(331)$(1,576)
Equity securities
(19)32 9 80 
Mortgage loans
(9)(41)(95)(205)
Real estate and REJV (excluding changes in estimated fair value)
12 13 47 31 
OLPI (excluding changes in estimated fair value) (1)
(9)3 (59)12 
Other gains (losses)
23 43 29 20 
Subtotal
(248)(946)(400)(1,638)
Change in estimated fair value of OLPI and REJV
3 2 6 (3)
Non-investment portfolio gains (losses)
(176)(95)(402)(82)
Subtotal
(173)(93)(396)(85)
Net investment gains (losses)$(421)$(1,039)$(796)$(1,723)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$(195)$(20)$(330)$(566)
Impairment (losses)
— (898)— (905)
Recognized gains (losses):
Change in ACL recognized in earnings
(35)(42)(81)(224)
Unrealized net gains (losses) recognized in earnings(15)16 17 54 
Total recognized gains (losses)(50)(26)(64)(170)
Non-investment portfolio gains (losses)(176)(95)(402)(82)
Net investment gains (losses)$(421)$(1,039)$(796)$(1,723)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities
still held at the end of the respective periods and recognized in net investment gains (losses)
$(15)$31 $17 $20 
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$— $(27)$— $(22)
Foreign currency gains (losses)$(120)$(27)$(165)$14 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$(195)$(20)$(330)$(566)
Recognized in net investment income
66 41 134 79 
Net realized investment gains (losses) from sales and disposals of investments$(129)$21 $(196)$(487)
__________________
(1)    Includes a net loss of $3 million and $46 million during the three months and six months ended June 30, 2024 for private equity investments sold. During the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. During the six
months ended June 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.
Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)
The composition of net investment gains (losses) for these securities is as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Fixed Maturity Securities AFS2024202320242023
(In millions)
Proceeds$8,106 $8,412 $14,458 $23,456 
Gross investment gains$121 $73 $277 $366 
Gross investment (losses)(358)(213)(670)(1,069)
Realized gains (losses) on sales and disposals(237)(140)(393)(703)
Net credit loss (provision) release (change in ACL recognized in earnings)(9)(7)62 (17)
Impairment (losses)— (849)— (856)
Net credit loss (provision) release and impairment (losses)(9)(856)62 (873)
Net investment gains (losses)$(246)$(996)$(331)$(1,576)
Equity Securities
Realized gains (losses) on sales and disposals$— $15 $(2)$22 
Unrealized net gains (losses) recognized in earnings(19)17 11 58 
Net investment gains (losses)$(19)$32 $9 $80 
v3.24.2.u1
Derivatives
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives 11. Derivatives
Accounting for Derivatives
See Note 1 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s accounting policies for derivatives and Note 12 for information about the fair value hierarchy for derivatives.
Derivative Strategies
Types of Derivative Instruments and Derivative Strategies
The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    
•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic GICs;
•Foreign currency exchange rate derivatives: swaps, forwards, options and exchange-traded futures;
•Credit derivatives: purchased or written single name or index credit default swaps, and forwards; and
•Equity derivatives: index options, variance swaps, exchange-traded futures and total return swaps.        
For detailed information on these contracts and the related strategies, see Note 12 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report.
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
June 30, 2024December 31, 2023
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$4,978 $1,094 $644 $4,550 $1,257 $535 
Foreign currency swapsForeign currency exchange rate1,333 37 12 1,475 55 — 
Foreign currency forwardsForeign currency exchange rate350 — 87 450 — 65 
Subtotal6,661 1,131 743 6,475 1,312 600 
Cash flow hedges:
Interest rate swapsInterest rate4,155 — 353 4,156 1 265 
Interest rate forwardsInterest rate5,590 33 1,008 6,115 51 938 
Foreign currency swapsForeign currency exchange rate45,463 2,633 1,719 43,906 2,457 1,509 
Subtotal55,208 2,666 3,080 54,177 2,509 2,712 
Net investment in a foreign operation hedges:
Foreign currency forwardsForeign currency exchange rate406 51 — 503 — 8 
Currency optionsForeign currency exchange rate3,000 541 — 3,000 394 — 
Subtotal3,406 592 — 3,503 394 8 
Total qualifying hedges65,275 4,389 3,823 64,155 4,215 3,320 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate29,726 1,459 1,276 29,801 1,497 1,102 
Interest rate floorsInterest rate9,228 34 — 15,321 41 — 
Interest rate capsInterest rate27,152 245 — 30,016 373 — 
Interest rate futuresInterest rate1,853 4 3 1,243 1 5 
Interest rate optionsInterest rate42,377 232 153 43,926 385 103 
Interest rate forwardsInterest rate2,816 42 82 2,383 69 36 
Synthetic GICsInterest rate48,982 — — 49,066 — — 
Foreign currency swapsForeign currency exchange rate10,716 1,210 140 11,891 1,200 356 
Foreign currency forwardsForeign currency exchange rate13,657 29 1,398 14,128 310 806 
Currency futuresForeign currency exchange rate292 — — 314 2 — 
Currency optionsForeign currency exchange rate320 35 35 50 — — 
Credit default swaps — purchasedCredit2,812 7 72 2,877 3 79 
Credit default swaps — writtenCredit13,952 247 5 12,468 233 5 
Equity futuresEquity market1,790 10 7 2,163 8 11 
Equity index optionsEquity market14,714 297 250 19,421 399 255 
Equity variance swapsEquity market96 — 3 99 — 2 
Equity total return swapsEquity market2,020 1 100 1,912 1 218 
Longevity swaps (1)
Longevity1,000 — — — — — 
Total non-designated or nonqualifying derivatives223,503 3,852 3,524 237,079 4,522 2,978 
Total$288,778 $8,241 $7,347 $301,234 $8,737 $6,298 
__________________
(1)Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.
Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:
June 30, 2024December 31, 2023
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate$9,107 $24 $762 $9,096 $13 $663 
Foreign currency exchange rate505 1 20 716 22 2 
Equity market4,533 111 206 5,189 77 373 
$14,145 $136 $988 $15,001 $112 $1,038 
The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($385) million and ($501) million for the six months ended June 30, 2024 and 2023, respectively.
Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both June 30, 2024 and December 31, 2023. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, net investment in a foreign operation (“NIFO”), nonqualifying hedging relationships and embedded derivatives:
Three Months Ended June 30, 2024
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$(41)$(15)$— N/A
Hedged items— — N/A34 13 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(2)(26)N/A— (7)— N/A
Hedged items2 19 N/A— 7 — N/A
Amount excluded from the assessment of hedge effectiveness— — N/A— — — N/A
Subtotal
— (7)N/A(7)(2)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(264)
Amount of gains (losses) reclassified from AOCI into income5 (3)— — — — (2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A104 
Amount of gains (losses) reclassified from AOCI into income2 (8)— — — — 6 
Foreign currency transaction gains (losses) on hedged items— (2)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— 1 — — — — (1)
Subtotal
7 (12)— — — — (157)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A184 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A17 
Subtotal
N/A— N/AN/AN/AN/A201 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(218)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(564)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A9 N/AN/AN/AN/A
Credit derivatives — written (1)— N/A(12)N/AN/AN/AN/A
Equity derivatives (1)(11)N/A(108)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A178 N/AN/AN/AN/A
Subtotal
(11)N/A(715)N/AN/AN/AN/A
Earned income on derivatives53 — 180 (2)(44)— — 
Synthetic GICsN/AN/A19 N/AN/AN/AN/A
Embedded derivativesN/AN/A8 — N/AN/AN/A
Total
$49 $(19)$(508)$(9)$(46)$— $44 
Three Months Ended June 30, 2023
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$(135)$(35)$— N/A
Hedged items(1)— N/A121 34 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(5)(51)N/A— 13 — N/A
Hedged items4 39 N/A— (11)— N/A
Amount excluded from the assessment of hedge effectiveness— 10 N/A— — — N/A
Subtotal
(2)(2)N/A(14)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(205)
Amount of gains (losses) reclassified from AOCI into income13 55 — — — — (68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(262)
Amount of gains (losses) reclassified from AOCI into income1 200 — — — — (201)
Foreign currency transaction gains (losses) on hedged items— (176)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(1)
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
14 79 — — — — (737)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A160 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A25 
Subtotal
N/A— N/AN/AN/AN/A185 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(434)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(800)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A(18)N/AN/AN/AN/A
Credit derivatives — written (1)— N/A85 N/AN/AN/AN/A
Equity derivatives (1)(36)N/A(409)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A319 N/AN/AN/AN/A
Subtotal
(36)N/A(1,257)N/AN/AN/AN/A
Earned income on derivatives32 — 260 3 (34)— — 
Synthetic GICsN/AN/A18 N/AN/AN/AN/A
Embedded derivativesN/AN/A(18)— N/AN/AN/A
Total
$8 $77 $(997)$(11)$(33)$— $(552)
Six Months Ended June 30, 2024
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$— $— N/A$(150)$(58)$— N/A
Hedged items
— — N/A137 55 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
2 (57)N/A— (31)— N/A
Hedged items
— 42 N/A— 35 — N/A
Amount excluded from the assessment of hedge effectiveness
— 4 N/A— — — N/A
Subtotal
2 (11)N/A(13)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(482)
Amount of gains (losses) reclassified from AOCI into income
13 (1)— — — — (12)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(19)
Amount of gains (losses) reclassified from AOCI into income
3 (376)— — — — 373 
Foreign currency transaction gains (losses) on hedged items
— 349 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income
— 1 — — — — (1)
Subtotal
16 (27)— — — — (141)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A344 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A37 
Subtotal
N/A— N/AN/AN/AN/A381 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(571)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(1,270)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A2 N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A22 N/AN/AN/AN/A
Equity derivatives (1)
(36)N/A(450)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A341 N/AN/AN/AN/A
Subtotal
(36)N/A(1,926)N/AN/AN/AN/A
Earned income on derivatives
83 — 361 (6)(93)— — 
Synthetic GICsN/AN/A38 N/AN/AN/AN/A
Embedded derivativesN/AN/A40 N/AN/AN/AN/A
Total
$65 $(38)$(1,487)$(19)$(92)$— $240 
Six Months Ended June 30, 2023
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(1)$— N/A$(9)$1 $— N/A
Hedged items
— — N/A(5)(2)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(22)(54)N/A— 13 — N/A
Hedged items
21 42 N/A— (11)— N/A
Amount excluded from the assessment of hedge effectiveness
— — N/A— — — N/A
Subtotal
(2)(12)N/A(14)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$342 
Amount of gains (losses) reclassified from AOCI into income
27 60 — — — — (87)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(422)
Amount of gains (losses) reclassified from AOCI into income
2 311 — — — 1 (314)
Foreign currency transaction gains (losses) on hedged items
— (290)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(1)
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
29 81 — — — 1 (482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A206 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A27 
Subtotal
N/A— N/AN/AN/AN/A233 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(276)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(962)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(31)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A88 N/AN/AN/AN/A
Equity derivatives (1)
(42)N/A(921)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A442 N/AN/AN/AN/A
Subtotal
(42)N/A(1,660)N/AN/AN/AN/A
Earned income on derivatives
75 — 572 8 (68)— — 
Synthetic GICsN/AN/A36 N/AN/AN/AN/A
Embedded derivativesN/AN/A(35)N/AN/AN/AN/A
Total
$60 $69 $(1,087)$(6)$(67)$1 $(249)
__________________
(1)Excludes earned income on derivatives.
Fair Value Hedges
The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (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 ItemCarrying Amount
 of the Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(In millions)
Fixed maturity securities AFS$370 $454 $3 $3 
Mortgage loans$223 $359 $(5)$(11)
FPBs
$(2,661)$(2,863)$337 $191 
PABs
$(2,252)$(1,911)$170 $25 
__________________
(1)Includes ($100) million and ($111) million of hedging adjustments on discontinued hedging relationships at June 30, 2024 and December 31, 2023, respectively.
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, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.
In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into income. These amounts were $4 million and ($6) million for the three months and six months ended June 30, 2024, respectively, and $26 million and $27 million for the three months and six months ended June 30, 2023, respectively.
At both June 30, 2024 and December 31, 2023, 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 five years.
At June 30, 2024 and December 31, 2023, the balance in AOCI associated with cash flow hedges was $25 million and $166 million, respectively.
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
At June 30, 2024, the Company expected to reclassify $42 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 June 30, 2024 and December 31, 2023, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $1.1 billion and $681 million, respectively. At June 30, 2024 and December 31, 2023, the carrying amount of debt designated as a non-derivative hedging instrument was $261 million and $298 million, respectively.Credit Derivatives
In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the effects of derivatives on the interim condensed consolidated statements of operations and comprehensive income (loss) table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps.
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
June 30, 2024December 31, 2023
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)
$1 $102 1.5$2 $150 1.6
Credit default swaps referencing indices
82 4,125 2.680 3,830 2.7
Subtotal
83 4,227 2.682 3,980 2.6
Baa
Single name credit default swaps (3)
1 93 1.81 99 2.1
Credit default swaps referencing indices
150 9,431 4.4145 8,188 5.4
Subtotal
151 9,524 4.4146 8,287 5.3
Ba
Single name credit default swaps (3)
— 17 1.6— 17 2.1
Credit default swaps referencing indices
2 25 2.52 25 3.0
Subtotal
2 42 2.12 42 2.6
B
Credit default swaps referencing indices
9 129 4.52 129 5.0
Subtotal
9 129 4.52 129 5.0
Caa
Credit default swaps referencing indices
(3)30 2.0(4)30 2.5
Subtotal
(3)30 2.0(4)30 2.5
Total
$242 $13,952 3.8$228 $12,468 4.5
_________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Credit Risk on Freestanding Derivatives
The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.
The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 12 for a description of the impact of credit risk on the valuation of derivatives.
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
June 30, 2024December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$8,203 $7,053 $8,749 $6,014 
OTC-cleared (1)
203 373 158 277 
Exchange-traded
14 10 11 16 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
8,420 7,436 8,918 6,307 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(3,513)(3,513)(3,568)(3,568)
OTC-cleared
(23)(23)(5)(5)
Exchange-traded
(1)(1)(1)(1)
Cash collateral: (3), (4)
OTC-bilateral
(3,272)— (3,448)— 
OTC-cleared
(162)(298)(150)(239)
Exchange-traded
— (2)— (5)
Securities collateral: (5)
OTC-bilateral
(1,380)(3,522)(1,563)(2,427)
OTC-cleared
— (51)— (33)
Exchange-traded
— (7)— (10)
Net amount after application of master netting agreements and collateral
$69 $19 $183 $19 
__________________
(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 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 central 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 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 June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
The Company’s collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the collateral amount owed by that counterparty reaches a minimum transfer amount. Substantially all of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit or financial strength rating, as applicable, were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement payment based on such party’s reasonable valuation of the derivatives. A small number of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of MetLife, Inc. and/or the counterparty. At June 30, 2024, the amount of collateral not provided by the Company due to the existence of these thresholds was $15 million.
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2024December 31, 2023
Derivatives
Subject to
Credit-
Contingent
Provisions
Derivatives
Not Subject
to Credit-
Contingent
Provisions
TotalDerivatives
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)$3,501 $39 $3,540 $2,443 $4 $2,447 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$3,942 $56 $3,998 $3,011 $6 $3,017 
__________________
(1)After taking into consideration the existence of netting agreements.
Embedded Derivatives
The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives.
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationJune 30, 2024December 31, 2023
(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance
Other liabilities$(113)$(70)
Fixed annuities with equity indexed returns
PABs
168 163 
Total
$55 $93 
v3.24.2.u1
Fair Value
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value 12. Fair Value
Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
June 30, 2024
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $66,333 $14,345 $80,678 
Foreign corporate— 38,524 14,895 53,419 
Foreign government— 40,014 40 40,054 
U.S. government and agency
16,700 16,538 — 33,238 
RMBS
— 30,428 2,188 32,616 
ABS & CLO— 15,172 2,603 17,775 
Municipals
— 10,469 1 10,470 
CMBS
— 8,410 1,076 9,486 
Total fixed maturity securities AFS
16,700 225,888 35,148 277,736 
Equity securities
415 77 262 754 
Unit-linked and FVO securities (1)
7,397 1,613 1,096 10,106 
Short-term investments (2)2,389 1,130 10 3,529 
Other investments
42 515 1,073 1,630 
Derivative assets: (3)
Interest rate
4 3,139 — 3,143 
Foreign currency exchange rate
— 4,523 13 4,536 
Credit
— 254 — 254 
Equity market
10 291 7 308 
Total derivative assets
14 8,207 20 8,241 
MRBs
— — 356 356 
Reinsured MRBs (4)
— — 11 11 
Separate account assets (5)64,100 74,485 1,122 139,707 
Total assets (6)$91,057 $311,915 $39,098 $442,070 
Liabilities
Derivative liabilities: (3)
Interest rate
$3 $3,434 $82 $3,519 
Foreign currency exchange rate
— 3,378 13 3,391 
Credit
— 77 — 77 
Equity market
7 353 — 360 
Total derivative liabilities
10 7,242 95 7,347 
Embedded derivatives within liability host contracts (7)— — 55 55 
MRBs
— — 2,618 2,618 
Separate account liabilities (5)— 3 — 3 
Total liabilities
$10 $7,245 $2,768 $10,023 
December 31, 2023
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $67,003 $13,714 $80,717 
Foreign corporate— 40,813 14,631 55,444 
Foreign government— 45,438 51 45,489 
U.S. government and agency
15,327 16,925 — 32,252 
RMBS
3 27,495 1,598 29,096 
ABS & CLO— 15,191 2,103 17,294 
Municipals
— 11,171 — 11,171 
CMBS
— 9,099 850 9,949 
Total fixed maturity securities AFS
15,330 233,135 32,947 281,412 
Equity securities
429 79 249 757 
Unit-linked and FVO securities (1)
7,520 1,708 1,103 10,331 
Short-term investments (2)5,103 667 27 5,797 
Other investments
48 363 975 1,386 
Derivative assets: (3)
Interest rate
1 3,674 — 3,675 
Foreign currency exchange rate
2 4,393 23 4,418 
Credit
— 228 8 236 
Equity market
8 393 7 408 
Total derivative assets
11 8,688 38 8,737 
MRBs
— — 286 286 
Reinsured MRBs (4)
— — 18 18 
Separate account assets (5)66,229 77,258 1,147 144,634 
Total assets (6)$94,670 $321,898 $36,790 $453,358 
Liabilities
Derivative liabilities: (3)
Interest rate$5 $2,805 $174 $2,984 
Foreign currency exchange rate— 2,737 7 2,744 
Credit— 84 — 84 
Equity market11 475 — 486 
Total derivative liabilities16 6,101 181 6,298 
Embedded derivatives within liability host contracts (7)— — 93 93 
MRBs
— — 3,179 3,179 
Separate account liabilities (5)4 4 — 8 
Total liabilities
$20 $6,105 $3,453 $9,578 
__________________
(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both June 30, 2024 and December 31, 2023.
(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.
(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.
(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.
(5)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.
(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $52 million at both June 30, 2024 and December 31, 2023.
(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.
The following describes the valuation methodologies used to measure assets and liabilities at fair value.
Investments
Securities, Short-term Investments and Other Investments
When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.
When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.
The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.
The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
illiquidity premium
•benchmark yields; spreads off benchmark yields; new issuances; issuer ratings•delta spread adjustments to reflect specific credit-related issues
•
trades of identical or comparable securities; duration
•credit spreads
•
privately-placed securities are valued using the additional key inputs:
•quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
market yield curve; call provisions
•independent non-binding broker quotations
•
observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
•
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
•credit spreads
•issuer ratings and issuer spreads; broker-dealer quotations
•
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
•
independent non-binding broker quotations
•
current and forecasted loss severity; ratings; geographic region
•credit ratings
•
weighted average coupon and weighted average maturity
•average delinquency rates; DSCR
•
credit ratings
•
issuance-specific information, including, but not limited to:
•collateral type; structure of the security; vintage of the loans
•payment terms of the underlying assets
•
payment priority within the tranche; deal performance
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
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
Valuation Approaches: Principally the market and income approaches.Valuation Approaches: Principally the market and income approaches.
Key Inputs:Key Inputs:
•
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. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below.
•
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.
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
OLPI
•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, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”
Derivatives
The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.
The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.
Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.
The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.
Freestanding Derivatives
Level 2 Valuation Approaches and Key Inputs:
This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.
Level 3 Valuation Approaches and Key Inputs:
These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.
Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:
InstrumentInterest RateForeign Currency
Exchange Rate		CreditEquity 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)
•interest rate volatility (1), (2)•
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 equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.
The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance 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 interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.
The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.
MRBs
See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs.
Transfers between Levels
Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.
Transfers into or out of Level 3:
Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
June 30, 2024December 31, 2023Impact of
Increase in Input
on Estimated
Fair Value (2)
Valuation
Techniques		Significant
Unobservable Inputs		RangeWeighted
Average (1)		RangeWeighted
Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate•Matrix pricing•Offered quotes (4)52-125914-13193Increase
•Market pricing•Quoted prices (4)27-11193—-11092Increase
•Consensus pricing•Offered quotes (4)90-1009686-10296Increase
RMBS•Market pricing•Quoted prices (4)—-11695—-11293Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)3-103963-10193Increase (5)
Derivatives
Interest rate•Present value techniques•Swap yield (6)428-452437367-399385
Increase (7)
Foreign currency exchange rate•Present value techniques•Swap yield (6)185-237227185-399193
Increase (7)
Credit
•Consensus pricing•
Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates:
Ages 0 - 400%-0.15%0.05%0%-0.15%0.05%
 (9)
Ages 41 - 600.04%-0.75%0.22%0.04%-0.75%0.22%
(9)
Ages 61 - 1150%-100%1.23%0%-100%1.23%
(9)
•Lapse rates:
Durations 1 - 100.39%-20.10%8.72%0.39%-20.10%8.72%
Decrease (10)
Durations 11 - 200.39%-15%4.34%0.39%-15%4.34%
Decrease (10)
Durations 21 - 1160.10%-15%4.59%0.10%-15%4.59%
Decrease (10)
•Utilization rates0.20%-22%0.44%0.20%-22%0.44%
Increase (11)
•Withdrawal rates0%-20%4.47%0%-20%4.47%(12)
•Long-term equity volatilities16.34%-21.85%18.55%8.05%-21.85%18.55%
Increase (13)
•Nonperformance risk spread0.11%-1.46%0.73%0.38%-1.59%0.73%
Decrease (14)
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(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; 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)At June 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.
(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.
(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(12)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 MRBs. 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.
(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.
All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”
The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products		Municipals
Equity
Securities
Unit-linked
and FVO
Securities
(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period
$28,503 $45 $5,277 $— $253 $1,093 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(46)— 12 — (11)36 
Total realized/unrealized gains (losses) included in AOCI
(294)(4)(5)— — — 
Purchases (3)
1,940 — 1,343 2 27 112 
Sales (3)
(794)(1)(168)(1)(7)(139)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
72 — 86 — — — 
Transfers out of Level 3 (4)(141)— (678)— — (6)
Balance, end of period
$29,240 $40 $5,867 $1 $262 $1,096 
Three Months Ended June 30, 2023
Balance, beginning of period
$25,676 $46 $4,553 $— $258 $1,011 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(8)(1)2 — (1)50 
Total realized/unrealized gains (losses) included in AOCI
(369)3 (43)— — — 
Purchases (3)
1,122 5 272 7 — 190 
Sales (3)
(527)(4)(112)— (7)(193)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
210 11 71 — — — 
Transfers out of Level 3 (4)
(136)— (189)— — (1)
Balance, end of period
$25,968 $60 $4,554 $7 $250 $1,057 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$(9)$— $11 $— $(10)$36 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$(8)$(1)$4 $— $1 $50 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$(314)$(4)$(7)$— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$(379)$3 $(45)$— $— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period
$14 $1,171 $(139)$(62)$1,142 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— — 17 8 (8)
Total realized/unrealized gains (losses) included in AOCI
— — (15)— — 
Purchases (3)
6 42 — — 44 
Sales (3)
(10)(140)— — (56)
Issuances (3)
— — — — — 
Settlements (3)
— — 67 (1)— 
Transfers into Level 3 (4)
— — — — — 
Transfers out of Level 3 (4)— — (5)— — 
Balance, end of period
$10 $1,073 $(75)$(55)$1,122 
Three Months Ended June 30, 2023
Balance, beginning of period
$58 $928 $53 $(44)$1,202 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 23 32 (18)(17)
Total realized/unrealized gains (losses) included in AOCI
(1)— (41)— — 
Purchases (3)
5 13 — — 72 
Sales (3)
(44)— — — (21)
Issuances (3)
— — — — — 
Settlements (3)
— — (3)(2)— 
Transfers into Level 3 (4)
— — — — 12 
Transfers out of Level 3 (4)
— — (255)— — 
Balance, end of period
$18 $964 $(214)$(64)$1,248 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$— $(5)$17 $8 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$— $23 $13 $(17)$— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$— $— $(9)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$(1)$— $(48)$— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products
Municipals
Equity
Securities		Unit-linked
and FVO
Securities
(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period
$28,345 $51 $4,551 $— $249 $1,103 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(52)2 15 — (8)67 
Total realized/unrealized gains (losses) included in AOCI
(678)(5)40 — — — 
Purchases (3)
3,078 — 1,582 2 31 114 
Sales (3)
(1,406)(3)(340)(1)(10)(165)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
109 — 165 — — — 
Transfers out of Level 3 (4)(156)(5)(146)— — (23)
Balance, end of period
$29,240 $40 $5,867 $1 $262 $1,096 
Six Months Ended June 30, 2023
Balance, beginning of period
$24,401 $103 $4,269 $— $259 $787 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(17)(1)(7)— 6 95 
Total realized/unrealized gains (losses) included in AOCI
343 2 (24)— — — 
Purchases (3)
2,408 13 413 7 2 205 
Sales (3)
(1,064)(12)(239)— (17)(26)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
391 10 212 — — 1 
Transfers out of Level 3 (4)(494)(55)(70)— — (5)
Balance, end of period
$25,968 $60 $4,554 $7 $250 $1,057 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$(3)$2 $15 $— $(3)$67 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$(20)$(1)$3 $— $(3)$94 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$(686)$(5)$35 $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$321 $2 $(26)$— $— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period
$27 $975 $(143)$(93)$1,147 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 12 (16)40 (37)
Total realized/unrealized gains (losses) included in AOCI
(1)— (40)— — 
Purchases (3)
10 47 — — 83 
Sales (3)
(26)(140)— — (67)
Issuances (3)
— — 135 — — 
Settlements (3)
— — — (2)— 
Transfers into Level 3 (4)
— 179 — — 3 
Transfers out of Level 3 (4)— — (11)— (7)
Balance, end of period
$10 $1,073 $(75)$(55)$1,122 
Six Months Ended June 30, 2023
Balance, beginning of period
$57 $926 $(170)$(17)$1,210 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 25 38 (35)(39)
Total realized/unrealized gains (losses) included in AOCI
— — 46 — — 
Purchases (3)
17 13 — — 170 
Sales (3)
(47)— — — (110)
Issuances (3)
— — (1)— — 
Settlements (3)
— — 33 (12)1 
Transfers into Level 3 (4)— — — — 16 
Transfers out of Level 3 (4)(9)— (160)— — 
Balance, end of period
$18 $964 $(214)$(64)$1,248 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$— $8 $(14)$40 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$— $26 $31 $(35)$— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$— $— $(21)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$(1)$— $7 $— $— 
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(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.
Nonrecurring Fair Value Measurements
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).
June 30, 2024December 31, 2023
(In millions)
Carrying value after measurement:
Mortgage loans (1)
$970 $474 
Other invested assets (2)
$63 $63 
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Realized gains (losses) net:
Mortgage loans (1)$(105)$(54)$(154)$(141)
__________________
(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.
(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
June 30, 2024
Fair Value Hierarchy 
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$89,802 $— $— $84,495 $84,495 
Policy loans
$8,691 $— $— $9,273 $9,273 
Other invested assets
$1,259 $— $715 $544 $1,259 
Premiums, reinsurance and other receivables
$5,446 $— $1,290 $4,057 $5,347 
Other assets
$241 $— $77 $165 $242 
Liabilities
PABs
$139,397 $— $— $133,722 $133,722 
Long-term debt
$14,790 $— $14,236 $— $14,236 
Collateral financing arrangement
$555 $— $— $483 $483 
Junior subordinated debt securities
$3,163 $— $3,550 $— $3,550 
Other liabilities
$10,783 $— $1,537 $8,832 $10,369 
Separate account liabilities
$71,446 $— $71,446 $— $71,446 

December 31, 2023
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$92,506 $— $— $87,753 $87,753 
Policy loans$8,788 $— $— $9,516 $9,516 
Other invested assets$919 $— $714 $205 $919 
Premiums, reinsurance and other receivables
$5,182 $— $791 $4,400 $5,191 
Other assets$268 $— $82 $184 $266 
Liabilities
PABs
$138,233 $— $— $134,025 $134,025 
Long-term debt$15,516 $— $15,621 $— $15,621 
Collateral financing arrangement$637 $— $— $551 $551 
Junior subordinated debt securities$3,161 $— $3,552 $— $3,552 
Other liabilities$10,556 $— $609 $9,651 $10,260 
Separate account liabilities$75,705 $— $75,705 $— $75,705 
v3.24.2.u1
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt
13. Long-term Debt
Senior Notes
In June 2024, MetLife, Inc. issued $500 million of senior notes due December 2034 which bear interest at a fixed rate of 5.300%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $4 million of related costs which will be amortized over the term of the senior notes.
In April 2024, MetLife, Inc. redeemed for $438 million in cash all of its £350 million aggregate principal amount outstanding 5.375% senior notes due December 2024.
In March 2024, MetLife, Inc. issued the following fixed rate senior notes totaling $752 million, interest on which is payable semi-annually:
•¥7.1 billion due March 2029 which bear interest annually at 1.009%;
•¥23.1 billion due March 2031 which bear interest annually at 1.415%;
•¥16.7 billion due March 2034 which bear interest annually at 1.670%;
•¥11.2 billion due March 2039 which bear interest annually at 1.953%;
•¥15.5 billion due March 2044 which bear interest annually at 2.195%;
•¥23.5 billion due March 2054 which bear interest annually at 2.390%; and
•¥15.2 billion due March 2059 which bear interest annually at 2.448%.
In connection with the March 2024 issuances, MetLife, Inc. incurred $6 million of related costs which are amortized over the applicable term of each series of the senior notes.
v3.24.2.u1
Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity
14. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both June 30, 2024 and December 31, 2023:
SeriesShares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G1,000,000 1,000,000 
Series A Junior Participating Preferred Stock10,000,000 — 
Not designated160,827,800 — 
Total200,000,000 25,572,200 
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.430 $10 $0.375 $9 $0.850 $20 $0.736 $18 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 12 $351.563 11 $703.126 23 $703.126 22 
F$296.875 12 $296.875 12 $593.750 24 $593.750 24 
G$— — $— — $19.250 19 $19.250 19 
Total$34 $32 $101 $98 
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
June 30, 2024 (1)
(In millions)
May 1, 2024$3,000 $3,000 
May 25, 2023$1,000 $75 
May 3, 2023$3,000 $— 
May 4, 2022$3,000 $— 
__________________
(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at June 30, 2024 does not reflect the applicable excise tax payable.
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), 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 six months ended June 30, 2024 and 2023, MetLife, Inc. repurchased 28,872,993 shares and 23,665,630 shares of its common stock, respectively, through open market purchases for $2.0 billion and $1.5 billion, respectively, excluding applicable excise tax. The excise tax is reflected in treasury stock as part of the cost basis of the common stock repurchased.
Stock-Based Compensation Plans
Performance Shares and Performance Units
Final Performance Shares are paid in shares of MetLife, Inc.’s common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc.’s common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2021 – December 31, 2023 performance period was 147.5%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,048,303 Performance Shares and 118,848 Performance Units associated with that performance period that vested on December 31, 2023. As a result, in the first quarter of 2024, MetLife, Inc. issued 1,546,247 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 175,301 Performance Units (less withholding for taxes and other items, as applicable).
Dividend Restrictions
Insurance Operations
For the six months ended June 30, 2024, American Life Insurance Company paid a dividend of $1.1 billion to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 19 of the Notes to Consolidated Financial Statements included in the 2023 Annual Report for additional information on dividend restrictions.
AOCI
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
June 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,813)$202 $4,773 $(47)$(6,465)$(1,421)$(19,771)
OCI before reclassifications(3,373)(160)2,373 (33)(268)(2)(1,463)
Deferred income tax benefit (expense)810 128 (540)7 (52)1 354 
AOCI before reclassifications, net of income tax(19,376)170 6,606 (73)(6,785)(1,422)(20,880)
Amounts reclassified from AOCI248 3 — — — 32 283 
Deferred income tax benefit (expense)(59)(74)— — — (6)(139)
Amounts reclassified from AOCI, net of income tax189 (71)— — — 26 144 
Balance, end of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
Three Months
Ended
June 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,354)$1,748 $2,748 $186 $(6,119)$(1,356)$(19,147)
OCI before reclassifications(3,173)(468)1,471 (99)(102)(1)(2,372)
Deferred income tax benefit (expense)739 114 (300)21 (61)— 513 
AOCI before reclassifications, net of income tax(18,788)1,394 3,919 108 (6,282)(1,357)(21,006)
Amounts reclassified from AOCI1,040 (269)— — — 30 801 
Deferred income tax benefit (expense)(231)54 — — — (4)(181)
Amounts reclassified from AOCI, net of income tax809 (215)— — — 26 620 
Balance, end of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
Six Months
Ended
June 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(14,506)$183 $2,658 $27 $(6,158)$(1,446)$(19,242)
OCI before reclassifications(6,492)(501)5,084 (127)(485)(4)(2,525)
Deferred income tax benefit (expense)1,509 204 (1,136)27 (142)1 463 
AOCI before reclassifications, net of income tax(19,489)(114)6,606 (73)(6,785)(1,449)(21,304)
Amounts reclassified from AOCI393 360 — — — 64 817 
Deferred income tax benefit (expense)(91)(147)— — — (11)(249)
Amounts reclassified from AOCI, net of income tax 302 213 — — — 53 568 
Balance, end of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
Six Months
Ended
June 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(22,646)$1,557 $6,115 $107 $(6,377)$(1,377)$(22,621)
OCI before reclassifications4,410 (81)(2,898)1 180 (5)1,607 
Deferred income tax benefit (expense)(989)17 702 — (85)1 (354)
AOCI before reclassifications, net of income tax(19,225)1,493 3,919 108 (6,282)(1,381)(21,368)
Amounts reclassified from AOCI1,606 (401)— — — 60 1,265 
Deferred income tax benefit (expense)(360)87 — — — (10)(283)
Amounts reclassified from AOCI, net of income tax1,246 (314)— — — 50 982 
Balance, end of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)
$(250)$(1,079)$(409)$(1,690)Net investment gains (losses)
Net unrealized investment gains (losses)
1 3 — 5 Net investment income
Net unrealized investment gains (losses)
1 36 16 79 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(248)(1,040)(393)(1,606)
Income tax (expense) benefit
59 231 91 360 
Net unrealized investment gains (losses), net of income tax
(189)(809)(302)(1,246)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
5 13 13 27 Net investment income
Interest rate derivatives
(3)55 (1)60 Net investment gains (losses)
Foreign currency exchange rate derivatives
2 1 3 2 Net investment income
Foreign currency exchange rate derivatives
(8)200 (376)311 Net investment gains (losses)
Foreign currency exchange rate derivatives— — — 1 Other expenses
Credit derivatives1 — 1 — Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(3)269 (360)401 
Income tax (expense) benefit
74 (54)147 (87)
Gains (losses) on cash flow hedges, net of income tax
71 215 (213)314 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(34)(32)(69)(65)
Amortization of prior service (costs) credit
2 2 5 5 
Amortization of defined benefit plan items, before income tax
(32)(30)(64)(60)
Income tax (expense) benefit
6 4 11 10 
Amortization of defined benefit plan items, net of income tax
(26)(26)(53)(50)
Total reclassifications, net of income tax
$(144)$(620)$(568)$(982)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.
v3.24.2.u1
Other Revenues and Other Expenses
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Other Revenues and Other Expenses Disclosure 15. Other Revenues and Other Expenses
Other Revenues
Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Vision fee for service arrangements$130 $143 $276 $302 
Prepaid legal plans145 130 293 261 
Fee-based investment management98 103 196 203 
Administrative services-only contracts 69 64 136 128 
Recordkeeping and administrative services (1)37 38 75 75 
Other revenue from service contracts from customers79 68 159 139 
Total revenues from service contracts from customers558 546 1,135 1,108 
Other80 75 177 152 
Total other revenues$638 $621 $1,312 $1,260 
__________________
(1)Related to products and businesses no longer actively marketed by the Company.
Receivables related to revenues from service contracts from customers were $231 million and $243 million at June 30, 2024 and December 31, 2023, respectively.
Other Expenses
Information on other expenses was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Employee-related costs (1)$900 $896 $1,850 $1,829 
Third-party staffing costs
362 360 711 704 
General and administrative expenses153 187 301 330 
Pension, postretirement and postemployment benefit costs65 59 130 118 
Premium taxes, other taxes, and licenses & fees171 184 347 345 
Commissions and other variable expenses1,462 1,447 2,965 2,864 
Capitalization of DAC(683)(729)(1,423)(1,447)
Amortization of DAC and VOBA499 479 1,007 949 
Amortization of negative VOBA(6)(6)(12)(13)
Interest expense on debt257 256 521 511 
Total other expenses$3,180 $3,133 $6,397 $6,190 
__________________
(1)Includes ($27) million and ($77) million for the three months and six months ended June 30, 2024, respectively, and ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
v3.24.2.u1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans 16. 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. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.
The components of net periodic benefit costs, reported in other expenses, were as follows:
Three Months
Ended
June 30,
20242023
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$41 $1 $37 $— 
Interest costs
114 10 117 10 
Expected return on plan assets
(115)(14)(121)(15)
Amortization of net actuarial (gains) losses
41 (6)39 (7)
Amortization of prior service costs (credit)
(3)— (3)— 
Net periodic benefit costs (credit)
$78 $(9)$69 $(12)
Six Months
Ended
June 30,
20242023
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs$81 $2 $75 $1 
Interest costs228 20 235 21 
Expected return on plan assets(230)(28)(241)(28)
Amortization of net actuarial (gains) losses83 (14)78 (15)
Amortization of prior service costs (credit)(6)— (6)— 
Net periodic benefit costs (credit)$156 $(20)$141 $(21)
v3.24.2.u1
Income Tax
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax 17. Income Tax
For the three months and six months ended June 30, 2024, the effective tax rate on income (loss) before provision for income tax was 21% and 19%, respectively. The Company’s effective tax rate for the three months ended June 30, 2024 was equal to the U.S. statutory rate of 21% and included tax benefits from (i) non-taxable investment income and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, offset by tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates. The Company’s effective tax rate for the six months ended June 30, 2024 differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) non-taxable investment income, (ii) the reversal of previously non-deductible losses, (iii) low income housing and other tax credits, partially offset by the impact of tax equity investments now accounted for under the proportional amortization method, and (iv) the corporate tax deduction for stock compensation.
For the three months and six months ended June 30, 2023, the effective tax rate on income (loss) before provision for income tax was 5% and 28%, respectively. The Company’s effective tax rate for the three months ended June 30, 2023
differed from the U.S. statutory rate of 21% primarily due to tax benefits from (i) low income housing and other tax credits, (ii) foreign earnings taxed at lower statutory rates than the U.S. statutory rate and foreign losses taxed at higher statutory rates, (iii) adjustments related to prior years taxes, and (iv) non-taxable investment income. The Company’s effective tax rate for the six months ended June 30, 2023 differed from the U.S. statutory rate of 21% primarily due to tax charges from foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, partially offset by tax benefits from (i) low income housing and other tax credits, (ii) the corporate tax deduction for stock compensation, (iii) adjustments related to prior years taxes, and (iv) non-taxable investment income
v3.24.2.u1
Earnings Per Common Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share 18. Earnings Per Common Share
The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share:    
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
710.5 765.9 716.8 770.6 
Incremental common shares from assumed exercise or issuance of stock-based awards
4.2 3.7 4.7 4.8 
Weighted average common stock outstanding - diluted
714.7 769.6 721.5 775.4 
Net Income (Loss):
Net income (loss)
$953 $408 $1,828 $493 
Less: Net income (loss) attributable to noncontrolling interests
7 6 15 11 
Less: Preferred stock dividends
34 32 101 98 
Net income (loss) available to MetLife, Inc.’s common shareholders
$912 $370 $1,712 $384 
Basic
$1.28 $0.48 $2.39 $0.50 
Diluted
$1.28 $0.48 $2.37 $0.50 
v3.24.2.u1
Contingencies, Commitments and Guarantees
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies, Commitments and Guarantees 19. Contingencies, Commitments and Guarantees
Contingencies
Litigation
The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.
The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.
It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. In certain circumstances where liabilities have been established, there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at June 30, 2024. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.
Matters as to Which an Estimate Can Be Made
For some matters, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of June 30, 2024, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $125 million.
Matters as to Which an Estimate Cannot Be Made
For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.
Asbestos-Related Claims
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 or selling asbestos-containing products, nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing or selling asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of 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’s defenses include that: (i) MLIC owed no duty to the plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; and (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known. During the course of the litigation, certain trial courts have granted motions dismissing claims against 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.
As reported in the 2023 Annual Report, MLIC received approximately 2,565 asbestos-related claims in 2023. For the six months ended June 30, 2024 and 2023, MLIC received approximately 1,556 and 1,306 new asbestos-related claims, respectively. See Note 24 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for historical information concerning asbestos claims and MLIC’s update in its recorded liability at December 31, 2023. 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 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, but management does not believe any such charges are likely to have a material effect on the Company’s financial position.
The Company believes adequate provision has been made in its interim condensed consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability covers pending claims, claims not yet asserted, and legal defense costs and is based on estimates and includes significant assumptions underlying its analysis.
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. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through June 30, 2024.
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. The Appellate Division of the New York State Supreme Court, First Department, 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 has filed an amended complaint. The Company intends to defend the action vigorously.
Matters Related to Group Annuity Benefits
In 2018, the Company announced that it identified a material weakness in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits. Several regulators have made inquiries into the issue, and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company could be exposed to lawsuits and additional legal actions relating to the issue. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.
Commitments
Mortgage Loan Commitments
The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.0 billion and $4.0 billion at June 30, 2024 and December 31, 2023, respectively.
Commitments to Fund Partnership Investments, Bank Credit Facilities and Private Corporate Bond Investments
The Company commits to fund partnership investments and to lend funds under bank credit facilities and private corporate bond investments. The amounts of these unfunded commitments were $8.7 billion and $9.2 billion at June 30, 2024 and December 31, 2023, respectively.
Guarantees
In the normal course of its business, the Company has provided certain indemnities and guarantees to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $636 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities or guarantees.
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.
The Company 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 $19 million at both June 30, 2024 and December 31, 2023, for indemnities and guarantees.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 946 $ 402 $ 1,813 $ 482
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation of Subsidiaries
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2023 Annual Report.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has a controlling financial interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.
The Company uses the equity method of accounting, unless the fair value option (“FVO”) is applied, 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.
Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.
New Accounting Pronouncements
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (each, an “ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s consolidated financial statements.
Adopted Accounting Pronouncements
The table below describes the impacts of ASUs adopted by the Company.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2023-02, Investments—Equity Method and Joint Ventures
(Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method


The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required.
January 1, 2024. The Company adopted this update, applying a modified retrospective basis.
The Company has elected to use the proportional amortization method to account for its tax equity investments that meet the required criteria. The adoption of this update resulted in a decrease to retained earnings of $219 million, net of income tax, primarily related to the Company’s tax equity investments reported within other invested assets, as of January 1, 2024.
Future Adoption of Accounting Pronouncements
ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or disclosures. ASUs issued but not yet adopted as of June 30, 2024 that are currently being assessed and may or may not have a material impact on the Company’s consolidated financial statements or disclosures are summarized in the table below.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Among other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories in the rate reconciliation; and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid: (i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received).
Effective for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption permitted).
The Company is evaluating the impact of the guidance on its consolidated financial statements.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this update are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The key amendments include:
(i) disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss on an annual and interim basis;
(ii) disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis. The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure of segment profit or loss;
(iii) providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting in interim periods; and
(iv) specifying the title and position of the CODM.
Effective for annual periods beginning January 1, 2024 and
interim periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).
The Company is evaluating the impact of the guidance on its consolidated financial statements.
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. See Note 10 to the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for further information on the closed block.
Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon policy count within the closed block.
Investments
Maturities of Fixed Maturity Securities AFS
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.
Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
See Note 11 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report for a description of the Company’s Evaluation and Measurement Methodologies of Fixed Maturity Securities AFS for Credit Loss.
ACL Methodology
The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), such as collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable), are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).
Commercial and Agricultural Mortgage Loan Portfolio Segments
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.
After commercial and agricultural mortgage loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that is not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company reverts to industry historical loss experience using a straight-line basis over one year.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Past Due and Nonaccrual Mortgage Loans
The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment.
Leased Real Estate Investments - Operating Leases
The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease.
Variable Interest Entities
The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.
Derivatives
The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (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 Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.
The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.
The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 12 for a description of the impact of credit risk on the valuation of derivatives.
Employee 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. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. and non-U.S. retired employees.
v3.24.2.u1
Derivative Instruments and Hedging Activities (Policies)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (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 Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities, (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities, (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments, and (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments.
The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s bilateral contracts between two counterparties (“OTC-bilateral”) derivative transactions are governed by International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third-party custodians.
The Company’s over-the-counter cleared (“OTC-cleared”) derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 12 for a description of the impact of credit risk on the valuation of derivatives.
v3.24.2.u1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Information, by Segment
Three Months Ended June 30, 2024Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$5,599 $2,448 $1,216 $1,122 $536 $692 $15 $11,628 $— $11,628 
Universal life and investment-type product policy fees229 73 434 373 77 94 1 1,281 — 1,281 
Net investment income313 2,117 1,167 398 54 1,016 95 5,160 45 5,205 
Other revenues382 61 18 11 8 37 97 614 24 638 
Net investment gains (losses)— — — — — — — — (421)(421)
Net derivative gains (losses)— — — — — — — — (508)(508)
Total revenues6,523 4,699 2,835 1,904 675 1,839 208 18,683 (860)17,823 
Expenses
Policyholder benefits and claims and policyholder dividends4,780 3,248 988 1,018 265 1,252 9 11,560 73 11,633 
Policyholder liability remeasurement (gains) losses2 (23)(4)(3)1 17 — (10)— (10)
MRB remeasurement (gains) losses
— — — — — — — — (182)(182)
Interest credited to PABs
48 838 657 115 17 106 — 1,781 219 2,000 
Capitalization of deferred policy acquisition costs (“DAC”)
(5)(46)(335)(175)(115)(4)(3)(683)— (683)
Amortization of DAC and value of business acquired (“VOBA”)
7 16 207 129 82 57 1 499 — 499 
Amortization of negative VOBA
— — (5)— (1)— — (6)— (6)
Interest expense on debt1 3 — 4 — 3 246 257 — 257 
Other expenses1,016 145 702 505 328 220 188 3,104 9 3,113 
Total expenses5,849 4,181 2,210 1,593 577 1,651 441 16,502 119 16,621 
Provision for income tax expense (benefit)141 108 176 85 21 35 (47)519 (270)249 
Adjusted earnings$533 $410 $449 $226 $77 $153 $(186)1,662 
Adjustments to:
Total revenues(860)
Total expenses(119)
Provision for income tax (expense) benefit270 
Net income (loss)$953 $953 
Three Months Ended June 30, 2023Group BenefitsRISAsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$5,427 $2,681 $1,310 $1,023 $499 $719 $19 $11,678 $— $11,678 
Universal life and investment-type product policy fees223 71 396 352 75 170 1 1,288 — 1,288 
Net investment income327 1,948 1,050 418 47 1,170 80 5,040 32 5,072 
Other revenues363 71 21 10 8 49 106 628 (7)621 
Net investment gains (losses)— — — — — — — — (1,039)(1,039)
Net derivative gains (losses)— — — — — — — — (997)(997)
Total revenues6,340 4,771 2,777 1,803 629 2,108 206 18,634 (2,011)16,623 
Expenses
Policyholder benefits and claims and policyholder dividends4,866 3,441 1,057 976 237 1,341 12 11,930 30 11,960 
Policyholder liability remeasurement (gains) losses2 (11)(27)3 2 15 — (16)— (16)
MRB remeasurement (gains) losses
— — — — — — — — (817)(817)
Interest credited to PABs
48 702 570 105 19 198 — 1,642 291 1,933 
Capitalization of DAC
(5)(50)(397)(148)(119)(6)(4)(729)— (729)
Amortization of DAC and VOBA
7 12 190 117 85 64 4 479 — 479 
Amortization of negative VOBA
— — (5)— (1)— — (6)— (6)
Interest expense on debt1 4 — 4 — 3 244 256 — 256 
Other expenses950 146 778 465 314 231 229 3,113 20 3,133 
Total expenses5,869 4,244 2,166 1,522 537 1,846 485 16,669 (476)16,193 
Provision for income tax expense (benefit)99 110 180 62 22 51 (83)441 (419)22 
Adjusted earnings$372 $417 $431 $219 $70 $211 $(196)1,524 
Adjustments to:
Total revenues(2,011)
Total expenses476 
Provision for income tax (expense) benefit419 
Net income (loss)$408 $408 
Six Months Ended June 30, 2024
Group
Benefits
RISAsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$11,310 $3,123 $2,513 $2,237 $1,072 $1,405 $21 $21,681 $— $21,681 
Universal life and investment-type product policy fees451 148 860 743 154 172 1 2,529 — 2,529 
Net investment income628 4,206 2,275 784 108 2,026 201 10,228 413 10,641 
Other revenues779 124 39 22 15 87 195 1,261 51 1,312 
Net investment gains (losses)— — — — — — — — (796)(796)
Net derivative gains (losses)— — — — — — — — (1,487)(1,487)
Total revenues13,168 7,601 5,687 3,786 1,349 3,690 418 35,699 (1,819)33,880 
Expenses
Policyholder benefits and claims and policyholder dividends10,016 4,719 2,055 2,001 523 2,503 17 21,834 20 21,854 
Policyholder liability remeasurement (gains) losses(1)(22)(36)(11)1 37 — (32)— (32)
MRB remeasurement (gains) losses
— — — — — — — — (876)(876)
Interest credited to PABs
96 1,634 1,304 229 36 209 — 3,508 782 4,290 
Capitalization of DAC
(9)(107)(696)(353)(243)(9)(6)(1,423)— (1,423)
Amortization of DAC and VOBA
13 31 417 254 173 116 3 1,007 — 1,007 
Amortization of negative VOBA
— — (10)— (2)— — (12)— (12)
Interest expense on debt1 7 — 7 — 7 499 521 — 521 
Other expenses2,019 317 1,446 1,017 660 443 382 6,284 20 6,304 
Total expenses12,135 6,579 4,480 3,144 1,148 3,306 895 31,687 (54)31,633 
Provision for income tax expense (benefit)216 213 335 183 47 72 (117)949 (530)419 
Adjusted earnings$817 $809 $872 $459 $154 $312 $(360)3,063 
Adjustments to:
Total revenues(1,819)
Total expenses54 
Provision for income tax (expense) benefit530 
Net income (loss)$1,828 $1,828 
Six Months Ended June 30, 2023
Group Benefits
RIS
AsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustments
Total
Consolidated
(In millions)
Revenues
Premiums$10,878 $3,182 $2,687 $2,048 $995 $1,442 $35 $21,267 $— $21,267 
Universal life and investment-type product policy fees441 150 793 687 152 353 1 2,577 — 2,577 
Net investment income637 3,762 1,931 797 92 2,297 130 9,646 71 9,717 
Other revenues743 139 41 22 16 102 207 1,270 (10)1,260 
Net investment gains (losses)— — — — — — — — (1,723)(1,723)
Net derivative gains (losses)— — — — — — — — (1,087)(1,087)
Total revenues12,699 7,233 5,452 3,554 1,255 4,194 373 34,760 (2,749)32,011 
Expenses
Policyholder benefits and claims and policyholder dividends9,860 4,666 2,187 1,942 498 2,710 28 21,891 100 21,991 
Policyholder liability remeasurement (gains) losses(2)(40)(16)(1)(1)35 — (25)— (25)
MRB remeasurement (gains) losses
— — — — — — — — (629)(629)
Interest credited to PABs
94 1,348 1,106 204 35 397 — 3,184 613 3,797 
Capitalization of DAC
(11)(95)(798)(299)(227)(12)(5)(1,447)— (1,447)
Amortization of DAC and VOBA
13 23 383 223 170 132 5 949 — 949 
Amortization of negative VOBA
— — (11)— (2)— — (13)— (13)
Interest expense on debt1 7 — 6 — 6 491 511 — 511 
Other expenses1,882 292 1,585 895 614 469 406 6,143 47 6,190 
Total expenses11,837 6,201 4,436 2,970 1,087 3,737 925 31,193 131 31,324 
Provision for income tax expense (benefit)183 215 305 150 38 88 (186)793 (599)194 
Adjusted earnings$679 $817 $711 $434 $130 $369 $(366)2,774 
Adjustments to:
Total revenues(2,749)
Total expenses(131)
Provision for income tax (expense) benefit599 
Net income (loss)$493 $493 
The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:
June 30, 2024December 31, 2023
(In millions)
Group Benefits$35,966 $36,715 
RIS222,719 218,587 
Asia151,700 157,206 
Latin America66,527 69,177 
EMEA18,846 18,596 
MetLife Holdings144,045 148,524 
Corporate & Other35,942 38,779 
Total$675,745 $687,584 
v3.24.2.u1
Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefits, by Product Segment The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:
June 30, 2024December 31, 2023
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$64,338 $64,324 
Asia:
Whole and term life & endowments
11,260 12,874 
Accident & health
9,189 10,712 
Latin America - Fixed annuities
9,020 9,637 
MetLife Holdings - Long-term care
14,455 15,240 
Deferred Profit Liabilities:
RIS - Annuities
3,735 3,697 
Asia:
Whole and term life & endowments
690 654 
Accident & health
788 830 
Latin America - Fixed annuities
522 562 
Additional Insurance Liabilities:
Asia:
Variable life
1,074 1,258 
Universal and variable universal life
354 424 
MetLife Holdings - Universal and variable universal life
2,434 2,362 
MetLife Holdings - Participating life
48,911 49,543 
Other long-duration (1)
10,544 11,099 
Short-duration and other
13,679 13,190 
Total
$190,993 $196,406 
__________________
(1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.
Liability for Future Policy Benefit, Activity Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$— $— 
Balance, beginning of period, at original discount rate$— $— 
Effect of actual variances from expected experience (1)
(25)(29)
Adjusted balance (25)(29)
Issuances
4,206 2,558 
Net premiums collected
(4,181)(2,529)
Ending balance at original discount rate— — 
Balance, end of period, at current discount rate at balance sheet date$— $— 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$64,515 $58,695 
Balance, beginning of period, at original discount rate$64,737 $61,426 
Effect of actual variances from expected experience (1)
(93)(167)
Adjusted balance64,644 61,259 
Issuances
4,328 2,561 
Interest accrual
1,526 1,411 
Benefit payments
(2,976)(2,726)
Ending balance at original discount rate67,522 62,505 
Effect of changes in discount rate assumptions
(2,847)(2,020)
Balance, end of period, at current discount rate at balance sheet date64,675 60,485 
Cumulative amount of fair value hedging adjustments(337)(204)
Net liability for FPBs
64,338 60,281 
Less: Reinsurance recoverables
1,933 — 
Net liability for FPBs, net of reinsurance
$62,405 $60,281 
Undiscounted - Expected future benefit payments$123,752 $115,364 
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$64,675 $60,485 
Weighted-average duration of the liability9 years9 years
Weighted-average interest accretion (original locked-in) rate4.7 %4.7 %
Weighted-average current discount rate at balance sheet date5.6 %5.3 %
_________________
(1)    For the six months ended June 30, 2024 and 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $49 million and $98 million, respectively. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements.
The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$4,561 $4,682 
Balance, beginning of period, at original discount rate$4,793 $4,943 
Effect of actual variances from expected experience
(33)(26)
Adjusted balance4,760 4,917 
Issuances
269 328 
Interest accrual
34 27 
Net premiums collected
(304)(300)
Effect of foreign currency translation
(507)(384)
Ending balance at original discount rate4,252 4,588 
Effect of changes in discount rate assumptions
(277)(196)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
30 15 
Balance, end of period, at current discount rate at balance sheet date$4,005 $4,407 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$17,435 $17,463 
Balance, beginning of period, at original discount rate$17,198 $18,209 
Effect of actual variances from expected experience
(33)1 
Adjusted balance17,165 18,210 
Issuances269 328 
Interest accrual183 185 
Benefit payments(484)(624)
Effect of foreign currency translation
(1,813)(1,360)
Ending balance at original discount rate15,320 16,739 
Effect of changes in discount rate assumptions
(131)154 
Effect of foreign currency translation on the effect of changes in discount rate assumptions
76 11 
Balance, end of period, at current discount rate at balance sheet date15,265 16,904 
Cumulative impact of flooring the future policyholder benefits reserve
— 2 
Net liability for FPBs
11,260 12,499 
Less: Amount due to reinsurer
(1)(2)
Net liability for FPBs, net of reinsurance
$11,261 $12,501 
Undiscounted:
Expected future gross premiums$8,363 $8,786 
Expected future benefit payments$25,574 $26,771 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$7,140 $7,691 
Expected future benefit payments$15,265 $16,904 
Weighted-average duration of the liability17 years17 years
Weighted -average interest accretion (original locked-in) rate2.6 %2.5 %
Weighted-average current discount rate at balance sheet date2.8 %2.5 %
Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$19,835 $21,181 
Balance, beginning of period, at original discount rate$21,232 $22,594 
Effect of actual variances from expected experience (1)
292 (33)
Adjusted balance21,524 22,561 
Issuances
551 536 
Interest accrual
110 120 
Net premiums collected
(928)(1,055)
Effect of foreign currency translation
(2,496)(1,849)
Ending balance at original discount rate18,761 20,313 
Effect of changes in discount rate assumptions
(1,720)(1,006)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
187 83 
Balance, end of period, at current discount rate at balance sheet date$17,228 $19,390 
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$30,480 $30,879 
Balance, beginning of period, at original discount rate$36,010 $37,189 
Effect of actual variances from expected experience (1)
331 (53)
Adjusted balance36,341 37,136 
Issuances551 536 
Interest accrual232 246 
Benefit payments(614)(653)
Effect of foreign currency translation
(4,161)(3,017)
Ending balance at original discount rate32,349 34,248 
Effect of changes in discount rate assumptions
(6,761)(4,664)
Effect of foreign currency translation on the effect of changes in discount rate assumptions
750 385 
Balance, end of period, at current discount rate at balance sheet date26,338 29,969 
Cumulative impact of flooring the future policyholder benefits reserve
79 83 
Net liability for FPBs
9,189 10,662 
Less: Reinsurance recoverables
143 149 
Net liability for FPBs, net of reinsurance
$9,046 $10,513 
Undiscounted:
Expected future gross premiums$36,531 $39,362 
Expected future benefit payments$42,531 $44,435 
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$29,420 $33,399 
Expected future benefit payments$26,338 $29,969 
Weighted-average duration of the liability23 years26 years
Weighted-average interest accretion (original locked-in) rate1.7 %1.8 %
Weighted-average current discount rate at balance sheet date2.8 %2.3 %
_________________
(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident and health products of ($6) million.
Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$—$—
Balance, at beginning of period, at original discount rate$—$—
Effect of actual variances from expected experience (1)
——
Adjusted balance——
Issuances
494525
Interest accrual
55
Net premiums collected
(499)(530)
Ending balance at original discount rate——
Balance, end of period, at current discount rate at balance sheet date$—$—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$9,637$9,265
Balance, beginning of period, at original discount rate$9,249$8,240
Effect of actual variances from expected experience (1)
(9)(9)
Adjusted balance9,2408,231
Issuances509577
Interest accrual167173
Benefit payments(339)(336)
Inflation adjustment184243
Effect of foreign currency translation
(691)538
Ending balance at original discount rate9,0709,426
Effect of changes in discount rate assumptions
(28)706
Effect of foreign currency translation on the effect of changes in discount rate assumptions
(22)60
Balance, end of period, at current discount rate at balance sheet date9,02010,192
Net liability for FPBs
$9,020$10,192
Undiscounted - Expected future benefit payments$13,648$14,343
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)$9,020$10,192
Weighted-average duration of the liability10 years11 years
Weighted-average interest accretion (original locked-in) rate3.6 %3.9 %
Weighted-average current discount rate at balance sheet date3.7 %2.9 %
__________________
(1)    For the six months ended June 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the six months ended June 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.
Information regarding these products was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date$5,687$5,775
Balance, beginning of period, at original discount rate$5,566$5,807
Effect of actual variances from expected experience
1383
Adjusted balance5,5795,890
Interest accrual
141149
Net premiums collected
(286)(293)
Ending balance at original discount rate5,4345,746
Effect of changes in discount rate assumptions
(80)3
Balance, end of period, at current discount rate at balance sheet date$5,354$5,749
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date$20,927$19,619
Balance, beginning of period, at original discount rate$20,494$20,165
Effect of actual variances from expected experience
3199
Adjusted balance20,52520,264
Interest accrual540534
Benefit payments(421)(382)
Ending balance at original discount rate20,64420,416
Effect of changes in discount rate assumptions
(835)(169)
Balance, end of period, at current discount rate at balance sheet date19,80920,247
Net liability for FPBs
$14,455$14,498
Undiscounted:
Expected future gross premiums$10,280$10,893
Expected future benefit payments$44,653$45,653
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums$6,715$7,089
Expected future benefit payments$19,809$20,247
Weighted-average duration of the liability14 years15 years
Weighted-average interest accretion (original locked-in) rate5.4 %5.4 %
Weighted-average current discount rate at balance sheet date5.8 %5.5 %
Additional Liability, Long-Duration Insurance Information regarding these additional insurance liabilities was as follows:
Six Months
Ended
June 30,
2024202320242023
Variable Life
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period
$1,258$1,381$424$455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment
— — (14)(33)
Balance, beginning of period, before AOCI adjustment
1,2581,381438488
Effect of actual variances from expected experience(14)(8)(32)(22)
Adjusted balance
1,2441,373406466
Assessments accrual(2)(2)——
Interest accrual91033
Excess benefits paid(23)(19)——
Effect of foreign currency translation and other, net
(154)(119)(53)(41)
Balance, end of period, before AOCI adjustment
1,0741,243356428
Add: AOCI adjustment
——(2)(18)
Balance, end of period
$1,074$1,243$354$410
Weighted-average duration of the liability16 years17 years43 years43 years
Weighted-average interest accretion rate1.5 %1.5 %1.5 %1.5 %
Information regarding these additional insurance liabilities was as follows:
Six Months
Ended
June 30,
20242023
Universal and Variable Universal Life
(Dollars in millions)
Balance, beginning of period$2,362$2,156
Less: AOCI adjustment (14)(63)
Balance, beginning of period, before AOCI adjustment2,3762,219
Effect of actual variances from expected experience28(6)
Adjusted balance2,4042,213
Assessments accrual5155
Interest accrual6561
Excess benefits paid(70)(63)
Balance, end of period, before AOCI adjustment2,4502,266
Add: AOCI adjustment(16)2
Balance, end of period2,4342,268
Less: Reinsurance recoverables2,117744
Balance, end of period, net of reinsurance$317$1,524
Weighted-average duration of the liability15 years16 years
Weighted-average interest accretion rate5.5 %5.6 %
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
Six Months
Ended
June 30,
20242023
Gross Premiums or
Assessments (1)		Interest Expense (2)Gross Premiums or
Assessments (1)		Interest Expense (2)
(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities
$4,246 $1,526 $2,592 $1,411 
Asia:
Whole and term life & endowments
564 149 555 158 
Accident & health
1,551 122 1,762 126 
Latin America - Fixed annuities
499 162 529 168 
MetLife Holdings - Long-term care
362 399 366 385 
Deferred Profit Liabilities:
RIS - Annuities
N/A88 N/A81 
Asia:
Whole and term life & endowments
N/A17 N/A14 
Accident & health
N/A9 N/A9 
Latin America - Fixed annuities
N/A10 N/A11 
Additional Insurance Liabilities:
Asia:
Variable life
55 9 11 10 
Universal and variable universal life
(33)3 (14)3 
MetLife Holdings - Universal and variable universal life
334 65 380 61 
Other long-duration
2,132 239 2,015 227 
 Total
$9,710 $2,798 $8,196 $2,664 
__________________
(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.
(2)Interest expense is included in policyholder benefits and claims.
Liabilities for Unpaid Claims and Claim Expenses
Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period$16,468 $16,098 
Less: Reinsurance recoverables2,592 2,452 
Net balance, beginning of period13,876 13,646 
Incurred related to:
Current period13,420 13,580 
Prior periods (1)99 306 
Total incurred13,519 13,886 
Paid related to:
Current period(8,723)(8,546)
Prior periods(4,921)(4,959)
Total paid(13,644)(13,505)
Net balance, end of period13,751 14,027 
Add: Reinsurance recoverables2,762 2,590 
Balance, end of period (included in FPBs and other policy-related balances)
$16,513 $16,617 
__________________
(1)For the six months ended June 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.
v3.24.2.u1
Policyholder Account Balances (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Policyholder Account Balances
The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
(In millions)
Group Benefits - Group life
$7,644$7,692
RIS:
Capital markets investment products and stable value GICs
64,94564,140
Annuities and risk solutions
18,79717,711
Asia:
Universal and variable universal life
49,22949,739
Fixed annuities
37,62936,863
EMEA - Variable annuities
2,5522,720
MetLife Holdings:
Annuities10,74711,537
Life and other
11,30311,641
Other16,69717,226
Total$219,543$219,269
Policyholder Account Balance Rollforward Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$7,692$8,028
Deposits1,9591,685
Policy charges(327)(318)
Surrenders and withdrawals(1,767)(1,608)
Benefit payments(6)(6)
Net transfers from (to) separate accounts(3)1
Interest credited9693
Balance, end of period$7,644$7,875
Weighted-average annual crediting rate
2.5 %2.4 %
At period end:
Cash surrender value$7,584$7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$264,497$251,590
The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$64,140$63,723
Deposits37,60838,526
Surrenders and withdrawals(37,540)(39,865)
Interest credited1,180971
Effect of foreign currency translation and other, net(443)748
Balance, end of period$64,945$64,103
Weighted-average annual crediting rate
3.7 %3.1 %
Cash surrender value at period end
$1,850$2,309
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$17,711$15,549
Deposits1,4671,362
Policy charges(63)(96)
Surrenders and withdrawals(189)(83)
Benefit payments(471)(385)
Net transfers from (to) separate accounts2054
Interest credited360307
Other(38)(15)
Balance, end of period$18,797$16,693
Weighted-average annual crediting rate
4.0 %3.8 %
At period end:
Cash surrender value$8,209$7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death
$43,702$43,311
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$49,739$46,417
Deposits3,1463,244
Policy charges(545)(563)
Surrenders and withdrawals(1,736)(1,238)
Benefit payments(234)(287)
Interest credited744683
Effect of foreign currency translation and other, net(1,885)(1,405)
Balance, end of period$49,229$46,851
Weighted-average annual crediting rate
3.1 %3.0 %
At period end:
Cash surrender value$43,078$40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$88,255$92,521
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$36,863$32,454
Deposits3,4124,612
Policy charges(1)(1)
Surrenders and withdrawals(1,645)(1,003)
Benefit payments(1,174)(1,071)
Interest credited509404
Effect of foreign currency translation and other, net(335)(271)
Balance, end of period$37,629$35,124
Weighted-average annual crediting rate
2.8 %2.4 %
At period end:
Cash surrender value$32,555$30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$—$6,224
Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$2,720$2,802
Deposits22
Policy charges(30)(32)
Surrenders and withdrawals(142)(132)
Benefit payments(61)(64)
Interest credited (1)8732
Effect of foreign currency translation and other, net(24)153
Balance, end of period$2,552$2,761
Weighted-average annual crediting rate6.8 %2.4 %
At period end:
Cash surrender value$2,552$2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death
$410$635
At annuitization or exercise of other living benefits
$529$797
__________________
(1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products.
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$11,537$13,286
Deposits86132
Policy charges(7)(8)
Surrenders and withdrawals(903)(1,038)
Benefit payments(211)(224)
Net transfers from (to) separate accounts5847
Interest credited183200
Other415
Balance, end of period$10,747$12,410
Weighted-average annual crediting rate
3.4 %3.2 %
At period end:
Cash surrender value$10,154$11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death
$2,541$3,246
At annuitization or exercise of other living benefits
$707$813
__________________
(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.
Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(Dollars in millions)
Balance, beginning of period$11,641$12,402
Deposits381446
Policy charges(347)(354)
Surrenders and withdrawals(523)(612)
Benefit payments(76)(85)
Net transfers from (to) separate accounts1921
Interest credited211223
Other(3)3
Balance, end of period$11,303$12,044
Weighted-average annual crediting rate
3.7 %3.7 %
At period end:
Cash surrender value$10,863$11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)
$65,885$69,633
__________________
(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 2024 and December 31, 2023, would be reduced by 99%.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$157$819$4,574$5,550
Equal to or greater than 2% but less than 4%
1,21795911,286
Equal to or greater than 4%
697—3934770
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A38
Total$1,914$166$917$4,609$7,644
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$79$910$4,615$5,604
Equal to or greater than 2% but less than 4%
1,252106321,327
Equal to or greater than 4%
74614334824
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A120
Total$1,998$90$1,016$4,651$7,875
The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$—$2,647$2,647
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A62,298
Total$—$—$—$2,647$64,945
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$1$2,595$2,596
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A61,507
Total$—$—$1$2,595$64,103
The RIS segment’s annuity and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$19$2,048$2,067
Equal to or greater than 2% but less than 4%
20135109421766
Equal to or greater than 4%
4,239—39754,641
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A11,323
Total$4,440$35$525$2,474$18,797
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$53$1,472$1,525
Equal to or greater than 2% but less than 4%
22735130448840
Equal to or greater than 4%
4,43911710764,669
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A9,659
Total$4,666$152$290$1,926$16,693
The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$9,431$18$230$1,281$10,960
Equal to or greater than 2% but less than 4%
7,41315,6135,4868,98937,501
Equal to or greater than 4%
242———242
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A526
Total$17,086$15,631$5,716$10,270$49,229
June 30, 2023
Equal to or greater than 0% but less than 2%
$10,211$45$138$239$10,633
Equal to or greater than 2% but less than 4%
20,8592,9195,7835,88435,445
Equal to or greater than 4%
261———261
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A512
Total$31,331$2,964$5,921$6,123$46,851
The Asia segment’s fixed annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCRGreater than
 0% but less
 than 0.50%
above GMCR		Equal to or
greater than
0.50% but less
than 1.50%
 above GMCR		Equal to or
greater than
1.50% above
GMCR		Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$394$487$5,486$30,060$36,427
Equal to or greater than 2% but less than 4%
—5——5
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,197
Total$394$492$5,486$30,060$37,629
June 30, 2023
Equal to or greater than 0% but less than 2%
$343$603$6,795$26,057$33,798
Equal to or greater than 2% but less than 4%
—6——6
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A1,320
Total$343$609$6,795$26,057$35,124
The MetLife Holdings segment’s annuity account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$4$195$446$38$683
Equal to or greater than 2% but less than 4%
1,0496,7604721988,479
Equal to or greater than 4%
75940424—1,187
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A398
Total$1,812$7,359$942$236$10,747
June 30, 2023
Equal to or greater than 0% but less than 2%
$444$158$219$25$846
Equal to or greater than 2% but less than 4%
3,9175,447395729,831
Equal to or greater than 4%
98227719—1,278
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A455
Total$5,343$5,882$633$97$12,410
The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
Range of GMCRAt GMCR
Greater than
0% but less
than 0.50%
above GMCR
Equal to or
greater than
0.50% but less
than 1.50%
above GMCR
Equal to or
greater than
1.50% above
GMCR
Total
Account
Value
(In millions)
June 30, 2024
Equal to or greater than 0% but less than 2%
$—$—$18$54$72
Equal to or greater than 2% but less than 4%
4,2421722705405,224
Equal to or greater than 4%
4,960124407155,506
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A501
Total$9,202$296$695$609$11,303
June 30, 2023
Equal to or greater than 0% but less than 2%
$—$—$21$56$77
Equal to or greater than 2% but less than 4%
4,7351722895585,754
Equal to or greater than 4%
5,158127415125,712
Products with either a fixed rate or no GMCR
N/AN/AN/AN/A501
Total$9,893$299$725$626$12,044
v3.24.2.u1
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Market Risk Benefit
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
AssetLiabilityNetAssetLiabilityNet
(In millions)
Asia - Retirement Assurance$—$177$177$—$203$203
MetLife Holdings - Annuities213 2,366 2,153156 2,878 2,722
Other143 75 (68)130 98 (32)
Total$356$2,618$2,262$286$3,179$2,893
Market Risk Benefit, Activity Information regarding this liability was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period
$203 $226 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$205 $233 
Attributed fees collected2 1 
Benefit payments(6)(7)
Effect of changes in interest rates4 3 
Actual policyholder behavior different from expected behavior(1)— 
Effect of foreign currency translation and other, net(26)(23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk178 207 
Cumulative effect of changes in the instrument-specific credit risk(1)(5)
Balance, end of period$177 $202 
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits$111 $110 
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits58 years58 years
Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period$2,722$3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$2,772$3,360
Attributed fees collected
179193
Benefit payments
(45)(21)
Effect of changes in interest rates
(556)23
Effect of changes in capital markets
(372)(661)
Effect of changes in equity index volatility
26(109)
Actual policyholder behavior different from expected behavior
13257
Effect of foreign currency translation and other, net (1)
5131
Effect of changes in risk margin
(62)(35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk
2,0792,938
Cumulative effect of changes in the instrument-specific credit risk
76(150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk
(2)5
Balance, end of period
$2,153$2,793
At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death
$2,544 $3,254 
At annuitization or exercise of other living benefits
$671 $793 
Weighted-average attained age of contractholders:
In the event of death
71 years70 years
At annuitization or exercise of other living benefits
70 years70 years
__________________
(1)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.
(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.
Information regarding these product liabilities was as follows:
Six Months
Ended
June 30,
20242023
(In millions)
Balance, beginning of period
$(32)$32 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$(50)$24 
Attributed fees collected25 16 
Benefit payments(3)(18)
Effect of changes in interest rates(46)(26)
Effect of changes in capital markets(15)(14)
Effect of changes in equity index volatility(1)(4)
Actual policyholder behavior different from expected behavior4 (22)
Effect of foreign currency translation and other, net (2)17 
Effect of changes in risk margin(1)(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk(89)(28)
Cumulative effect of changes in the instrument-specific credit risk21 12 
Effect of foreign currency translation on the cumulative instrument-specific credit risk— 1 
Balance, end of period(68)(15)
Less: Reinsurance recoverable11 18 
Balance, end of period, net of reinsurance$(79)$(33)
v3.24.2.u1
Separate Account (Tables)
 6 Months Ended
Jun. 30, 2024
Separate Accounts Disclosure [Abstract]  
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
(In millions)
RIS:
Stable Value and Risk Solutions
$38,689 $41,343 
Annuities
11,246 11,659 
Latin America - Pensions38,944 41,320 
MetLife Holdings - Annuities28,843 29,224 
Other21,985 21,088 
Total
$139,707 $144,634 
Separate Account, Liability Rollforward
The balances of and changes in separate account liabilities were as follows:
RIS
Stable Value and
Risk Solutions
RIS
Annuities
Latin America
Pensions		MetLife Holdings
Annuities
(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits1,053 25 3,427 123 
Policy charges(139)(10)(132)(296)
Surrenders and withdrawals(2,945)(401)(2,652)(1,857)
Benefit payments(60)— (812)(259)
Investment performance692 (95)875 1,972 
Net transfers from (to) general account(20)— — (59)
Effect of foreign currency translation and other, net (1)
(1,235)68 (3,082)(5)
Balance, end of period$38,689 $11,246 $38,944 $28,843 
Six Months Ended June 30, 2023
Balance, beginning of period$48,265 $11,694 $39,428 $28,499 
Premiums and deposits1,586 120 4,096 139 
Policy charges(148)(11)(150)(305)
Surrenders and withdrawals(7,542)(360)(2,921)(1,362)
Benefit payments(46)— (879)(242)
Investment performance1,277 448 187 2,933 
Net transfers from (to) general account(57)3 — (47)
Effect of foreign currency translation and other, net
(715)(102)2,452 1 
Balance, end of period$42,620 $11,792 $42,213 $29,616 
Cash surrender value at June 30, 2024 (2)
$34,519 N/A$38,944 $28,706 
Cash surrender value at June 30, 2023 (2)
$37,782 N/A$42,213 $29,471 
__________________
(1)    The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(2)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Fair Value, Separate Account Investment
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
June 30, 2024
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $530 $1,184 $279 $2,889 $— $4,882 
U.S. government and agency— 9,307 — 9,115 — 18 18,440 
Public utilities— 1,078 220 — — 5 1,303 
Municipals— 306 24 — — 13 343 
Corporate bonds:
Materials— 125 — — — 1 126 
Communications— 759 15 — — 3 777 
Consumer— 1,783 36 — — 10 1,829 
Energy— 832 102 — — 3 937 
Financial— 2,512 500 5,268 281 18 8,579 
Industrial and other— 705 53 3,302 — 2 4,062 
Technology— 474 7 — — 3 484 
Foreign— 1,947 — 3,425 8 12 5,392 
Total corporate bonds
— 9,137 713 11,995 289 52 22,186 
Total bonds— 20,358 2,141 21,389 3,178 88 47,154 
Mortgage-backed securities
— 9,381 — — — 40 9,421 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,349 17 — — 11 2,377 
Redeemable preferred stock— 9 — — — — 9 
Total fixed maturity securities— 32,097 2,158 21,389 3,178 139 58,961 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,392 2,610 2,258 779 — 8,039 
Banks, trust and insurance companies— 705 309 386 373 — 1,773 
Public utilities— 64 20 — 128 — 212 
Non-redeemable preferred stock— — 132 — — — 132 
Mutual funds 1,270 9,276 3,036 10,672 127 35,439 59,820 
Total equity securities1,270 12,437 6,107 13,316 1,407 35,439 69,976 
Other invested assets
— 1,504 383 3,621 74 — 5,582 
Total investments
1,270 46,038 8,648 38,326 4,659 35,578 134,519 
Other assets
— 3,995 454 618 118 3 5,188 
Total
$1,270 $50,033 $9,102 $38,944 $4,777 $35,581 $139,707 
December 31, 2023
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $509 $1,190 $1,051 $2,638 $— $5,388 
U.S. government and agency— 9,673 — 9,920 — 18 19,611 
Public utilities— 1,077 308 — — 4 1,389 
Municipals— 380 31 — — 13 424 
Corporate bonds:
Materials— 144 — — — — 144 
Communications— 893 8 — — 3 904 
Consumer— 1,882 39 — — 8 1,929 
Energy— 911 105 — — 2 1,018 
Financial— 2,717 551 6,006 398 15 9,687 
Industrial and other— 764 38 3,598 — 3 4,403 
Technology— 547 — — — 3 550 
Foreign— 1,920 — 3,095 27 13 5,055 
Total corporate bonds
— 9,778 741 12,699 425 47 23,690 
Total bonds— 21,417 2,270 23,670 3,063 82 50,502 
Mortgage-backed securities
— 9,671 — — — 35 9,706 
ABS & CLO
— 2,557 18 — — 11 2,586 
Redeemable preferred stock— 9 — — — — 9 
Total fixed maturity securities— 33,654 2,288 23,670 3,063 128 62,803 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,411 2,661 2,453 677 — 8,202 
Banks, trust and insurance companies— 731 269 392 341 — 1,733 
Public utilities— 67 19 — 72 — 158 
Non-redeemable preferred stock— — 115 — — — 115 
Mutual funds 1,159 8,517 2,929 10,099 109 35,418 58,231 
Total equity securities1,159 11,726 5,993 12,944 1,199 35,418 68,439 
Other invested assets
— 1,620 403 4,212 30 — 6,265 
Total investments
1,159 47,000 8,684 40,826 4,292 35,546 137,507 
Other assets
— 6,093 503 494 35 2 7,127 
Total
$1,159 $53,093 $9,187 $41,320 $4,327 $35,548 $144,634 
v3.24.2.u1
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
Group
Benefits
RIS
Asia (1)
Latin
America (2)
EMEA (2)
MetLife
Holdings (3)
Corporate &
Other
Total
(In millions)
DAC:
Balance at January 1, 2024$258 $397 $10,864 $1,950 $1,618 $3,271 $30 $18,388 
Capitalizations9 107 696 353 243 9 6 1,423 
Amortization(13)(30)(379)(232)(166)(114)(3)(937)
Effect of foreign currency translation and other, net— — (618)(156)(49)— (1)(824)
Balance at June 30, 2024$254 $474 $10,563 $1,915 $1,646 $3,166 $32 $18,050 
Balance at January 1, 2023$265 $267 $10,270 $1,542 $1,480 $3,791 $29 $17,644 
Capitalizations11 95 798 299227 12 5 1,447 
Amortization(13)(22)(336)(197)(161)(130)(5)(864)
Effect of foreign currency translation and other, net— — (428)178 16 — 1 (233)
Balance at June 30, 2023$263 $340 $10,304 $1,822 $1,562 $3,673 $30 $17,994 
VOBA:
Balance at January 1, 2024$— $16 $1,119 $497 $113 $18 $— $1,763 
Amortization— (1)(38)(22)(7)(2)— (70)
Effect of foreign currency translation and other, net— — (136)(36)(3)— — (175)
Balance at June 30, 2024$— $15 $945 $439 $103 $16 $— $1,518 
Balance at January 1, 2023$— $19 $1,290 $545 $127 $28 $— $2,009 
Amortization— (1)(47)(26)(9)(2)— (85)
Effect of foreign currency translation and other, net— — (109)39 2 — — (68)
Balance at June 30, 2023$— $18 $1,134 $558 $120 $26 $— $1,856 
Total DAC and VOBA:
Balance at June 30, 2024
$19,568 
Balance at June 30, 2023
$19,850 
Balance at December 31, 2023$20,151 
__________________
(1)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products.
(2)Includes DAC balances primarily related to universal life and variable universal life products.
(3)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products.
Unearned Revenue
Information regarding the Company’s unearned revenue primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:
Six Months
Ended
June 30, 2024
RIS
AsiaLatin
 America		EMEAMetLife
Holdings 		Total
(In millions)
Balance, beginning of period$31 $2,850 $989 $608 $59 $4,537 
Deferrals1 285 75 49 8 418 
Amortization(3)(107)(60)(34)(2)(206)
Effect of foreign currency translation and other, net— (50)(74)(11)— (135)
Balance, end of period$29 $2,978 $930 $612 $65 $4,614 
Six Months
Ended
June 30, 2023
RIS
AsiaLatin
 America		EMEAMetLife
Holdings		Total
(In millions)
Balance, beginning of period$36 $2,382 $848 $559 $281 $4,106 
Deferrals1 283 70 46 28 428 
Amortization(4)(80)(58)(31)(11)(184)
Effect of foreign currency translation and other, net— (32)108 13 — 89 
Balance, end of period$33 $2,553 $968 $587 $298 $4,439 
v3.24.2.u1
Closed Block (Tables)
 6 Months Ended
Jun. 30, 2024
Closed Block Disclosure [Abstract]  
Closed block liabilities and assets
Information regarding the liabilities and assets designated to the closed block was as follows at:
June 30, 2024December 31, 2023
(In millions)
Closed Block Liabilities
FPBs
$35,492 $36,142 
Other policy-related balances
283 319 
Policyholder dividends payable
172 174 
Policyholder dividend obligation
— — 
Current income tax payable4 — 
Other liabilities
797 668 
Total closed block liabilities
36,748 37,303 
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value
19,247 19,939 
Equity securities, at estimated fair value
11 10 
Mortgage loans
5,938 6,151 
Policy loans
3,876 3,960 
Real estate and real estate joint ventures (“REJV”)
688 668 
Other invested assets
487 496 
Total investments
30,247 31,224 
Cash and cash equivalents
759 717 
Accrued investment income
374 383 
Premiums, reinsurance and other receivables
67 54 
Current income tax recoverable
— 3 
Deferred income tax asset
397 312 
Total assets designated to the closed block
31,844 32,693 
Excess of closed block liabilities over assets designated to the closed block
4,904 4,610 
AOCI:
Unrealized investment gains (losses), net of income tax
(1,204)(820)
Unrealized gains (losses) on derivatives, net of income tax
164 130 
Total amounts included in AOCI
(1,040)(690)
Maximum future earnings to be recognized from closed block assets and liabilities
$3,864 $3,920 
Closed block revenues and expenses
Information regarding the closed block revenues and expenses was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Revenues
Premiums
$216 $226 $434 $461 
Net investment income
342 341 685 679 
Net investment gains (losses)
(13)5 (20)9 
Net derivative gains (losses)
2 5 7 3 
Total revenues
547 577 1,106 1,152 
Expenses
Policyholder benefits and claims
415 445 819 858 
Policyholder dividends
86 89 176 186 
Other expenses
20 22 40 44 
Total expenses
521 556 1,035 1,088 
Revenues, net of expenses before provision for income tax expense (benefit)
26 21 71 64 
Provision for income tax expense (benefit)
5 4 15 13 
Revenues, net of expenses and provision for income tax expense (benefit)
$21 $17 $56 $51 
v3.24.2.u1
Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, prime investor, non-qualified residential mortgage, alternative, reperforming and sub-prime mortgage-backed securities. ABS & CLO includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
June 30, 2024December 31, 2023
Amortized
Cost		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Gross UnrealizedEstimated
Fair
Value
Sector
Allowance
for
Credit Loss
(“ACL”)
GainsLosses
ACL
Gains
Losses
(In millions)
U.S. corporate$87,346 $(37)$1,573 $8,204 $80,678 $85,563 $(68)$1,894 $6,672 $80,717 
Foreign corporate
58,031 (2)1,513 6,123 53,419 59,123 (2)1,750 5,427 55,444 
Foreign government
44,444 (58)1,071 5,403 40,054 48,260 (88)1,754 4,437 45,489 
U.S. government and agency37,991 — 238 4,991 33,238 35,374 — 590 3,712 32,252 
RMBS35,366 (1)305 3,054 32,616 31,479 (1)353 2,735 29,096 
ABS & CLO
18,207 (9)89 512 17,775 17,910 (7)54 663 17,294 
Municipals11,642 — 229 1,401 10,470 11,991 — 408 1,228 11,171 
CMBS10,164 (14)78 742 9,486 10,855 (18)73 961 9,949 
Total fixed maturity securities AFS
$303,191 $(121)$5,096 $30,430 $277,736 $300,555 $(184)$6,876 $25,835 $281,412 
Available-for-sale fixed maturity securities by contractual maturity date
The amortized cost, net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at June 30, 2024:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products
Total Fixed
Maturity
Securities
AFS
(In millions)
Amortized cost, net of ACL$11,450 $48,991 $52,138 $126,778 $63,713 $303,070 
Estimated fair value$11,484 $48,300 $49,969 $108,106 $59,877 $277,736 
Schedule of Unrealized Loss on Investments [Table Text Block]
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
June 30, 2024December 31, 2023
Less than 12 MonthsEqual to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Sector & Credit QualityEstimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$9,292 $745 $43,435 $7,432 $4,722 $420 $45,373 $6,208 
Foreign corporate6,069 226 29,622 5,897 3,210 187 32,355 5,240 
Foreign government5,939 599 17,192 4,795 3,913 246 19,715 4,187 
U.S. government and agency9,778 439 16,053 4,552 7,856 368 13,960 3,344 
RMBS5,169 106 17,954 2,947 3,465 60 17,128 2,675 
ABS & CLO1,501 9 7,125 502 1,662 31 11,438 629 
Municipals1,052 96 5,370 1,305 483 34 5,449 1,194 
CMBS1,301 18 5,867 722 1,034 36 6,671 917 
Total fixed maturity securities AFS
$40,101 $2,238 $142,618 $28,152 $26,345 $1,382 $152,089 $24,394 
Investment grade$37,786 $2,114 $137,638 $27,415 $24,834 $1,287 $146,138 $23,675 
Below investment grade2,315 124 4,980 737 1,511 95 5,951 719 
Total fixed maturity securities AFS
$40,101 $2,238 $142,618 $28,152 $26,345 $1,382 $152,089 $24,394 
Total number of securities in an unrealized loss position5,529 12,516 2,922 13,049 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The rollforward of ACL for fixed maturity securities AFS by sector is as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		RMBSABS & CLOCMBSTotal
(In millions)
Three Months Ended June 30, 2024
Balance, at beginning of period$15 $2 $66 $1 $9 $20 $113 
ACL not previously recorded14 — — — — — 14 
Changes for securities with previously recorded ACL11 — (1)— — — 10 
Securities sold or exchanged(3)— (7)— — (6)(16)
Balance, at end of period$37 $2 $58 $1 $9 $14 $121 
Three Months Ended June 30, 2023
Balance, at beginning of period$63 $2 $117 $— $— $11 $193 
ACL not previously recorded— — — — — — — 
Changes for securities with previously recorded ACL6 — (2)— — — 4 
Securities sold or exchanged— — — — — — — 
Balance, at end of period$69 $2 $115 $— $— $11 $197 

U.S.
 Corporate		Foreign
Corporate		Foreign
Government
RMBS
ABS & CLO
CMBSTotal
(In millions)
Six Months Ended June 30, 2024
Balance, at beginning of period$68 $2 $88 $1 $7 $18 $184 
ACL not previously recorded14 — — — — — 14 
Changes for securities with previously recorded ACL11 — (5)— 2 2 10 
Securities sold or exchanged(56)— (25)— — (6)(87)
Balance, at end of period$37 $2 $58 $1 $9 $14 $121 
Six Months Ended June 30, 2023
Balance, at beginning of period$29 $5 $130 $— $— $19 $183 
ACL not previously recorded36 — — — — — 36 
Changes for securities with previously recorded ACL6 — (15)— — 3 (6)
Securities sold or exchanged(2)(3)— — — (11)(16)
Balance, at end of period$69 $2 $115 $— $— $11 $197 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type:
June 30, 2024December 31, 2023
CostNet Unrealized
Gains (Losses) (1)
Estimated
Fair
Value
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock (2)
$403 $242 $645 $424 $239 $663 
Non-redeemable preferred stock110 (1)109 90 4 94 
Total
$513 $241 $754 $514 $243 $757 
________________
(1)    Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
(2)    Includes common stock, exchange traded funds, certain mutual funds and certain real estate investment trusts.
The following table presents these investments by asset type. Unit-linked investments are primarily equity securities (including mutual funds). FVO securities include fixed maturity and equity securities to support asset and liability management strategies for certain insurance products and investments in certain separate accounts.
June 30, 2024December 31, 2023
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)
Estimated
Fair
Value
Cost or
Amortized
Cost		Net Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Asset Type
(In millions)
Unit-linked investments
$7,176 $1,496 $8,672 $7,770 $1,112 $8,882 
FVO securities
837 597 1,434 972 477 1,449 
Total
$8,013 $2,093 $10,106 $8,742 $1,589 $10,331 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in OCI.
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
 June 30, 2024December 31, 2023
Portfolio SegmentCarrying
Value (1)		% of
Total		Carrying
Value (1)		% of
Total
(Dollars in millions)
Commercial$57,699 64.2 %$60,326 65.2 %
Agricultural19,636 21.9 19,805 21.4 
Residential13,273 14.8 13,096 14.2 
Total amortized cost90,608 100.9 93,227 100.8 
ACL
(806)(0.9)(721)(0.8)
Total mortgage loans$89,802 100.0 %$92,506 100.0 %
__________________
(1)Includes certain mortgage loans originated for third parties of $7.8 billion at amortized cost ($7.6 billion commercial and $253 million agricultural) and the related ACL of $92 million, with the corresponding mortgage loan secured financing liability of $7.8 billion included in other liabilities on the consolidated balance sheet at June 30, 2024. The consolidated balance sheet at December 31, 2023 includes certain mortgage loans originated for third parties of
$8.5 billion at amortized cost ($8.2 billion commercial and $246 million agricultural) and the related ACL of $73 million, with the corresponding mortgage loan secured financing liability of $8.5 billion included in other liabilities. The investment income on the mortgage loans originated for third parties and the interest expense on the related mortgage loan secured financing liability was $91 million and $184 million for the three months and six months ended June 30, 2024, respectively, and were recorded in investment income and investment expenses, both within net investment income.
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
Six Months
Ended
June 30,
20242023
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$367 $172 $182 $721 $218 $119 $190 $527 
Provision (release)155 6 (41)120 148 49 13 210 
Charge-offs, net of recoveries
(28)(7)— (35)— (13)— (13)
Balance, end of period
$494 $171 $141 $806 $366 $155 $203 $724 
Financing Receivable, Modified
These mortgage loan modifications are summarized as follows:
Three Months Ended June 30,
2024
2023
Maturity
Extension
Weighted Average
 Life Increase
Maturity
Extension
Weighted Average
 Life Increase
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
(Dollars in millions)
Commercial$156 Less than one year<1%$158 
One year
<1%
Six Months Ended June 30,
2024
2023
Maturity
Extension
Weighted Average
 Life Increase
Maturity
Extension
Weighted Average
 Life Increase
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
Amortized
Cost
Affected Loans
 (in Years)
% of Book
Value
(Dollars in millions)
Commercial$236 Less than one year<1%$222 Less than one year <1 %
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,481 $2,526 $2,432 $3,216 $1,596 $14,427 $2,251 $27,929 48.4 %
65% to 75%
91 361 4,400 2,497 1,341 6,142 — 14,832 25.7 
76% to 80%
— 15 588 386 293 2,745 — 4,027 7.0 
Greater than 80%
1 43 895 1,118 948 7,906 — 10,911 18.9 
Total
$1,573 $2,945 $8,315 $7,217 $4,178 $31,220 $2,251 $57,699 100.0 %
DSCR:
> 1.20x
$1,436 $2,145 $7,503 $6,696 $3,880 $26,446 $2,251 $50,357 87.3 %
1.00x - 1.20x
35 531 572 488 139 2,751 — 4,516 7.8 
<1.00x
102 269 240 33 159 2,023 — 2,826 4.9 
Total
$1,573 $2,945 $8,315 $7,217 $4,178 $31,220 $2,251 $57,699 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$342 $1,152 $2,783 $2,639 $2,626 $7,263 $1,424 $18,229 92.9 %
65% to 75%
8 51 87 294 147 547 129 1,263 6.4 
76% to 80%
— — — — — — — — — 
Greater than 80%
— — — 14 32 79 19 144 0.7 
Total
$350 $1,203 $2,870 $2,947 $2,805 $7,889 $1,572 $19,636 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at June 30, 2024:
Credit Quality Indicator20242023202220212020PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$241 $944 $2,493 $1,612 $324 $7,252 $— $12,866 96.9 %
Nonperforming (1)
1 22 67 25 13 279 — 407 3.1 
Total
$242 $966 $2,560 $1,637 $337 $7,531 $— $13,273 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure of $140 million at both June 30, 2024 and December 31, 2023.
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 DuePast Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentJune 30, 2024December 31, 2023June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(In millions)
Commercial$660 $75 $38 $3 $741 $427 
Agricultural194 40 15 — 189 206 
Residential407 418 17 16 390 402 
Total$1,261 $533 $70 $19 $1,320 $1,035 
Disclosure Real Estate and Real Estate Joint Ventures Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 June 30, 2024December 31, 2023Three Months
Ended
June 30,		Six Months
Ended
June 30,
 2024202320242023
Income TypeCarrying ValueIncome
(In millions)
Wholly-owned real estate:
Leased real estate$4,242 $4,446 $83 $90 $167 $182 
Other real estate520 507 78 85 125 135 
REJV
8,755 8,379 (81)(38)(202)(154)
Total real estate and REJV
$13,517 $13,332 $80 $137 $90 $163 
Fair Value, Concentration of Risk
Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value, were in fixed income securities of the following foreign governments and their agencies:
June 30, 2024December 31, 2023
(In millions)
Japan$18,786 $22,606 
South Korea$6,038 $6,411 
Mexico$3,375 $3,778 
Securities Lending and Repurchase Agreements
A summary of these transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2024December 31, 2023
Securities (1)Securities (1)
Agreement TypeEstimated
Fair Value
Cash Collateral
Received from
Counterparties (2)
Reinvestment
Portfolio at
Estimated Fair
Value		Estimated
Fair Value
Cash Collateral
Received from
Counterparties (2)
Reinvestment
Portfolio at
Estimated Fair
Value
(In millions)
Securities lending
$10,787 $11,159 $10,953 $10,510 $10,788 $10,553 
Repurchase agreements
$2,984 $2,975 $2,912 $3,029 $2,975 $2,913 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments, and cash equivalents at both June 30, 2024 and December 31, 2023.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
June 30, 2024December 31, 2023
Remaining MaturitiesRemaining Maturities
Security TypeOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		TotalOpen (1)1 Month
or Less
Over 1
Month
to 6
Months
Over 6
Months
to 1 Year		Total
(In millions)
Cash collateral liability by security type:
Securities lending:
U.S. government and agency
$2,280 $3,785 $3,805 $— $9,870 $1,393 $4,106 $3,919 $— $9,418 
Foreign government
— 1,107 — — 1,107 — 483 624 — 1,107 
Agency RMBS— 109 73 — 182 — 88 175 — 263 
Total
$2,280 $5,001 $3,878 $— $11,159 $1,393 $4,677 $4,718 $— $10,788 
Repurchase agreements:
U.S. government and agency
$— $2,975 $— $— $2,975 $— $2,975 $— $— $2,975 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
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, and were as follows at:
June 30, 2024December 31, 2023
(In millions)
Invested assets on deposit (regulatory deposits)
$1,510 $1,596 
Invested assets held in trust (external reinsurance agreements) (1)924 941 
Invested assets pledged as collateral (2)28,093 26,017 
Total invested assets on deposit, held in trust and pledged as collateral
$30,527 $28,554 
__________________
(1)    Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.0 billion at June 30, 2024 and December 31, 2023, respectively.
(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, repurchase agreements and a collateral financing arrangement (see Notes 5, 16 and 17 of the Notes to the Consolidated Financial Statements included in the 2023 Annual Report). For information regarding invested assets pledged in connection with derivative transactions, see Note 11.
Schedule of Variable Interest Entities
The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:
June 30, 2024December 31, 2023
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets and REJV)
$625 $141 $282 $1 
Renewable energy partnership (primarily other invested assets)61 — 64 — 
Total
$686 $141 $346 $1 
Unconsolidated VIEs
The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:
June 30, 2024December 31, 2023
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$57,716 $57,716 $54,182 $54,182 
Other limited partnership interests (“OLPI”)
13,398 18,197 14,034 19,591 
Other investments (REJV and FVO securities)
1,096 1,097 1,039 1,055 
Other invested assets1,079 1,215 1,206 1,275 
Total$73,289 $78,225 $70,461 $76,103 
__________________
(1)The maximum exposure to loss relating to fixed maturity securities AFS and FVO securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to OLPI and REJV is equal to the carrying amounts plus any unrecognized unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2024202320242023
(In millions)
Fixed maturity securities AFS
$3,355 $3,228 $6,643 $6,367 
Equity securities
7 10 14 22 
FVO securities
22 50 107 98 
Mortgage loans
1,187 1,306 2,381 2,347 
Policy loans
110 119 223 238 
Real estate and REJV80 137 90 163 
OLPI325 225 626 250 
Cash, cash equivalents and short-term investments
250 248 541 465 
Operating joint ventures
22 13 44 32 
Other
192 122 343 278 
Subtotal investment income5,550 5,458 11,012 10,260 
Less: Investment expenses
564 681 1,132 1,142 
Subtotal, net
4,986 4,777 9,880 9,118 
Unit-linked investments219 295 761 599 
Net investment income
$5,205 $5,072 $10,641 $9,717 
Net Investment Income Information
Net realized and unrealized gains (losses) recognized in net investment income:
Net realized gains (losses) from sales and disposals (primarily FVO securities and Unit-linked investments)
$66 $41 $134 $79 
Net unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and Unit-linked investments)
139 330 719 652 
Net realized and unrealized gains (losses) recognized in net investment income
$205 $371 $853 $731 
Changes in estimated fair value subsequent to purchase of FVO securities and Unit-linked investments still held at the end of the respective periods and recognized in net investment income
$151 $291 $663 $591 
Equity method investments net investment income (primarily REJV, OLPI, tax credit and renewable energy partnerships and operating joint ventures)
$276 $172 $486 $79 
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Asset Type2024202320242023
(In millions)
Fixed maturity securities AFS
$(246)$(996)$(331)$(1,576)
Equity securities
(19)32 9 80 
Mortgage loans
(9)(41)(95)(205)
Real estate and REJV (excluding changes in estimated fair value)
12 13 47 31 
OLPI (excluding changes in estimated fair value) (1)
(9)3 (59)12 
Other gains (losses)
23 43 29 20 
Subtotal
(248)(946)(400)(1,638)
Change in estimated fair value of OLPI and REJV
3 2 6 (3)
Non-investment portfolio gains (losses)
(176)(95)(402)(82)
Subtotal
(173)(93)(396)(85)
Net investment gains (losses)$(421)$(1,039)$(796)$(1,723)
Transaction Type
Realized gains (losses) on investments sold or disposed (1)
$(195)$(20)$(330)$(566)
Impairment (losses)
— (898)— (905)
Recognized gains (losses):
Change in ACL recognized in earnings
(35)(42)(81)(224)
Unrealized net gains (losses) recognized in earnings(15)16 17 54 
Total recognized gains (losses)(50)(26)(64)(170)
Non-investment portfolio gains (losses)(176)(95)(402)(82)
Net investment gains (losses)$(421)$(1,039)$(796)$(1,723)
Net Investment Gains (Losses) Information
Changes in estimated fair value subsequent to purchase of equity securities
still held at the end of the respective periods and recognized in net investment gains (losses)
$(15)$31 $17 $20 
Other gains (losses) include:
Gains (losses) on disposed investments which were previously in a qualified cash flow hedging relationship
$— $(27)$— $(22)
Foreign currency gains (losses)$(120)$(27)$(165)$14 
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments
Recognized in net investment gains (losses)
$(195)$(20)$(330)$(566)
Recognized in net investment income
66 41 134 79 
Net realized investment gains (losses) from sales and disposals of investments$(129)$21 $(196)$(487)
__________________
(1)    Includes a net loss of $3 million and $46 million during the three months and six months ended June 30, 2024 for private equity investments sold. During the three months ended June 30, 2024, the Company sold a $57 million portfolio of investments to a fund for proceeds of $54 million in cash and receivables secured by the value of the fund. During the six
months ended June 30, 2024, the Company sold $798 million in portfolios of investments to a fund for proceeds of $752 million in cash and receivables secured by the value of the fund. The Company’s investment management business has entered into an agreement to serve as the investment manager of the fund for which it will receive a management fee.
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities is as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
Fixed Maturity Securities AFS2024202320242023
(In millions)
Proceeds$8,106 $8,412 $14,458 $23,456 
Gross investment gains$121 $73 $277 $366 
Gross investment (losses)(358)(213)(670)(1,069)
Realized gains (losses) on sales and disposals(237)(140)(393)(703)
Net credit loss (provision) release (change in ACL recognized in earnings)(9)(7)62 (17)
Impairment (losses)— (849)— (856)
Net credit loss (provision) release and impairment (losses)(9)(856)62 (873)
Net investment gains (losses)$(246)$(996)$(331)$(1,576)
Equity Securities
Realized gains (losses) on sales and disposals$— $15 $(2)$22 
Unrealized net gains (losses) recognized in earnings(19)17 11 58 
Net investment gains (losses)$(19)$32 $9 $80 
v3.24.2.u1
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
June 30, 2024December 31, 2023
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Interest rate swapsInterest rate$4,978 $1,094 $644 $4,550 $1,257 $535 
Foreign currency swapsForeign currency exchange rate1,333 37 12 1,475 55 — 
Foreign currency forwardsForeign currency exchange rate350 — 87 450 — 65 
Subtotal6,661 1,131 743 6,475 1,312 600 
Cash flow hedges:
Interest rate swapsInterest rate4,155 — 353 4,156 1 265 
Interest rate forwardsInterest rate5,590 33 1,008 6,115 51 938 
Foreign currency swapsForeign currency exchange rate45,463 2,633 1,719 43,906 2,457 1,509 
Subtotal55,208 2,666 3,080 54,177 2,509 2,712 
Net investment in a foreign operation hedges:
Foreign currency forwardsForeign currency exchange rate406 51 — 503 — 8 
Currency optionsForeign currency exchange rate3,000 541 — 3,000 394 — 
Subtotal3,406 592 — 3,503 394 8 
Total qualifying hedges65,275 4,389 3,823 64,155 4,215 3,320 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate29,726 1,459 1,276 29,801 1,497 1,102 
Interest rate floorsInterest rate9,228 34 — 15,321 41 — 
Interest rate capsInterest rate27,152 245 — 30,016 373 — 
Interest rate futuresInterest rate1,853 4 3 1,243 1 5 
Interest rate optionsInterest rate42,377 232 153 43,926 385 103 
Interest rate forwardsInterest rate2,816 42 82 2,383 69 36 
Synthetic GICsInterest rate48,982 — — 49,066 — — 
Foreign currency swapsForeign currency exchange rate10,716 1,210 140 11,891 1,200 356 
Foreign currency forwardsForeign currency exchange rate13,657 29 1,398 14,128 310 806 
Currency futuresForeign currency exchange rate292 — — 314 2 — 
Currency optionsForeign currency exchange rate320 35 35 50 — — 
Credit default swaps — purchasedCredit2,812 7 72 2,877 3 79 
Credit default swaps — writtenCredit13,952 247 5 12,468 233 5 
Equity futuresEquity market1,790 10 7 2,163 8 11 
Equity index optionsEquity market14,714 297 250 19,421 399 255 
Equity variance swapsEquity market96 — 3 99 — 2 
Equity total return swapsEquity market2,020 1 100 1,912 1 218 
Longevity swaps (1)
Longevity1,000 — — — — — 
Total non-designated or nonqualifying derivatives223,503 3,852 3,524 237,079 4,522 2,978 
Total$288,778 $8,241 $7,347 $301,234 $8,737 $6,298 
__________________
(1)Longevity swaps are used by the Company to mitigate risk associated with life expectancy and unanticipated changes in mortality rates.
Included in the table above, the Company uses various over-the-counter (“OTC”) and exchange traded derivatives to hedge variable annuity guarantees. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging variable annuity guarantees accounted for as MRBs:
June 30, 2024December 31, 2023
Primary Underlying Risk ExposureGross
Notional
Amount		Estimated Fair ValueGross
Notional
Amount		Estimated Fair Value
AssetsLiabilitiesAssetsLiabilities
(In millions)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate$9,107 $24 $762 $9,096 $13 $663 
Foreign currency exchange rate505 1 20 716 22 2 
Equity market4,533 111 206 5,189 77 373 
$14,145 $136 $988 $15,001 $112 $1,038 
The change in estimated fair values and earned income of derivatives hedging variable annuity guarantees, recorded in net derivative gains (losses), were ($385) million and ($501) million for the six months ended June 30, 2024 and 2023, respectively.
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, net investment in a foreign operation (“NIFO”), nonqualifying hedging relationships and embedded derivatives:
Three Months Ended June 30, 2024
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$(41)$(15)$— N/A
Hedged items— — N/A34 13 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(2)(26)N/A— (7)— N/A
Hedged items2 19 N/A— 7 — N/A
Amount excluded from the assessment of hedge effectiveness— — N/A— — — N/A
Subtotal
— (7)N/A(7)(2)— N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(264)
Amount of gains (losses) reclassified from AOCI into income5 (3)— — — — (2)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A104 
Amount of gains (losses) reclassified from AOCI into income2 (8)— — — — 6 
Foreign currency transaction gains (losses) on hedged items— (2)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income— 1 — — — — (1)
Subtotal
7 (12)— — — — (157)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A184 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A17 
Subtotal
N/A— N/AN/AN/AN/A201 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(218)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(564)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A9 N/AN/AN/AN/A
Credit derivatives — written (1)— N/A(12)N/AN/AN/AN/A
Equity derivatives (1)(11)N/A(108)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A178 N/AN/AN/AN/A
Subtotal
(11)N/A(715)N/AN/AN/AN/A
Earned income on derivatives53 — 180 (2)(44)— — 
Synthetic GICsN/AN/A19 N/AN/AN/AN/A
Embedded derivativesN/AN/A8 — N/AN/AN/A
Total
$49 $(19)$(508)$(9)$(46)$— $44 
Three Months Ended June 30, 2023
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)$— $— N/A$(135)$(35)$— N/A
Hedged items(1)— N/A121 34 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)(5)(51)N/A— 13 — N/A
Hedged items4 39 N/A— (11)— N/A
Amount excluded from the assessment of hedge effectiveness— 10 N/A— — — N/A
Subtotal
(2)(2)N/A(14)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A$(205)
Amount of gains (losses) reclassified from AOCI into income13 55 — — — — (68)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(262)
Amount of gains (losses) reclassified from AOCI into income1 200 — — — — (201)
Foreign currency transaction gains (losses) on hedged items— (176)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCIN/AN/AN/AN/AN/AN/A(1)
Amount of gains (losses) reclassified from AOCI into income— — — — — — — 
Subtotal
14 79 — — — — (737)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A160 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A25 
Subtotal
N/A— N/AN/AN/AN/A185 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)— N/A(434)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)— N/A(800)N/AN/AN/AN/A
Credit derivatives — purchased (1)— N/A(18)N/AN/AN/AN/A
Credit derivatives — written (1)— N/A85 N/AN/AN/AN/A
Equity derivatives (1)(36)N/A(409)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items— N/A319 N/AN/AN/AN/A
Subtotal
(36)N/A(1,257)N/AN/AN/AN/A
Earned income on derivatives32 — 260 3 (34)— — 
Synthetic GICsN/AN/A18 N/AN/AN/AN/A
Embedded derivativesN/AN/A(18)— N/AN/AN/A
Total
$8 $77 $(997)$(11)$(33)$— $(552)
Six Months Ended June 30, 2024
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$— $— N/A$(150)$(58)$— N/A
Hedged items
— — N/A137 55 — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
2 (57)N/A— (31)— N/A
Hedged items
— 42 N/A— 35 — N/A
Amount excluded from the assessment of hedge effectiveness
— 4 N/A— — — N/A
Subtotal
2 (11)N/A(13)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(482)
Amount of gains (losses) reclassified from AOCI into income
13 (1)— — — — (12)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(19)
Amount of gains (losses) reclassified from AOCI into income
3 (376)— — — — 373 
Foreign currency transaction gains (losses) on hedged items
— 349 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A— 
Amount of gains (losses) reclassified from AOCI into income
— 1 — — — — (1)
Subtotal
16 (27)— — — — (141)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A344 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A37 
Subtotal
N/A— N/AN/AN/AN/A381 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(571)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(1,270)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A2 N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A22 N/AN/AN/AN/A
Equity derivatives (1)
(36)N/A(450)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A341 N/AN/AN/AN/A
Subtotal
(36)N/A(1,926)N/AN/AN/AN/A
Earned income on derivatives
83 — 361 (6)(93)— — 
Synthetic GICsN/AN/A38 N/AN/AN/AN/A
Embedded derivativesN/AN/A40 N/AN/AN/AN/A
Total
$65 $(38)$(1,487)$(19)$(92)$— $240 
Six Months Ended June 30, 2023
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
PABs
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$(1)$— N/A$(9)$1 $— N/A
Hedged items
— — N/A(5)(2)— N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
(22)(54)N/A— 13 — N/A
Hedged items
21 42 N/A— (11)— N/A
Amount excluded from the assessment of hedge effectiveness
— — N/A— — — N/A
Subtotal
(2)(12)N/A(14)1 — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$342 
Amount of gains (losses) reclassified from AOCI into income
27 60 — — — — (87)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(422)
Amount of gains (losses) reclassified from AOCI into income
2 311 — — — 1 (314)
Foreign currency transaction gains (losses) on hedged items
— (290)— — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(1)
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
29 81 — — — 1 (482)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/A— N/AN/AN/AN/A206 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A27 
Subtotal
N/A— N/AN/AN/AN/A233 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
— N/A(276)N/AN/AN/AN/A
Foreign currency exchange rate derivatives (1)
— N/A(962)N/AN/AN/AN/A
Credit derivatives — purchased (1)
— N/A(31)N/AN/AN/AN/A
Credit derivatives — written (1)
— N/A88 N/AN/AN/AN/A
Equity derivatives (1)
(42)N/A(921)N/AN/AN/AN/A
Foreign currency transaction gains (losses) on hedged items
— N/A442 N/AN/AN/AN/A
Subtotal
(42)N/A(1,660)N/AN/AN/AN/A
Earned income on derivatives
75 — 572 8 (68)— — 
Synthetic GICsN/AN/A36 N/AN/AN/AN/A
Embedded derivativesN/AN/A(35)N/AN/AN/AN/A
Total
$60 $69 $(1,087)$(6)$(67)$1 $(249)
__________________
(1)Excludes earned income on derivatives.
Fair Value Hedges
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
Balance Sheet Line ItemCarrying Amount
 of the Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
June 30, 2024December 31, 2023June 30, 2024December 31, 2023
(In millions)
Fixed maturity securities AFS$370 $454 $3 $3 
Mortgage loans$223 $359 $(5)$(11)
FPBs
$(2,661)$(2,863)$337 $191 
PABs
$(2,252)$(1,911)$170 $25 
__________________
(1)Includes ($100) million and ($111) million of hedging adjustments on discontinued hedging relationships at June 30, 2024 and December 31, 2023, respectively.
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.
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:
June 30, 2024December 31, 2023
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)
$1 $102 1.5$2 $150 1.6
Credit default swaps referencing indices
82 4,125 2.680 3,830 2.7
Subtotal
83 4,227 2.682 3,980 2.6
Baa
Single name credit default swaps (3)
1 93 1.81 99 2.1
Credit default swaps referencing indices
150 9,431 4.4145 8,188 5.4
Subtotal
151 9,524 4.4146 8,287 5.3
Ba
Single name credit default swaps (3)
— 17 1.6— 17 2.1
Credit default swaps referencing indices
2 25 2.52 25 3.0
Subtotal
2 42 2.12 42 2.6
B
Credit default swaps referencing indices
9 129 4.52 129 5.0
Subtotal
9 129 4.52 129 5.0
Caa
Credit default swaps referencing indices
(3)30 2.0(4)30 2.5
Subtotal
(3)30 2.0(4)30 2.5
Total
$242 $13,952 3.8$228 $12,468 4.5
_________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
June 30, 2024December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$8,203 $7,053 $8,749 $6,014 
OTC-cleared (1)
203 373 158 277 
Exchange-traded
14 10 11 16 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
8,420 7,436 8,918 6,307 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(3,513)(3,513)(3,568)(3,568)
OTC-cleared
(23)(23)(5)(5)
Exchange-traded
(1)(1)(1)(1)
Cash collateral: (3), (4)
OTC-bilateral
(3,272)— (3,448)— 
OTC-cleared
(162)(298)(150)(239)
Exchange-traded
— (2)— (5)
Securities collateral: (5)
OTC-bilateral
(1,380)(3,522)(1,563)(2,427)
OTC-cleared
— (51)— (33)
Exchange-traded
— (7)— (10)
Net amount after application of master netting agreements and collateral
$69 $19 $183 $19 
__________________
(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 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 central 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 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 June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
June 30, 2024December 31, 2023
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$8,203 $7,053 $8,749 $6,014 
OTC-cleared (1)
203 373 158 277 
Exchange-traded
14 10 11 16 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
8,420 7,436 8,918 6,307 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(3,513)(3,513)(3,568)(3,568)
OTC-cleared
(23)(23)(5)(5)
Exchange-traded
(1)(1)(1)(1)
Cash collateral: (3), (4)
OTC-bilateral
(3,272)— (3,448)— 
OTC-cleared
(162)(298)(150)(239)
Exchange-traded
— (2)— (5)
Securities collateral: (5)
OTC-bilateral
(1,380)(3,522)(1,563)(2,427)
OTC-cleared
— (51)— (33)
Exchange-traded
— (7)— (10)
Net amount after application of master netting agreements and collateral
$69 $19 $183 $19 
__________________
(1)At June 30, 2024 and December 31, 2023, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $179 million and $181 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $89 million and $9 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 central 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. For certain collateral agreements, cash collateral is pledged to the Company as initial margin on its OTC-bilateral derivatives.
(4)The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2024 and December 31, 2023, the Company received excess cash collateral of $150 million and $163 million, respectively, and provided excess cash collateral of $80 million and $98 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 June 30, 2024, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2024 and December 31, 2023, the Company received excess securities collateral with an estimated fair value of $499 million and $298 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2024 and December 31, 2023, the Company provided excess securities collateral with an estimated fair value of $1.2 billion and $1.5 billion, respectively, for its OTC-bilateral derivatives, $808 million and $945 million, respectively, for its OTC-cleared derivatives, and $169 million and $137 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
Estimated Fair Value of OTC-bilateral derivatives after considering effect of netting agreements
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2024December 31, 2023
Derivatives
Subject to
Credit-
Contingent
Provisions
Derivatives
Not Subject
to Credit-
Contingent
Provisions
TotalDerivatives
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)$3,501 $39 $3,540 $2,443 $4 $2,447 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$3,942 $56 $3,998 $3,011 $6 $3,017 
__________________
(1)After taking into consideration the existence of netting agreements.
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationJune 30, 2024December 31, 2023
(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance
Other liabilities$(113)$(70)
Fixed annuities with equity indexed returns
PABs
168 163 
Total
$55 $93 
Embedded Derivatives
The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that were in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged.
June 30, 2024December 31, 2023
Derivatives
Subject to
Credit-
Contingent
Provisions
Derivatives
Not Subject
to Credit-
Contingent
Provisions
TotalDerivatives
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)$3,501 $39 $3,540 $2,443 $4 $2,447 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$3,942 $56 $3,998 $3,011 $6 $3,017 
__________________
(1)After taking into consideration the existence of netting agreements.
The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:
Balance Sheet LocationJune 30, 2024December 31, 2023
(In millions)
Embedded derivatives within liability host contracts:
Funds withheld and guarantees on reinsurance
Other liabilities$(113)$(70)
Fixed annuities with equity indexed returns
PABs
168 163 
Total
$55 $93 
v3.24.2.u1
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
June 30, 2024
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $66,333 $14,345 $80,678 
Foreign corporate— 38,524 14,895 53,419 
Foreign government— 40,014 40 40,054 
U.S. government and agency
16,700 16,538 — 33,238 
RMBS
— 30,428 2,188 32,616 
ABS & CLO— 15,172 2,603 17,775 
Municipals
— 10,469 1 10,470 
CMBS
— 8,410 1,076 9,486 
Total fixed maturity securities AFS
16,700 225,888 35,148 277,736 
Equity securities
415 77 262 754 
Unit-linked and FVO securities (1)
7,397 1,613 1,096 10,106 
Short-term investments (2)2,389 1,130 10 3,529 
Other investments
42 515 1,073 1,630 
Derivative assets: (3)
Interest rate
4 3,139 — 3,143 
Foreign currency exchange rate
— 4,523 13 4,536 
Credit
— 254 — 254 
Equity market
10 291 7 308 
Total derivative assets
14 8,207 20 8,241 
MRBs
— — 356 356 
Reinsured MRBs (4)
— — 11 11 
Separate account assets (5)64,100 74,485 1,122 139,707 
Total assets (6)$91,057 $311,915 $39,098 $442,070 
Liabilities
Derivative liabilities: (3)
Interest rate
$3 $3,434 $82 $3,519 
Foreign currency exchange rate
— 3,378 13 3,391 
Credit
— 77 — 77 
Equity market
7 353 — 360 
Total derivative liabilities
10 7,242 95 7,347 
Embedded derivatives within liability host contracts (7)— — 55 55 
MRBs
— — 2,618 2,618 
Separate account liabilities (5)— 3 — 3 
Total liabilities
$10 $7,245 $2,768 $10,023 
December 31, 2023
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $67,003 $13,714 $80,717 
Foreign corporate— 40,813 14,631 55,444 
Foreign government— 45,438 51 45,489 
U.S. government and agency
15,327 16,925 — 32,252 
RMBS
3 27,495 1,598 29,096 
ABS & CLO— 15,191 2,103 17,294 
Municipals
— 11,171 — 11,171 
CMBS
— 9,099 850 9,949 
Total fixed maturity securities AFS
15,330 233,135 32,947 281,412 
Equity securities
429 79 249 757 
Unit-linked and FVO securities (1)
7,520 1,708 1,103 10,331 
Short-term investments (2)5,103 667 27 5,797 
Other investments
48 363 975 1,386 
Derivative assets: (3)
Interest rate
1 3,674 — 3,675 
Foreign currency exchange rate
2 4,393 23 4,418 
Credit
— 228 8 236 
Equity market
8 393 7 408 
Total derivative assets
11 8,688 38 8,737 
MRBs
— — 286 286 
Reinsured MRBs (4)
— — 18 18 
Separate account assets (5)66,229 77,258 1,147 144,634 
Total assets (6)$94,670 $321,898 $36,790 $453,358 
Liabilities
Derivative liabilities: (3)
Interest rate$5 $2,805 $174 $2,984 
Foreign currency exchange rate— 2,737 7 2,744 
Credit— 84 — 84 
Equity market11 475 — 486 
Total derivative liabilities16 6,101 181 6,298 
Embedded derivatives within liability host contracts (7)— — 93 93 
MRBs
— — 3,179 3,179 
Separate account liabilities (5)4 4 — 8 
Total liabilities
$20 $6,105 $3,453 $9,578 
__________________
(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both June 30, 2024 and December 31, 2023.
(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.
(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.
(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.
(5)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.
(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $52 million at both June 30, 2024 and December 31, 2023.
(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.
Fair Value Inputs, Quantitative Information
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
June 30, 2024December 31, 2023Impact of
Increase in Input
on Estimated
Fair Value (2)
Valuation
Techniques		Significant
Unobservable Inputs		RangeWeighted
Average (1)		RangeWeighted
Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate•Matrix pricing•Offered quotes (4)52-125914-13193Increase
•Market pricing•Quoted prices (4)27-11193—-11092Increase
•Consensus pricing•Offered quotes (4)90-1009686-10296Increase
RMBS•Market pricing•Quoted prices (4)—-11695—-11293Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)3-103963-10193Increase (5)
Derivatives
Interest rate•Present value techniques•Swap yield (6)428-452437367-399385
Increase (7)
Foreign currency exchange rate•Present value techniques•Swap yield (6)185-237227185-399193
Increase (7)
Credit
•Consensus pricing•
Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates:
Ages 0 - 400%-0.15%0.05%0%-0.15%0.05%
 (9)
Ages 41 - 600.04%-0.75%0.22%0.04%-0.75%0.22%
(9)
Ages 61 - 1150%-100%1.23%0%-100%1.23%
(9)
•Lapse rates:
Durations 1 - 100.39%-20.10%8.72%0.39%-20.10%8.72%
Decrease (10)
Durations 11 - 200.39%-15%4.34%0.39%-15%4.34%
Decrease (10)
Durations 21 - 1160.10%-15%4.59%0.10%-15%4.59%
Decrease (10)
•Utilization rates0.20%-22%0.44%0.20%-22%0.44%
Increase (11)
•Withdrawal rates0%-20%4.47%0%-20%4.47%(12)
•Long-term equity volatilities16.34%-21.85%18.55%8.05%-21.85%18.55%
Increase (13)
•Nonperformance risk spread0.11%-1.46%0.73%0.38%-1.59%0.73%
Decrease (14)
__________________
(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; 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)At June 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.
(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.
(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(12)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 MRBs. 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.
(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products		Municipals
Equity
Securities
Unit-linked
and FVO
Securities
(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period
$28,503 $45 $5,277 $— $253 $1,093 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(46)— 12 — (11)36 
Total realized/unrealized gains (losses) included in AOCI
(294)(4)(5)— — — 
Purchases (3)
1,940 — 1,343 2 27 112 
Sales (3)
(794)(1)(168)(1)(7)(139)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
72 — 86 — — — 
Transfers out of Level 3 (4)(141)— (678)— — (6)
Balance, end of period
$29,240 $40 $5,867 $1 $262 $1,096 
Three Months Ended June 30, 2023
Balance, beginning of period
$25,676 $46 $4,553 $— $258 $1,011 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(8)(1)2 — (1)50 
Total realized/unrealized gains (losses) included in AOCI
(369)3 (43)— — — 
Purchases (3)
1,122 5 272 7 — 190 
Sales (3)
(527)(4)(112)— (7)(193)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
210 11 71 — — — 
Transfers out of Level 3 (4)
(136)— (189)— — (1)
Balance, end of period
$25,968 $60 $4,554 $7 $250 $1,057 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$(9)$— $11 $— $(10)$36 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$(8)$(1)$4 $— $1 $50 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$(314)$(4)$(7)$— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$(379)$3 $(45)$— $— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Three Months Ended June 30, 2024
Balance, beginning of period
$14 $1,171 $(139)$(62)$1,142 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— — 17 8 (8)
Total realized/unrealized gains (losses) included in AOCI
— — (15)— — 
Purchases (3)
6 42 — — 44 
Sales (3)
(10)(140)— — (56)
Issuances (3)
— — — — — 
Settlements (3)
— — 67 (1)— 
Transfers into Level 3 (4)
— — — — — 
Transfers out of Level 3 (4)— — (5)— — 
Balance, end of period
$10 $1,073 $(75)$(55)$1,122 
Three Months Ended June 30, 2023
Balance, beginning of period
$58 $928 $53 $(44)$1,202 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 23 32 (18)(17)
Total realized/unrealized gains (losses) included in AOCI
(1)— (41)— — 
Purchases (3)
5 13 — — 72 
Sales (3)
(44)— — — (21)
Issuances (3)
— — — — — 
Settlements (3)
— — (3)(2)— 
Transfers into Level 3 (4)
— — — — 12 
Transfers out of Level 3 (4)
— — (255)— — 
Balance, end of period
$18 $964 $(214)$(64)$1,248 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$— $(5)$17 $8 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$— $23 $13 $(17)$— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$— $— $(9)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$(1)$— $(48)$— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products
Municipals
Equity
Securities		Unit-linked
and FVO
Securities
(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period
$28,345 $51 $4,551 $— $249 $1,103 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(52)2 15 — (8)67 
Total realized/unrealized gains (losses) included in AOCI
(678)(5)40 — — — 
Purchases (3)
3,078 — 1,582 2 31 114 
Sales (3)
(1,406)(3)(340)(1)(10)(165)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
109 — 165 — — — 
Transfers out of Level 3 (4)(156)(5)(146)— — (23)
Balance, end of period
$29,240 $40 $5,867 $1 $262 $1,096 
Six Months Ended June 30, 2023
Balance, beginning of period
$24,401 $103 $4,269 $— $259 $787 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(17)(1)(7)— 6 95 
Total realized/unrealized gains (losses) included in AOCI
343 2 (24)— — — 
Purchases (3)
2,408 13 413 7 2 205 
Sales (3)
(1,064)(12)(239)— (17)(26)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
391 10 212 — — 1 
Transfers out of Level 3 (4)(494)(55)(70)— — (5)
Balance, end of period
$25,968 $60 $4,554 $7 $250 $1,057 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$(3)$2 $15 $— $(3)$67 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$(20)$(1)$3 $— $(3)$94 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$(686)$(5)$35 $— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$321 $2 $(26)$— $— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Six Months Ended June 30, 2024
Balance, beginning of period
$27 $975 $(143)$(93)$1,147 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 12 (16)40 (37)
Total realized/unrealized gains (losses) included in AOCI
(1)— (40)— — 
Purchases (3)
10 47 — — 83 
Sales (3)
(26)(140)— — (67)
Issuances (3)
— — 135 — — 
Settlements (3)
— — — (2)— 
Transfers into Level 3 (4)
— 179 — — 3 
Transfers out of Level 3 (4)— — (11)— (7)
Balance, end of period
$10 $1,073 $(75)$(55)$1,122 
Six Months Ended June 30, 2023
Balance, beginning of period
$57 $926 $(170)$(17)$1,210 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— 25 38 (35)(39)
Total realized/unrealized gains (losses) included in AOCI
— — 46 — — 
Purchases (3)
17 13 — — 170 
Sales (3)
(47)— — — (110)
Issuances (3)
— — (1)— — 
Settlements (3)
— — 33 (12)1 
Transfers into Level 3 (4)— — — — 16 
Transfers out of Level 3 (4)(9)— (160)— — 
Balance, end of period
$18 $964 $(214)$(64)$1,248 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2024 (5)
$— $8 $(14)$40 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at June 30, 2023 (5)
$— $26 $31 $(35)$— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2024 (5)
$— $— $(21)$— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at June 30, 2023 (5)
$(1)$— $7 $— $— 
__________________
(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.
Nonrecurring Fair Value Measurements
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).
June 30, 2024December 31, 2023
(In millions)
Carrying value after measurement:
Mortgage loans (1)
$970 $474 
Other invested assets (2)
$63 $63 
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Realized gains (losses) net:
Mortgage loans (1)$(105)$(54)$(154)$(141)
__________________
(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.
(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
June 30, 2024
Fair Value Hierarchy 
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$89,802 $— $— $84,495 $84,495 
Policy loans
$8,691 $— $— $9,273 $9,273 
Other invested assets
$1,259 $— $715 $544 $1,259 
Premiums, reinsurance and other receivables
$5,446 $— $1,290 $4,057 $5,347 
Other assets
$241 $— $77 $165 $242 
Liabilities
PABs
$139,397 $— $— $133,722 $133,722 
Long-term debt
$14,790 $— $14,236 $— $14,236 
Collateral financing arrangement
$555 $— $— $483 $483 
Junior subordinated debt securities
$3,163 $— $3,550 $— $3,550 
Other liabilities
$10,783 $— $1,537 $8,832 $10,369 
Separate account liabilities
$71,446 $— $71,446 $— $71,446 

December 31, 2023
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$92,506 $— $— $87,753 $87,753 
Policy loans$8,788 $— $— $9,516 $9,516 
Other invested assets$919 $— $714 $205 $919 
Premiums, reinsurance and other receivables
$5,182 $— $791 $4,400 $5,191 
Other assets$268 $— $82 $184 $266 
Liabilities
PABs
$138,233 $— $— $134,025 $134,025 
Long-term debt$15,516 $— $15,621 $— $15,621 
Collateral financing arrangement$637 $— $— $551 $551 
Junior subordinated debt securities$3,161 $— $3,552 $— $3,552 
Other liabilities$10,556 $— $609 $9,651 $10,260 
Separate account liabilities$75,705 $— $75,705 $— $75,705 
v3.24.2.u1
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows at both June 30, 2024 and December 31, 2023:
SeriesShares
Authorized		Shares Issued and
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A27,600,000 24,000,000 
5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D500,000 500,000 
5.625% Non-Cumulative Preferred Stock, Series E32,200 32,200 
4.75% Non-Cumulative Preferred Stock, Series F40,000 40,000 
3.85% Fixed Rate Reset Non-Cumulative Preferred Stock, Series G1,000,000 1,000,000 
Series A Junior Participating Preferred Stock10,000,000 — 
Not designated160,827,800 — 
Total200,000,000 25,572,200 
Dividends Declared
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
SeriesPer ShareAggregatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.430 $10 $0.375 $9 $0.850 $20 $0.736 $18 
D$— — $— — $29.375 15 $29.375 15 
E$351.563 12 $351.563 11 $703.126 23 $703.126 22 
F$296.875 12 $296.875 12 $593.750 24 $593.750 24 
G$— — $— — $19.250 19 $19.250 19 
Total$34 $32 $101 $98 
Class of Treasury Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Announcement DateAuthorization Amount
Authorization Remaining at
June 30, 2024 (1)
(In millions)
May 1, 2024$3,000 $3,000 
May 25, 2023$1,000 $75 
May 3, 2023$3,000 $— 
May 4, 2022$3,000 $— 
__________________
(1)The Inflation Reduction Act, signed into law on August 16, 2022, imposes a one percent excise tax, net of any allowable offsets, on certain corporate stock buybacks made after December 31, 2022. The authorization remaining at June 30, 2024 does not reflect the applicable excise tax payable.
Components of Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
Three Months
Ended
June 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,813)$202 $4,773 $(47)$(6,465)$(1,421)$(19,771)
OCI before reclassifications(3,373)(160)2,373 (33)(268)(2)(1,463)
Deferred income tax benefit (expense)810 128 (540)7 (52)1 354 
AOCI before reclassifications, net of income tax(19,376)170 6,606 (73)(6,785)(1,422)(20,880)
Amounts reclassified from AOCI248 3 — — — 32 283 
Deferred income tax benefit (expense)(59)(74)— — — (6)(139)
Amounts reclassified from AOCI, net of income tax189 (71)— — — 26 144 
Balance, end of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
Three Months
Ended
June 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(16,354)$1,748 $2,748 $186 $(6,119)$(1,356)$(19,147)
OCI before reclassifications(3,173)(468)1,471 (99)(102)(1)(2,372)
Deferred income tax benefit (expense)739 114 (300)21 (61)— 513 
AOCI before reclassifications, net of income tax(18,788)1,394 3,919 108 (6,282)(1,357)(21,006)
Amounts reclassified from AOCI1,040 (269)— — — 30 801 
Deferred income tax benefit (expense)(231)54 — — — (4)(181)
Amounts reclassified from AOCI, net of income tax809 (215)— — — 26 620 
Balance, end of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
Six Months
Ended
June 30, 2024
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(14,506)$183 $2,658 $27 $(6,158)$(1,446)$(19,242)
OCI before reclassifications(6,492)(501)5,084 (127)(485)(4)(2,525)
Deferred income tax benefit (expense)1,509 204 (1,136)27 (142)1 463 
AOCI before reclassifications, net of income tax(19,489)(114)6,606 (73)(6,785)(1,449)(21,304)
Amounts reclassified from AOCI393 360 — — — 64 817 
Deferred income tax benefit (expense)(91)(147)— — — (11)(249)
Amounts reclassified from AOCI, net of income tax 302 213 — — — 53 568 
Balance, end of period$(19,187)$99 $6,606 $(73)$(6,785)$(1,396)$(20,736)
Six Months
Ended
June 30, 2023
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Deferred
Gains (Losses)
on Derivatives
FPBs Discount
Rate
Remeasurement
Gains (Losses)
MRBs
Instrument
Specific Credit
Risk
Remeasurement
Gains (Losses)
Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period$(22,646)$1,557 $6,115 $107 $(6,377)$(1,377)$(22,621)
OCI before reclassifications4,410 (81)(2,898)1 180 (5)1,607 
Deferred income tax benefit (expense)(989)17 702 — (85)1 (354)
AOCI before reclassifications, net of income tax(19,225)1,493 3,919 108 (6,282)(1,381)(21,368)
Amounts reclassified from AOCI1,606 (401)— — — 60 1,265 
Deferred income tax benefit (expense)(360)87 — — — (10)(283)
Amounts reclassified from AOCI, net of income tax1,246 (314)— — — 50 982 
Balance, end of period$(17,979)$1,179 $3,919 $108 $(6,282)$(1,331)$(20,386)
__________________
(1)Primarily unrealized gains (losses) on fixed maturity securities.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of
Operations and
Comprehensive Income (Loss)
Locations
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)
$(250)$(1,079)$(409)$(1,690)Net investment gains (losses)
Net unrealized investment gains (losses)
1 3 — 5 Net investment income
Net unrealized investment gains (losses)
1 36 16 79 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(248)(1,040)(393)(1,606)
Income tax (expense) benefit
59 231 91 360 
Net unrealized investment gains (losses), net of income tax
(189)(809)(302)(1,246)
Deferred gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
5 13 13 27 Net investment income
Interest rate derivatives
(3)55 (1)60 Net investment gains (losses)
Foreign currency exchange rate derivatives
2 1 3 2 Net investment income
Foreign currency exchange rate derivatives
(8)200 (376)311 Net investment gains (losses)
Foreign currency exchange rate derivatives— — — 1 Other expenses
Credit derivatives1 — 1 — Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(3)269 (360)401 
Income tax (expense) benefit
74 (54)147 (87)
Gains (losses) on cash flow hedges, net of income tax
71 215 (213)314 
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(34)(32)(69)(65)
Amortization of prior service (costs) credit
2 2 5 5 
Amortization of defined benefit plan items, before income tax
(32)(30)(64)(60)
Income tax (expense) benefit
6 4 11 10 
Amortization of defined benefit plan items, net of income tax
(26)(26)(53)(50)
Total reclassifications, net of income tax
$(144)$(620)$(568)$(982)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 16.
v3.24.2.u1
Other Revenues and Other Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Disaggregation of Revenue
Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Vision fee for service arrangements$130 $143 $276 $302 
Prepaid legal plans145 130 293 261 
Fee-based investment management98 103 196 203 
Administrative services-only contracts 69 64 136 128 
Recordkeeping and administrative services (1)37 38 75 75 
Other revenue from service contracts from customers79 68 159 139 
Total revenues from service contracts from customers558 546 1,135 1,108 
Other80 75 177 152 
Total other revenues$638 $621 $1,312 $1,260 
__________________
(1)Related to products and businesses no longer actively marketed by the Company.
Other Expenses
Information on other expenses was as follows:
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions)
Employee-related costs (1)$900 $896 $1,850 $1,829 
Third-party staffing costs
362 360 711 704 
General and administrative expenses153 187 301 330 
Pension, postretirement and postemployment benefit costs65 59 130 118 
Premium taxes, other taxes, and licenses & fees171 184 347 345 
Commissions and other variable expenses1,462 1,447 2,965 2,864 
Capitalization of DAC(683)(729)(1,423)(1,447)
Amortization of DAC and VOBA499 479 1,007 949 
Amortization of negative VOBA(6)(6)(12)(13)
Interest expense on debt257 256 521 511 
Total other expenses$3,180 $3,133 $6,397 $6,190 
__________________
(1)Includes ($27) million and ($77) million for the three months and six months ended June 30, 2024, respectively, and ($34) million and ($72) million for the three months and six months ended June 30, 2023, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
v3.24.2.u1
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Net periodic benefit costs
The components of net periodic benefit costs, reported in other expenses, were as follows:
Three Months
Ended
June 30,
20242023
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$41 $1 $37 $— 
Interest costs
114 10 117 10 
Expected return on plan assets
(115)(14)(121)(15)
Amortization of net actuarial (gains) losses
41 (6)39 (7)
Amortization of prior service costs (credit)
(3)— (3)— 
Net periodic benefit costs (credit)
$78 $(9)$69 $(12)
Six Months
Ended
June 30,
20242023
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs$81 $2 $75 $1 
Interest costs228 20 235 21 
Expected return on plan assets(230)(28)(241)(28)
Amortization of net actuarial (gains) losses83 (14)78 (15)
Amortization of prior service costs (credit)(6)— (6)— 
Net periodic benefit costs (credit)$156 $(20)$141 $(21)
v3.24.2.u1
Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2024
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:    
Three Months
Ended
June 30,		Six Months
Ended
June 30,
2024202320242023
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
710.5 765.9 716.8 770.6 
Incremental common shares from assumed exercise or issuance of stock-based awards
4.2 3.7 4.7 4.8 
Weighted average common stock outstanding - diluted
714.7 769.6 721.5 775.4 
Net Income (Loss):
Net income (loss)
$953 $408 $1,828 $493 
Less: Net income (loss) attributable to noncontrolling interests
7 6 15 11 
Less: Preferred stock dividends
34 32 101 98 
Net income (loss) available to MetLife, Inc.’s common shareholders
$912 $370 $1,712 $384 
Basic
$1.28 $0.48 $2.39 $0.50 
Diluted
$1.28 $0.48 $2.37 $0.50 
v3.24.2.u1
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Segment
Jan. 01, 2024
USD ($)
Dec. 31, 2023
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Number of segments | Segment 6    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Retained earnings, decrease $ (40,873)   $ (40,146)
Cumulative Effect, Period of Adoption, Adjustment | Pro Forma | Accounting Standards Update 2023-02      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Retained earnings, decrease   $ 219  
v3.24.2.u1
Segment Information (Earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Premiums $ 11,628 $ 11,678 $ 21,681 $ 21,267
Universal life and investment-type product policy fees 1,281 1,288 2,529 2,577
Net investment income 5,205 5,072 10,641 9,717
Other revenues 638 621 1,312 1,260
Net investment gains (losses) (421) (1,039) (796) (1,723)
Net derivative gains (losses) (508) (997) (1,487) (1,087)
Total revenues 17,823 16,623 33,880 32,011
Expenses        
Policyholder benefits and claims and policyholder dividends 11,633 11,960 21,854 21,991
Policyholder liability remeasurement (gains) losses (10) (16) (32) (25)
Market risk benefit remeasurement (gains) losses (182) (817) (876) (629)
Interest credited to policyholder account balances 2,000 1,933 4,290 3,797
Capitalization of DAC (683) (729) (1,423) (1,447)
Amortization of DAC and VOBA 499 479 1,007 949
Amortization of negative VOBA (6) (6) (12) (13)
Interest expense on debt 257 256 521 511
Other expenses 3,113 3,133 6,304 6,190
Total expenses 16,621 16,193 31,633 31,324
Provision for income tax expense (benefit) 249 22 419 194
Net income (loss) 953 408 1,828 493
Operating Segments        
Revenues        
Premiums 11,628 11,678 21,681 21,267
Universal life and investment-type product policy fees 1,281 1,288 2,529 2,577
Net investment income 5,160 5,040 10,228 9,646
Other revenues 614 628 1,261 1,270
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 18,683 18,634 35,699 34,760
Expenses        
Policyholder benefits and claims and policyholder dividends 11,560 11,930 21,834 21,891
Policyholder liability remeasurement (gains) losses (10) (16) (32) (25)
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 1,781 1,642 3,508 3,184
Capitalization of DAC (683) (729) (1,423) (1,447)
Amortization of DAC and VOBA 499 479 1,007 949
Amortization of negative VOBA (6) (6) (12) (13)
Interest expense on debt 257 256 521 511
Other expenses 3,104 3,113 6,284 6,143
Total expenses 16,502 16,669 31,687 31,193
Provision for income tax expense (benefit) 519 441 949 793
Adjusted earnings 1,662 1,524 3,063 2,774
Segment Reconciling Items        
Revenues        
Premiums 0 0 0 0
Universal life and investment-type product policy fees 0 0 0 0
Net investment income 45 32 413 71
Other revenues 24 (7) 51 (10)
Net investment gains (losses) (421) (1,039) (796) (1,723)
Net derivative gains (losses) (508) (997) (1,487) (1,087)
Total revenues (860) (2,011) (1,819) (2,749)
Expenses        
Policyholder benefits and claims and policyholder dividends 73 30 20 100
Policyholder liability remeasurement (gains) losses 0 0 0 0
Market risk benefit remeasurement (gains) losses (182) (817) (876) (629)
Interest credited to policyholder account balances 219 291 782 613
Capitalization of DAC 0 0 0 0
Amortization of DAC and VOBA 0 0 0 0
Amortization of negative VOBA 0 0 0 0
Interest expense on debt 0 0 0 0
Other expenses 9 20 20 47
Total expenses 119 (476) (54) 131
Provision for income tax expense (benefit) (270) (419) (530) (599)
Group Benefits        
Expenses        
Capitalization of DAC     (9) (11)
Group Benefits | Operating Segments        
Revenues        
Premiums 5,599 5,427 11,310 10,878
Universal life and investment-type product policy fees 229 223 451 441
Net investment income 313 327 628 637
Other revenues 382 363 779 743
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 6,523 6,340 13,168 12,699
Expenses        
Policyholder benefits and claims and policyholder dividends 4,780 4,866 10,016 9,860
Policyholder liability remeasurement (gains) losses 2 2 (1) (2)
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 48 48 96 94
Capitalization of DAC (5) (5) (9) (11)
Amortization of DAC and VOBA 7 7 13 13
Amortization of negative VOBA 0 0 0 0
Interest expense on debt 1 1 1 1
Other expenses 1,016 950 2,019 1,882
Total expenses 5,849 5,869 12,135 11,837
Provision for income tax expense (benefit) 141 99 216 183
Adjusted earnings 533 372 817 679
RIS        
Expenses        
Capitalization of DAC     (107) (95)
RIS | Operating Segments        
Revenues        
Premiums 2,448 2,681 3,123 3,182
Universal life and investment-type product policy fees 73 71 148 150
Net investment income 2,117 1,948 4,206 3,762
Other revenues 61 71 124 139
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 4,699 4,771 7,601 7,233
Expenses        
Policyholder benefits and claims and policyholder dividends 3,248 3,441 4,719 4,666
Policyholder liability remeasurement (gains) losses (23) (11) (22) (40)
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 838 702 1,634 1,348
Capitalization of DAC (46) (50) (107) (95)
Amortization of DAC and VOBA 16 12 31 23
Amortization of negative VOBA 0 0 0 0
Interest expense on debt 3 4 7 7
Other expenses 145 146 317 292
Total expenses 4,181 4,244 6,579 6,201
Provision for income tax expense (benefit) 108 110 213 215
Adjusted earnings 410 417 809 817
Asia        
Expenses        
Capitalization of DAC     (696) (798)
Asia | Operating Segments        
Revenues        
Premiums 1,216 1,310 2,513 2,687
Universal life and investment-type product policy fees 434 396 860 793
Net investment income 1,167 1,050 2,275 1,931
Other revenues 18 21 39 41
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 2,835 2,777 5,687 5,452
Expenses        
Policyholder benefits and claims and policyholder dividends 988 1,057 2,055 2,187
Policyholder liability remeasurement (gains) losses (4) (27) (36) (16)
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 657 570 1,304 1,106
Capitalization of DAC (335) (397) (696) (798)
Amortization of DAC and VOBA 207 190 417 383
Amortization of negative VOBA (5) (5) (10) (11)
Interest expense on debt 0 0 0 0
Other expenses 702 778 1,446 1,585
Total expenses 2,210 2,166 4,480 4,436
Provision for income tax expense (benefit) 176 180 335 305
Adjusted earnings 449 431 872 711
Latin America        
Expenses        
Capitalization of DAC     (353) (299)
Latin America | Operating Segments        
Revenues        
Premiums 1,122 1,023 2,237 2,048
Universal life and investment-type product policy fees 373 352 743 687
Net investment income 398 418 784 797
Other revenues 11 10 22 22
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 1,904 1,803 3,786 3,554
Expenses        
Policyholder benefits and claims and policyholder dividends 1,018 976 2,001 1,942
Policyholder liability remeasurement (gains) losses (3) 3 (11) (1)
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 115 105 229 204
Capitalization of DAC (175) (148) (353) (299)
Amortization of DAC and VOBA 129 117 254 223
Amortization of negative VOBA 0 0 0 0
Interest expense on debt 4 4 7 6
Other expenses 505 465 1,017 895
Total expenses 1,593 1,522 3,144 2,970
Provision for income tax expense (benefit) 85 62 183 150
Adjusted earnings 226 219 459 434
EMEA        
Expenses        
Capitalization of DAC     (243) (227)
EMEA | Operating Segments        
Revenues        
Premiums 536 499 1,072 995
Universal life and investment-type product policy fees 77 75 154 152
Net investment income 54 47 108 92
Other revenues 8 8 15 16
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 675 629 1,349 1,255
Expenses        
Policyholder benefits and claims and policyholder dividends 265 237 523 498
Policyholder liability remeasurement (gains) losses 1 2 1 (1)
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 17 19 36 35
Capitalization of DAC (115) (119) (243) (227)
Amortization of DAC and VOBA 82 85 173 170
Amortization of negative VOBA (1) (1) (2) (2)
Interest expense on debt 0 0 0 0
Other expenses 328 314 660 614
Total expenses 577 537 1,148 1,087
Provision for income tax expense (benefit) 21 22 47 38
Adjusted earnings 77 70 154 130
MetLife Holdings        
Expenses        
Capitalization of DAC     (9) (12)
MetLife Holdings | Operating Segments        
Revenues        
Premiums 692 719 1,405 1,442
Universal life and investment-type product policy fees 94 170 172 353
Net investment income 1,016 1,170 2,026 2,297
Other revenues 37 49 87 102
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 1,839 2,108 3,690 4,194
Expenses        
Policyholder benefits and claims and policyholder dividends 1,252 1,341 2,503 2,710
Policyholder liability remeasurement (gains) losses 17 15 37 35
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 106 198 209 397
Capitalization of DAC (4) (6) (9) (12)
Amortization of DAC and VOBA 57 64 116 132
Amortization of negative VOBA 0 0 0 0
Interest expense on debt 3 3 7 6
Other expenses 220 231 443 469
Total expenses 1,651 1,846 3,306 3,737
Provision for income tax expense (benefit) 35 51 72 88
Adjusted earnings 153 211 312 369
Corporate & Other        
Expenses        
Capitalization of DAC     (6) (5)
Corporate & Other | Operating Segments        
Revenues        
Premiums 15 19 21 35
Universal life and investment-type product policy fees 1 1 1 1
Net investment income 95 80 201 130
Other revenues 97 106 195 207
Net investment gains (losses) 0 0 0 0
Net derivative gains (losses) 0 0 0 0
Total revenues 208 206 418 373
Expenses        
Policyholder benefits and claims and policyholder dividends 9 12 17 28
Policyholder liability remeasurement (gains) losses 0 0 0 0
Market risk benefit remeasurement (gains) losses 0 0 0 0
Interest credited to policyholder account balances 0 0 0 0
Capitalization of DAC (3) (4) (6) (5)
Amortization of DAC and VOBA 1 4 3 5
Amortization of negative VOBA 0 0 0 0
Interest expense on debt 246 244 499 491
Other expenses 188 229 382 406
Total expenses 441 485 895 925
Provision for income tax expense (benefit) (47) (83) (117) (186)
Adjusted earnings $ (186) $ (196) $ (360) $ (366)
v3.24.2.u1
Segment Information (Total Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total assets $ 675,745 $ 687,584
Group Benefits    
Segment Reporting Information [Line Items]    
Total assets 35,966 36,715
RIS    
Segment Reporting Information [Line Items]    
Total assets 222,719 218,587
Asia    
Segment Reporting Information [Line Items]    
Total assets 151,700 157,206
Latin America    
Segment Reporting Information [Line Items]    
Total assets 66,527 69,177
EMEA    
Segment Reporting Information [Line Items]    
Total assets 18,846 18,596
MetLife Holdings    
Segment Reporting Information [Line Items]    
Total assets 144,045 148,524
Corporate & Other    
Segment Reporting Information [Line Items]    
Total assets $ 35,942 $ 38,779
v3.24.2.u1
Segment Information (Narrative) (Details)
 6 Months Ended
Jun. 30, 2024
Segment
Segment Reporting [Abstract]  
Number of segments 6
v3.24.2.u1
Future Policy Benefits - FPB on Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Net liability for FPBs $ 190,993 $ 196,406  
Fixed & Immediate Annuities | RIS      
Net liability for FPBs 64,338 64,324 $ 60,281
Whole and Term Life & Endowments | Asia      
Net liability for FPBs 11,260 12,874 12,499
Accident & health insurance | Asia      
Net liability for FPBs 9,189 10,712 10,662
Fixed Annuity | Latin America      
Net liability for FPBs 9,020 9,637 10,192
Long-term Care | MetLife Holdings      
Net liability for FPBs 14,455 15,240 $ 14,498
Fixed & Immediate Annuities for Deferred Profit Liabilities | RIS      
Net liability for FPBs 3,735 3,697  
Whole and Term Life & Endowments for Deferred Profit Liabilities | Asia      
Net liability for FPBs 690 654  
Accident and Health Insurance Product Line for Deferred Profit Liabilities | Asia      
Net liability for FPBs 788 830  
Fixed Annuity for Deferred Profit Liabilities | Latin America      
Net liability for FPBs 522 562  
Variable Life | Asia      
Net liability for FPBs 1,074 1,258  
Universal and Variable Universal Life | Asia      
Net liability for FPBs 354 424  
Universal and Variable Universal Life | MetLife Holdings      
Net liability for FPBs 2,434 2,362  
Participating Life Insurance Contract | MetLife Holdings      
Net liability for FPBs 48,911 49,543  
Long-Duration Insurance, Other      
Net liability for FPBs 10,544 11,099  
Short-Duration Insurance, Other      
Net liability for FPBs $ 13,679 $ 13,190  
v3.24.2.u1
Future Policy Benefits - Disaggregate Rollforwards (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Net liability for FPBs $ 190,993   $ 196,406
Fixed & Immediate Annuities | RIS      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period, at current discount rate at balance sheet date 0 $ 0  
Balance, beginning of period, at original discount rate 0 0  
Effect of actual variances from expected experience (1) (25) (29)  
Adjusted balance (25) (29)  
Issuances 4,206 2,558  
Net premiums collected (4,181) (2,529)  
Ending balance at original discount rate 0 0  
Balance, end of period, at current discount rate at balance sheet date 0 0  
Balance, beginning of period, at current discount rate at balance sheet date 64,515 58,695  
Balance, beginning of period, at original discount rate 64,737 61,426  
Effect of actual variances from expected experience (1) (93) (167)  
Adjusted balance 64,644 61,259  
Issuances 4,328 2,561  
Interest accrual 1,526 1,411  
Benefit payments (2,976) (2,726)  
Ending balance at original discount rate 67,522 62,505  
Effect of changes in discount rate assumptions (2,847) (2,020)  
Balance, end of period, at current discount rate at balance sheet date 64,675 60,485  
Cumulative amount of fair value hedging adjustments (337) (204)  
Net liability for FPBs 64,338 60,281 64,324
Less: Reinsurance recoverables 1,933 0  
Net liability for FPBs, net of reinsurance 62,405 60,281  
Undiscounted - Expected future benefit payments 123,752 115,364  
Discounted - Expected future benefit payments $ 64,675 $ 60,485 64,515
Weighted-average duration of the liability 9 years 9 years  
Weighted-average interest accretion (original locked-in) rate 4.70% 4.70%  
Weighted-average current discount rate at balance sheet date 5.60% 5.30%  
Deferred Profit Liability Offset to Actual Versus Expected $ 49 $ 98  
Whole and Term Life & Endowments | Asia      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period, at current discount rate at balance sheet date 4,561 4,682  
Balance, beginning of period, at original discount rate 4,793 4,943  
Effect of actual variances from expected experience (1) (33) (26)  
Adjusted balance 4,760 4,917  
Issuances 269 328  
Interest accrual 34 27  
Net premiums collected (304) (300)  
Effect of foreign currency translation (507) (384)  
Ending balance at original discount rate 4,252 4,588  
Effect of changes in discount rate assumptions (277) (196)  
Effect of foreign currency translation on the effect of changes in discount rate assumptions 30 15  
Balance, end of period, at current discount rate at balance sheet date 4,005 4,407  
Balance, beginning of period, at current discount rate at balance sheet date 17,435 17,463  
Balance, beginning of period, at original discount rate 17,198 18,209  
Effect of actual variances from expected experience (1) (33) 1  
Adjusted balance 17,165 18,210  
Issuances 269 328  
Interest accrual 183 185  
Benefit payments (484) (624)  
Effect of foreign currency translation (1,813) (1,360)  
Ending balance at original discount rate 15,320 16,739  
Effect of changes in discount rate assumptions (131) 154  
Effect of foreign currency translation on the effect of changes in discount rate assumptions 76 11  
Balance, end of period, at current discount rate at balance sheet date 15,265 16,904  
Cumulative impact of flooring the future policyholder benefits reserve 0 2  
Net liability for FPBs 11,260 12,499 12,874
Less: Reinsurance recoverables (1) (2)  
Net liability for FPBs, net of reinsurance 11,261 12,501  
Undiscounted - Expected future gross premiums 8,363 8,786  
Undiscounted - Expected future benefit payments 25,574 26,771  
Discounted - Expected future gross premiums 7,140 7,691  
Discounted - Expected future benefit payments $ 15,265 $ 16,904 17,435
Weighted-average duration of the liability 17 years 17 years  
Weighted-average interest accretion (original locked-in) rate 2.60% 2.50%  
Weighted-average current discount rate at balance sheet date 2.80% 2.50%  
Accident & health insurance | Asia      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period, at current discount rate at balance sheet date $ 19,835 $ 21,181  
Balance, beginning of period, at original discount rate 21,232 22,594  
Effect of actual variances from expected experience (1) 292 (33)  
Adjusted balance 21,524 22,561  
Issuances 551 536  
Interest accrual 110 120  
Net premiums collected (928) (1,055)  
Effect of foreign currency translation (2,496) (1,849)  
Ending balance at original discount rate 18,761 20,313  
Effect of changes in discount rate assumptions (1,720) (1,006)  
Effect of foreign currency translation on the effect of changes in discount rate assumptions 187 83  
Balance, end of period, at current discount rate at balance sheet date 17,228 19,390  
Balance, beginning of period, at current discount rate at balance sheet date 30,480 30,879  
Balance, beginning of period, at original discount rate 36,010 37,189  
Effect of actual variances from expected experience (1) 331 (53)  
Adjusted balance 36,341 37,136  
Issuances 551 536  
Interest accrual 232 246  
Benefit payments (614) (653)  
Effect of foreign currency translation (4,161) (3,017)  
Ending balance at original discount rate 32,349 34,248  
Effect of changes in discount rate assumptions (6,761) (4,664)  
Effect of foreign currency translation on the effect of changes in discount rate assumptions 750 385  
Balance, end of period, at current discount rate at balance sheet date 26,338 29,969  
Cumulative impact of flooring the future policyholder benefits reserve 79 83  
Net liability for FPBs 9,189 10,662 10,712
Less: Reinsurance recoverables 143 149  
Net liability for FPBs, net of reinsurance 9,046 10,513  
Undiscounted - Expected future gross premiums 36,531 39,362  
Undiscounted - Expected future benefit payments 42,531 44,435  
Discounted - Expected future gross premiums 29,420 33,399  
Discounted - Expected future benefit payments $ 26,338 $ 29,969 30,480
Weighted-average duration of the liability 23 years 26 years  
Weighted-average interest accretion (original locked-in) rate 1.70% 1.80%  
Weighted-average current discount rate at balance sheet date 2.80% 2.30%  
Deferred Profit Liability Offset to Actual Versus Expected $ (6)    
Fixed Annuity | Latin America      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period, at current discount rate at balance sheet date 0 $ 0  
Balance, beginning of period, at original discount rate 0 0  
Effect of actual variances from expected experience (1) 0 0  
Adjusted balance 0 0  
Issuances 494 525  
Interest accrual 5 5  
Net premiums collected (499) (530)  
Ending balance at original discount rate 0 0  
Balance, end of period, at current discount rate at balance sheet date 0 0  
Balance, beginning of period, at current discount rate at balance sheet date 9,637 9,265  
Balance, beginning of period, at original discount rate 9,249 8,240  
Effect of actual variances from expected experience (1) (9) (9)  
Adjusted balance 9,240 8,231  
Issuances 509 577  
Interest accrual 167 173  
Benefit payments (339) (336)  
Inflation adjustment 184 243  
Effect of foreign currency translation (691) 538  
Ending balance at original discount rate 9,070 9,426  
Effect of changes in discount rate assumptions (28) 706  
Effect of foreign currency translation on the effect of changes in discount rate assumptions (22) 60  
Balance, end of period, at current discount rate at balance sheet date 9,020 10,192  
Net liability for FPBs 9,020 10,192 9,637
Undiscounted - Expected future benefit payments 13,648 14,343  
Discounted - Expected future benefit payments $ 9,020 $ 10,192 9,637
Weighted-average duration of the liability 10 years 11 years  
Weighted-average interest accretion (original locked-in) rate 3.60% 3.90%  
Weighted-average current discount rate at balance sheet date 3.70% 2.90%  
Deferred Profit Liability Offset to Actual Versus Expected   $ 3  
Long-term Care | MetLife Holdings      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period, at current discount rate at balance sheet date $ 5,687 5,775  
Balance, beginning of period, at original discount rate 5,566 5,807  
Effect of actual variances from expected experience (1) 13 83  
Adjusted balance 5,579 5,890  
Interest accrual 141 149  
Net premiums collected (286) (293)  
Ending balance at original discount rate 5,434 5,746  
Effect of changes in discount rate assumptions (80) 3  
Balance, end of period, at current discount rate at balance sheet date 5,354 5,749  
Balance, beginning of period, at current discount rate at balance sheet date 20,927 19,619  
Balance, beginning of period, at original discount rate 20,494 20,165  
Effect of actual variances from expected experience (1) 31 99  
Adjusted balance 20,525 20,264  
Interest accrual 540 534  
Benefit payments (421) (382)  
Ending balance at original discount rate 20,644 20,416  
Effect of changes in discount rate assumptions (835) (169)  
Balance, end of period, at current discount rate at balance sheet date 19,809 20,247  
Net liability for FPBs 14,455 14,498 15,240
Undiscounted - Expected future gross premiums 10,280 10,893  
Undiscounted - Expected future benefit payments 44,653 45,653  
Discounted - Expected future gross premiums 6,715 7,089  
Discounted - Expected future benefit payments $ 19,809 $ 20,247 $ 20,927
Weighted-average duration of the liability 14 years 15 years  
Weighted-average interest accretion (original locked-in) rate 5.40% 5.40%  
Weighted-average current discount rate at balance sheet date 5.80% 5.50%  
v3.24.2.u1
Future Policy Benefits - FPB - Additional Insurance Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Variable Life | Asia    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period $ 1,258 $ 1,381
Less: AOCI adjustment 0 0
Balance, beginning of period, before AOCI adjustment 1,258 1,381
Effect of actual variances from expected experience (14) (8)
Adjusted balance 1,244 1,373
Assessments accrual (2) (2)
Interest accrual 9 10
Excess benefits paid (23) (19)
Effect of foreign currency translation and other, net (154) (119)
Balance, end of period, before AOCI adjustment 1,074 1,243
Add: AOCI adjustment 0 0
Balance, end of period $ 1,074 $ 1,243
Weighted-average duration of the liability 16 years 17 years
Weighted-average interest accretion rate 1.50% 1.50%
Universal and Variable Universal Life | Asia    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period $ 424 $ 455
Less: AOCI adjustment (14) (33)
Balance, beginning of period, before AOCI adjustment 438 488
Effect of actual variances from expected experience (32) (22)
Adjusted balance 406 466
Assessments accrual 0 0
Interest accrual 3 3
Excess benefits paid 0 0
Effect of foreign currency translation and other, net (53) (41)
Balance, end of period, before AOCI adjustment 356 428
Add: AOCI adjustment (2) (18)
Balance, end of period $ 354 $ 410
Weighted-average duration of the liability 43 years 43 years
Weighted-average interest accretion rate 1.50% 1.50%
Universal and Variable Universal Life | MetLife Holdings    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period $ 2,362 $ 2,156
Less: AOCI adjustment (14) (63)
Balance, beginning of period, before AOCI adjustment 2,376 2,219
Effect of actual variances from expected experience 28 (6)
Adjusted balance 2,404 2,213
Assessments accrual 51 55
Interest accrual 65 61
Excess benefits paid (70) (63)
Balance, end of period, before AOCI adjustment 2,450 2,266
Add: AOCI adjustment (16) 2
Balance, end of period 2,434 2,268
Less: Reinsurance recoverables 2,117 744
Balance, end of period, net of reinsurance $ 317 $ 1,524
Weighted-average duration of the liability 15 years 16 years
Weighted-average interest accretion rate 5.50% 5.60%
v3.24.2.u1
Future Policy Benefits - FPB Income Statement (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) $ 9,710 $ 8,196
Interest Expense (2) 2,798 2,664
Fixed & Immediate Annuities | RIS    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 4,246 2,592
Interest Expense (2) 1,526 1,411
Whole and Term Life & Endowments | Asia    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 564 555
Interest Expense (2) 149 158
Accident & health insurance | Asia    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 1,551 1,762
Interest Expense (2) 122 126
Fixed Annuity | Latin America    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 499 529
Interest Expense (2) 162 168
Long-term Care | MetLife Holdings    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 362 366
Interest Expense (2) 399 385
Fixed & Immediate Annuities for Deferred Profit Liabilities | RIS    
Principal Transaction Revenue [Line Items]    
Interest Expense (2) 88 81
Whole and Term Life & Endowments for Deferred Profit Liabilities | Asia    
Principal Transaction Revenue [Line Items]    
Interest Expense (2) 17 14
Accident and Health Insurance Product Line for Deferred Profit Liabilities | Asia    
Principal Transaction Revenue [Line Items]    
Interest Expense (2) 9 9
Fixed Annuity for Deferred Profit Liabilities | Latin America    
Principal Transaction Revenue [Line Items]    
Interest Expense (2) 10 11
Variable Life | Asia    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 55 11
Interest Expense (2) 9 10
Universal and Variable Universal Life | Asia    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) (33) (14)
Interest Expense (2) 3 3
Universal and Variable Universal Life | MetLife Holdings    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 334 380
Interest Expense (2) 65 61
Long-Duration Insurance, Other    
Principal Transaction Revenue [Line Items]    
Gross Premiums or Assessments (1) 2,132 2,015
Interest Expense (2) $ 239 $ 227
v3.24.2.u1
Future Policy Benefits (Rollforward of Unpaid Claims) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Balance, beginning of period $ 16,468 $ 16,098
Less: Reinsurance recoverables 2,592 2,452
Net balance, beginning of period 13,876 13,646
Incurred related to:    
Current period 13,420 13,580
Prior periods (1) 99 306
Total incurred 13,519 13,886
Paid related to:    
Current period (8,723) (8,546)
Prior periods (4,921) (4,959)
Total paid (13,644) (13,505)
Net balance, end of period 13,751 14,027
Add: Reinsurance recoverables 2,762 2,590
Balance, end of period (included in FPBs and other policy-related balances) $ 16,513 $ 16,617
v3.24.2.u1
Future Policy Benefits - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Insurance [Abstract]  
Liability for Future Policy Benefit, Adverse Development, Expense, Loss At Issue $ 126
v3.24.2.u1
Policyholder Account Balances - Amounts on Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Policyholder Account Balance [Line Items]        
Policyholder account balance $ 219,543 $ 219,269    
Other Products        
Policyholder Account Balance [Line Items]        
Policyholder account balance 16,697 17,226    
Group Life - Term | Group Benefits        
Policyholder Account Balance [Line Items]        
Policyholder account balance 7,644 7,692 $ 7,875 $ 8,028
Capital Markets Investment Products and Stable Value GICs | RIS        
Policyholder Account Balance [Line Items]        
Policyholder account balance 64,945 64,140 64,103 63,723
Annuities and Risk Solutions | RIS        
Policyholder Account Balance [Line Items]        
Policyholder account balance 18,797 17,711 16,693 15,549
Universal and Variable Universal Life | Asia        
Policyholder Account Balance [Line Items]        
Policyholder account balance 49,229 49,739 46,851 46,417
Fixed Annuity | Asia        
Policyholder Account Balance [Line Items]        
Policyholder account balance 37,629 36,863 35,124 32,454
Fixed Annuity | MetLife Holdings        
Policyholder Account Balance [Line Items]        
Policyholder account balance 10,747 11,537 12,410 13,286
Variable Annuity | EMEA        
Policyholder Account Balance [Line Items]        
Policyholder account balance 2,552 2,720 2,761 2,802
Life and Other | MetLife Holdings        
Policyholder Account Balance [Line Items]        
Policyholder account balance $ 11,303 $ 11,641 $ 12,044 $ 12,402
v3.24.2.u1
Policyholder Account Balances - LDTI Rollforward (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period $ 219,269    
Balance, end of period 219,543    
Group Life - Term | Group Benefits      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 7,692 $ 8,028  
Deposits 1,959 1,685  
Policy charges (327) (318)  
Surrenders and withdrawals (1,767) (1,608)  
Benefit payments (6) (6)  
Net transfers from (to) separate accounts (3) 1  
Interest credited 96 93  
Balance, end of period $ 7,644 $ 7,875  
Weighted-average annual crediting rate 2.50% 2.40%  
Cash surrender value $ 7,584 $ 7,813  
Group Life - Term | In the event of death | Group Benefits      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 264,497 251,590  
Capital Markets Investment Products and Stable Value GICs | RIS      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 64,140 63,723  
Deposits 37,608 38,526  
Surrenders and withdrawals (37,540) (39,865)  
Interest credited 1,180 971  
Effect of foreign currency translation and other, net (443) 748  
Balance, end of period $ 64,945 $ 64,103  
Weighted-average annual crediting rate 3.70% 3.10%  
Cash surrender value $ 1,850 $ 2,309  
Annuities and Risk Solutions | RIS      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 17,711 15,549  
Deposits 1,467 1,362  
Policy charges (63) (96)  
Surrenders and withdrawals (189) (83)  
Benefit payments (471) (385)  
Net transfers from (to) separate accounts 20 54  
Interest credited 360 307  
Other (38) (15)  
Balance, end of period $ 18,797 $ 16,693  
Weighted-average annual crediting rate 4.00% 3.80%  
Cash surrender value $ 8,209 $ 7,683  
Annuities and Risk Solutions | In the event of death | RIS      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 43,702 43,311  
Universal and Variable Universal Life | Asia      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 49,739 46,417  
Deposits 3,146 3,244  
Policy charges (545) (563)  
Surrenders and withdrawals (1,736) (1,238)  
Benefit payments (234) (287)  
Interest credited 744 683  
Effect of foreign currency translation and other, net (1,885) (1,405)  
Balance, end of period $ 49,229 $ 46,851  
Weighted-average annual crediting rate 3.10% 3.00%  
Cash surrender value $ 43,078 $ 40,257  
Universal and Variable Universal Life | In the event of death | Asia      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 88,255 92,521  
Fixed Annuity | Asia      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 36,863 32,454  
Deposits 3,412 4,612  
Policy charges (1) (1)  
Surrenders and withdrawals (1,645) (1,003)  
Benefit payments (1,174) (1,071)  
Interest credited 509 404  
Effect of foreign currency translation and other, net (335) (271)  
Balance, end of period $ 37,629 $ 35,124  
Weighted-average annual crediting rate 2.80% 2.40%  
Cash surrender value $ 32,555 $ 30,244  
Fixed Annuity | MetLife Holdings      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 11,537 13,286  
Deposits 86 132  
Policy charges (7) (8)  
Surrenders and withdrawals (903) (1,038)  
Benefit payments (211) (224)  
Net transfers from (to) separate accounts 58 47  
Interest credited 183 200  
Other 4 15  
Balance, end of period $ 10,747 $ 12,410  
Weighted-average annual crediting rate 3.40% 3.20%  
Cash surrender value $ 10,154 $ 11,629  
Fixed Annuity | In the event of death | Asia      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 0 6,224  
Fixed Annuity | In the event of death | MetLife Holdings      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 2,541 3,246  
Fixed Annuity | At annuitization or exercise of other living benefits | MetLife Holdings      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 707 813  
Variable Annuity | EMEA      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 2,720 2,802  
Deposits 2 2  
Policy charges (30) (32)  
Surrenders and withdrawals (142) (132)  
Benefit payments (61) (64)  
Interest credited 87 32  
Effect of foreign currency translation and other, net (24) 153  
Balance, end of period $ 2,552 $ 2,761  
Weighted-average annual crediting rate 6.80% 2.40%  
Cash surrender value $ 2,552 $ 2,761  
Variable Annuity | In the event of death | EMEA      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 410 635  
Variable Annuity | At annuitization or exercise of other living benefits | EMEA      
Policyholder Account Balance [Roll Forward]      
Net amount at risk 529 797  
Life and Other | MetLife Holdings      
Policyholder Account Balance [Roll Forward]      
Balance, beginning of period 11,641 12,402  
Deposits 381 446  
Policy charges (347) (354)  
Surrenders and withdrawals (523) (612)  
Benefit payments (76) (85)  
Net transfers from (to) separate accounts 19 21  
Interest credited 211 223  
Other (3) 3  
Balance, end of period $ 11,303 $ 12,044  
Weighted-average annual crediting rate 3.70% 3.70%  
Cash surrender value $ 10,863 $ 11,556  
Net amount at risk percentage after taking reinsurance into consideration 99.00%   99.00%
Life and Other | In the event of death | MetLife Holdings      
Policyholder Account Balance [Roll Forward]      
Net amount at risk $ 65,885 $ 69,633  
v3.24.2.u1
Policyholder Account Balances - Range of Guaranteed Minimum Crediting Rate (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 219,543 $ 219,269    
Group Life - Term | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 7,644 7,692 $ 7,875 $ 8,028
Group Life - Term | Equal to or greater than 0% but less than 2% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 5,550   $ 5,604  
Group Life - Term | Equal to or greater than 0% but less than 2% | Group Benefits | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Group Life - Term | Equal to or greater than 0% but less than 2% | Group Benefits | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Group Life - Term | Equal to or greater than 2% but less than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 1,286   $ 1,327  
Group Life - Term | Equal to or greater than 2% but less than 4% | Group Benefits | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Group Life - Term | Equal to or greater than 2% but less than 4% | Group Benefits | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Group Life - Term | Equal to or greater than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 770   $ 824  
Group Life - Term | Equal to or greater than 4% | Group Benefits | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Group Life - Term | Products with either a fixed rate or no GMCR | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 38   $ 120  
Group Life - Term | At GMCR | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 1,914   1,998  
Group Life - Term | At GMCR | Equal to or greater than 0% but less than 2% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Group Life - Term | At GMCR | Equal to or greater than 2% but less than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 1,217   1,252  
Group Life - Term | At GMCR | Equal to or greater than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 697   746  
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 166   90  
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 157   79  
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 9   10  
Group Life - Term | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   1  
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 917   1,016  
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 819   910  
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 59   63  
Group Life - Term | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 39   43  
Group Life - Term | Equal to or greater than 1.50% above GMCR | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4,609   4,651  
Group Life - Term | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4,574   4,615  
Group Life - Term | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 1   2  
Group Life - Term | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Group Benefits        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 34   34  
Capital Markets Investment Products and Stable Value GICs | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 64,945 64,140 64,103 63,723
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 2,647   $ 2,596  
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | RIS | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0% but less than 2% | RIS | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Capital Markets Investment Products and Stable Value GICs | Products with either a fixed rate or no GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 62,298   $ 61,507  
Capital Markets Investment Products and Stable Value GICs | At GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Capital Markets Investment Products and Stable Value GICs | At GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Capital Markets Investment Products and Stable Value GICs | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   1  
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   1  
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 2,647   2,595  
Capital Markets Investment Products and Stable Value GICs | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 2,647   2,595  
Annuities and Risk Solutions | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 18,797 17,711 16,693 15,549
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 2,067   $ 1,525  
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | RIS | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Annuities and Risk Solutions | Equal to or greater than 0% but less than 2% | RIS | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 766   $ 840  
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | RIS | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Annuities and Risk Solutions | Equal to or greater than 2% but less than 4% | RIS | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Annuities and Risk Solutions | Equal to or greater than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 4,641   $ 4,669  
Annuities and Risk Solutions | Equal to or greater than 4% | RIS | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Annuities and Risk Solutions | Products with either a fixed rate or no GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 11,323   $ 9,659  
Annuities and Risk Solutions | At GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4,440   4,666  
Annuities and Risk Solutions | At GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Annuities and Risk Solutions | At GMCR | Equal to or greater than 2% but less than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 201   227  
Annuities and Risk Solutions | At GMCR | Equal to or greater than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4,239   4,439  
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 35   152  
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 35   35  
Annuities and Risk Solutions | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   117  
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 525   290  
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 19   53  
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 109   130  
Annuities and Risk Solutions | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 397   107  
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 2,474   1,926  
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 2,048   1,472  
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 421   448  
Annuities and Risk Solutions | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | RIS        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 5   6  
Universal and Variable Universal Life | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 49,229 49,739 46,851 46,417
Universal and Variable Universal Life | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 10,960   $ 10,633  
Universal and Variable Universal Life | Equal to or greater than 0% but less than 2% | Asia | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Universal and Variable Universal Life | Equal to or greater than 0% but less than 2% | Asia | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Universal and Variable Universal Life | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 37,501   $ 35,445  
Universal and Variable Universal Life | Equal to or greater than 2% but less than 4% | Asia | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Universal and Variable Universal Life | Equal to or greater than 2% but less than 4% | Asia | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Universal and Variable Universal Life | Equal to or greater than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 242   $ 261  
Universal and Variable Universal Life | Equal to or greater than 4% | Asia | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Universal and Variable Universal Life | Products with either a fixed rate or no GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 526   $ 512  
Universal and Variable Universal Life | At GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 17,086   31,331  
Universal and Variable Universal Life | At GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 9,431   10,211  
Universal and Variable Universal Life | At GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 7,413   20,859  
Universal and Variable Universal Life | At GMCR | Equal to or greater than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 242   261  
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 15,631   2,964  
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 18   45  
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 15,613   2,919  
Universal and Variable Universal Life | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 5,716   5,921  
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 230   138  
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 5,486   5,783  
Universal and Variable Universal Life | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 10,270   6,123  
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 1,281   239  
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 8,989   5,884  
Universal and Variable Universal Life | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Fixed Annuity | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 37,629 36,863 35,124 32,454
Fixed Annuity | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 10,747 11,537 12,410 13,286
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 36,427   $ 33,798  
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Fixed Annuity | Equal to or greater than 0% but less than 2% | Asia | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 683   $ 846  
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Fixed Annuity | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 5   $ 6  
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Fixed Annuity | Equal to or greater than 2% but less than 4% | Asia | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 8,479   $ 9,831  
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Fixed Annuity | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 1,187   $ 1,278  
Fixed Annuity | Equal to or greater than 4% | MetLife Holdings | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Fixed Annuity | Products with either a fixed rate or no GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 1,197   $ 1,320  
Fixed Annuity | Products with either a fixed rate or no GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 398   455  
Fixed Annuity | At GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 394   343  
Fixed Annuity | At GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 1,812   5,343  
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 394   343  
Fixed Annuity | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4   444  
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Fixed Annuity | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 1,049   3,917  
Fixed Annuity | At GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 759   982  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 492   609  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 7,359   5,882  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 487   603  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 195   158  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 5   6  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 6,760   5,447  
Fixed Annuity | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 404   277  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 5,486   6,795  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 942   633  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 5,486   6,795  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 446   219  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 472   395  
Fixed Annuity | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 24   19  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 30,060   26,057  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 236   97  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 30,060   26,057  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 38   25  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | Asia        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 198   72  
Fixed Annuity | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Variable Annuity | EMEA        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 2,552 2,720 2,761 2,802
Life and Other | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 11,303 $ 11,641 12,044 $ 12,402
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 72   $ 77  
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 0.00%   0.00%  
Life and Other | Equal to or greater than 0% but less than 2% | MetLife Holdings | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 5,224   $ 5,754  
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 2.00%   2.00%  
Life and Other | Equal to or greater than 2% but less than 4% | MetLife Holdings | Maximum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Life and Other | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 5,506   $ 5,712  
Life and Other | Equal to or greater than 4% | MetLife Holdings | Minimum        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance range of guaranteed minimum credit rating 4.00%   4.00%  
Life and Other | Products with either a fixed rate or no GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 501   $ 501  
Life and Other | At GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 9,202   9,893  
Life and Other | At GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Life and Other | At GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4,242   4,735  
Life and Other | At GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 4,960   5,158  
Life and Other | Greater than 0% but less than 0.50% above GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 296   299  
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 0   0  
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 172   172  
Life and Other | Greater than 0% but less than 0.50% above GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 124   127  
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 695   725  
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 18   21  
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 270   289  
Life and Other | Equal to or greater than 0.50% but less than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 407   415  
Life and Other | Equal to or greater than 1.50% above GMCR | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 609   626  
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 0% but less than 2% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 54   56  
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 2% but less than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance 540   558  
Life and Other | Equal to or greater than 1.50% above GMCR | Equal to or greater than 4% | MetLife Holdings        
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]        
Policyholder account balance $ 15   $ 12  
v3.24.2.u1
Market Risk Benefits Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Market Risk Benefit [Line Items]        
Asset $ 356 $ 286    
Liability 2,618 3,179    
Net 2,262 2,893    
Retirement Assurance | Asia        
Market Risk Benefit [Line Items]        
Asset 0 0    
Liability 177 203    
Net 177 203 $ 202 $ 226
Investment Product | MetLife Holdings        
Market Risk Benefit [Line Items]        
Asset 213 156    
Liability 2,366 2,878    
Net 2,153 2,722    
Insurance, Other        
Market Risk Benefit [Line Items]        
Asset 143 130    
Liability 75 98    
Net $ (68) $ (32) $ (15) $ 32
v3.24.2.u1
Market Risk Benefits Rollforward (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Market Risk Benefit [Line Items]    
Beginning balance $ 2,893  
Ending balance 2,262  
Retirement Assurance | Asia    
Market Risk Benefit [Line Items]    
Beginning balance 203 $ 226
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk 205 233
Attributed fees collected 2 1
Benefit payments (6) (7)
Effect of changes in interest rates 4 3
Actual policyholder behavior different from expected behavior (1) 0
Effect of foreign currency translation and other, net (26) (23)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 178 207
Cumulative effect of changes in the instrument-specific credit risk (1) (5)
Ending balance 177 202
Retirement Assurance | Asia | At annuitization or exercise of other living benefits    
Market Risk Benefit [Line Items]    
Net amount at risk $ 111 $ 110
Average attained age of policyholders 58 years 58 years
Variable Annuity | MetLife Holdings    
Market Risk Benefit [Line Items]    
Beginning balance $ 2,722 $ 3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk 2,772 3,360
Attributed fees collected 179 193
Benefit payments (45) (21)
Effect of changes in interest rates (556) 23
Effect of changes in capital markets (372) (661)
Effect of changes in equity index volatility 26 (109)
Actual policyholder behavior different from expected behavior 132 57
Effect of foreign currency translation and other, net 5 131
Effect of changes in risk margin (62) (35)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk 2,079 2,938
Cumulative effect of changes in the instrument-specific credit risk 76 (150)
Effect of foreign currency translation on the cumulative instrument-specific credit risk (2) 5
Ending balance 2,153 2,793
Variable Annuity | MetLife Holdings | In the event of death    
Market Risk Benefit [Line Items]    
Net amount at risk $ 2,544 $ 3,254
Average attained age of policyholders 71 years 70 years
Variable Annuity | MetLife Holdings | At annuitization or exercise of other living benefits    
Market Risk Benefit [Line Items]    
Net amount at risk $ 671 $ 793
Average attained age of policyholders 70 years 70 years
Insurance, Other    
Market Risk Benefit [Line Items]    
Beginning balance $ (32) $ 32
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (50) 24
Attributed fees collected 25 16
Benefit payments (3) (18)
Effect of changes in interest rates (46) (26)
Effect of changes in capital markets (15) (14)
Effect of changes in equity index volatility (1) (4)
Actual policyholder behavior different from expected behavior 4 (22)
Effect of foreign currency translation and other, net (2) 17
Effect of changes in risk margin (1) (1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk (89) (28)
Cumulative effect of changes in the instrument-specific credit risk 21 12
Effect of foreign currency translation on the cumulative instrument-specific credit risk 0 1
Ending balance (68) (15)
Less: Reinsurance recoverable 11 18
Balance, end of period, net of reinsurance $ (79) $ (33)
v3.24.2.u1
Separate Account Liabilities Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Separate Account, Liability [Line Items]        
Separate account liabilities $ 139,707 $ 144,634    
Latin America | Pension Plan        
Separate Account, Liability [Line Items]        
Separate account liabilities 38,944 41,320 $ 42,213 $ 39,428
Stable Value and Risk Solutions | RIS        
Separate Account, Liability [Line Items]        
Separate account liabilities 38,689 41,343 42,620 48,265
Annuities | RIS        
Separate Account, Liability [Line Items]        
Separate account liabilities 11,246 11,659 11,792 11,694
Annuities | MetLife Holdings        
Separate Account, Liability [Line Items]        
Separate account liabilities 28,843 29,224 $ 29,616 $ 28,499
Insurance, Other        
Separate Account, Liability [Line Items]        
Separate account liabilities $ 21,985 $ 21,088    
v3.24.2.u1
Separate Account Liabilities Rollforward (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Separate Account, Liability [Roll Forward]    
Balance, beginning of period $ 144,634  
Balance, end of period 139,707  
RIS | Stable Value and Risk Solutions    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 41,343 $ 48,265
Premiums and deposits 1,053 1,586
Policy charges (139) (148)
Surrenders and withdrawals (2,945) (7,542)
Benefit payments (60) (46)
Investment performance 692 1,277
Net transfers from (to) general account (20) (57)
Effect of foreign currency translation and other, net (1,235) (715)
Balance, end of period 38,689 42,620
Cash Surrender Value 34,519 37,782
RIS | Annuities    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 11,659 11,694
Premiums and deposits 25 120
Policy charges (10) (11)
Surrenders and withdrawals (401) (360)
Benefit payments 0 0
Investment performance (95) 448
Net transfers from (to) general account 0 3
Effect of foreign currency translation and other, net 68 (102)
Balance, end of period 11,246 11,792
Latin America | Pension Plan    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 41,320 39,428
Premiums and deposits 3,427 4,096
Policy charges (132) (150)
Surrenders and withdrawals (2,652) (2,921)
Benefit payments (812) (879)
Investment performance 875 187
Net transfers from (to) general account 0 0
Effect of foreign currency translation and other, net (3,082) 2,452
Balance, end of period 38,944 42,213
Cash Surrender Value 38,944 42,213
MetLife Holdings | Annuities    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 29,224 28,499
Premiums and deposits 123 139
Policy charges (296) (305)
Surrenders and withdrawals (1,857) (1,362)
Benefit payments (259) (242)
Investment performance 1,972 2,933
Net transfers from (to) general account (59) (47)
Effect of foreign currency translation and other, net (5) 1
Balance, end of period 28,843 29,616
Cash Surrender Value $ 28,706 $ 29,471
v3.24.2.u1
Separate Account Assets Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 139,707 $ 144,634
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,582 6,265
Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 126 144
Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 777 904
Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,829 1,929
Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 937 1,018
Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 8,579 9,687
Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,062 4,403
Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,392 5,055
Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 484 550
Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,882 5,388
Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 18,440 19,611
Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,303 1,389
Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 343 424
Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 22,186 23,690
Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 47,154 50,502
Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,421 9,706
Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,377 2,586
Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9 9
Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 58,961 62,803
Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 69,976 68,439
Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 132 115
Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,773 1,733
Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 8,039 8,202
Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 212 158
Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 59,820 58,231
Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 134,519 137,507
Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,188 7,127
RIS    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 50,033 53,093
RIS | Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,504 1,620
RIS | Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 125 144
RIS | Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 759 893
RIS | Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,783 1,882
RIS | Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 832 911
RIS | Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,512 2,717
RIS | Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 705 764
RIS | Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,947 1,920
RIS | Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 474 547
RIS | Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 530 509
RIS | Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,307 9,673
RIS | Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,078 1,077
RIS | Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 306 380
RIS | Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,137 9,778
RIS | Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 20,358 21,417
RIS | Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,381 9,671
RIS | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,349 2,557
RIS | Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9 9
RIS | Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 32,097 33,654
RIS | Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 12,437 11,726
RIS | Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
RIS | Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 705 731
RIS | Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,392 2,411
RIS | Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 64 67
RIS | Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,276 8,517
RIS | Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 46,038 47,000
RIS | Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,995 6,093
Asia    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,102 9,187
Asia | Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 383 403
Asia | Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Asia | Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 15 8
Asia | Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 36 39
Asia | Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 102 105
Asia | Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 500 551
Asia | Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 53 38
Asia | Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Asia | Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 7 0
Asia | Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,184 1,190
Asia | Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Asia | Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 220 308
Asia | Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 24 31
Asia | Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 713 741
Asia | Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,141 2,270
Asia | Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Asia | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 17 18
Asia | Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Asia | Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,158 2,288
Asia | Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,107 5,993
Asia | Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 132 115
Asia | Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 309 269
Asia | Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,610 2,661
Asia | Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 20 19
Asia | Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,036 2,929
Asia | Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 8,648 8,684
Asia | Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 454 503
Latin America    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 38,944 41,320
Latin America | Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,621 4,212
Latin America | Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,268 6,006
Latin America | Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,302 3,598
Latin America | Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,425 3,095
Latin America | Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 279 1,051
Latin America | Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 9,115 9,920
Latin America | Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 11,995 12,699
Latin America | Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 21,389 23,670
Latin America | Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 21,389 23,670
Latin America | Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 13,316 12,944
Latin America | Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 386 392
Latin America | Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,258 2,453
Latin America | Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Latin America | Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 10,672 10,099
Latin America | Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 38,326 40,826
Latin America | Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 618 494
EMEA    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,777 4,327
EMEA | Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 74 30
EMEA | Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 281 398
EMEA | Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 8 27
EMEA | Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,889 2,638
EMEA | Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 289 425
EMEA | Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,178 3,063
EMEA | Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,178 3,063
EMEA | Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,407 1,199
EMEA | Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
EMEA | Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 373 341
EMEA | Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 779 677
EMEA | Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 128 72
EMEA | Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 127 109
EMEA | Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,659 4,292
EMEA | Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 118 35
MetLife Holdings    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 35,581 35,548
MetLife Holdings | Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1 0
MetLife Holdings | Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3 3
MetLife Holdings | Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 10 8
MetLife Holdings | Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3 2
MetLife Holdings | Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 18 15
MetLife Holdings | Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2 3
MetLife Holdings | Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 12 13
MetLife Holdings | Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3 3
MetLife Holdings | Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 18 18
MetLife Holdings | Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5 4
MetLife Holdings | Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 13 13
MetLife Holdings | Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 52 47
MetLife Holdings | Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 88 82
MetLife Holdings | Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 40 35
MetLife Holdings | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 11 11
MetLife Holdings | Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 139 128
MetLife Holdings | Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 35,439 35,418
MetLife Holdings | Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
MetLife Holdings | Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 35,439 35,418
MetLife Holdings | Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 35,578 35,546
MetLife Holdings | Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3 2
Group Benefits    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,270 1,159
Group Benefits | Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Materials    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Communications    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Consumer    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Energy    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Foreign    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Technology    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Foreign government    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | U.S. government and agency    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Municipals    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Total corporate bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Total bonds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets   0
Group Benefits | Separate Account, Debt Security | Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Redeemable preferred stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Debt Security | Total fixed maturity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Equity Security    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,270 1,159
Group Benefits | Separate Account, Equity Security | Non-redeemable preferred Stock    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Equity Security | Financial Services Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Equity Security | Commercial and Industrial Sector    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Equity Security | Public utilities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 0 0
Group Benefits | Separate Account, Equity Security | Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,270 1,159
Group Benefits | Investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,270 1,159
Group Benefits | Other Assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 0 $ 0
v3.24.2.u1
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue - DAC VOBA by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
DAC:          
DAC, Beginning Balance     $ 18,388 $ 17,644  
Capitalizations $ 683 $ 729 1,423 1,447  
Amortization     (937) (864)  
Effect of foreign currency translation and other, net     (824) (233)  
DAC, Ending Balance 18,050 17,994 18,050 17,994  
VOBA:          
VOBA Net, Beginning Balance     1,763 2,009  
Amortization     (70) (85)  
Effect of foreign currency translation and other, net     (175) (68)  
VOBA Net, Ending Balance 1,518 1,856 1,518 1,856  
Deferred policy acquisition costs and value of business acquired 19,568 19,850 19,568 19,850 $ 20,151
Group Benefits          
DAC:          
DAC, Beginning Balance     258 265  
Capitalizations     9 11  
Amortization     (13) (13)  
Effect of foreign currency translation and other, net     0 0  
DAC, Ending Balance 254 263 254 263  
VOBA:          
VOBA Net, Beginning Balance     0 0  
Amortization     0 0  
Effect of foreign currency translation and other, net     0 0  
VOBA Net, Ending Balance 0 0 0 0  
RIS          
DAC:          
DAC, Beginning Balance     397 267  
Capitalizations     107 95  
Amortization     (30) (22)  
Effect of foreign currency translation and other, net     0 0  
DAC, Ending Balance 474 340 474 340  
VOBA:          
VOBA Net, Beginning Balance     16 19  
Amortization     (1) (1)  
Effect of foreign currency translation and other, net     0 0  
VOBA Net, Ending Balance 15 18 15 18  
Asia          
DAC:          
DAC, Beginning Balance     10,864 10,270  
Capitalizations     696 798  
Amortization     (379) (336)  
Effect of foreign currency translation and other, net     (618) (428)  
DAC, Ending Balance 10,563 10,304 10,563 10,304  
VOBA:          
VOBA Net, Beginning Balance     1,119 1,290  
Amortization     (38) (47)  
Effect of foreign currency translation and other, net     (136) (109)  
VOBA Net, Ending Balance 945 1,134 945 1,134  
Latin America          
DAC:          
DAC, Beginning Balance     1,950 1,542  
Capitalizations     353 299  
Amortization     (232) (197)  
Effect of foreign currency translation and other, net     (156) 178  
DAC, Ending Balance 1,915 1,822 1,915 1,822  
VOBA:          
VOBA Net, Beginning Balance     497 545  
Amortization     (22) (26)  
Effect of foreign currency translation and other, net     (36) 39  
VOBA Net, Ending Balance 439 558 439 558  
EMEA          
DAC:          
DAC, Beginning Balance     1,618 1,480  
Capitalizations     243 227  
Amortization     (166) (161)  
Effect of foreign currency translation and other, net     (49) 16  
DAC, Ending Balance 1,646 1,562 1,646 1,562  
VOBA:          
VOBA Net, Beginning Balance     113 127  
Amortization     (7) (9)  
Effect of foreign currency translation and other, net     (3) 2  
VOBA Net, Ending Balance 103 120 103 120  
MetLife Holdings          
DAC:          
DAC, Beginning Balance     3,271 3,791  
Capitalizations     9 12  
Amortization     (114) (130)  
Effect of foreign currency translation and other, net     0 0  
DAC, Ending Balance 3,166 3,673 3,166 3,673  
VOBA:          
VOBA Net, Beginning Balance     18 28  
Amortization     (2) (2)  
Effect of foreign currency translation and other, net     0 0  
VOBA Net, Ending Balance 16 26 16 26  
Corporate & Other          
DAC:          
DAC, Beginning Balance     30 29  
Capitalizations     6 5  
Amortization     (3) (5)  
Effect of foreign currency translation and other, net     (1) 1  
DAC, Ending Balance 32 30 32 30  
VOBA:          
VOBA Net, Beginning Balance     0 0  
Amortization     0 0  
Effect of foreign currency translation and other, net     0 0  
VOBA Net, Ending Balance $ 0 $ 0 $ 0 $ 0  
v3.24.2.u1
Deferred Policy Acquisition Costs, Value of Business Acquired and Unearned Revenue - Unearned Revenue (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Unearned Revenue [Roll Forward]    
Deferred Revenue, Current, Beginning Balance $ 4,537 $ 4,106
Deferrals 418 428
Amortization (206) (184)
Effect of foreign currency translation and other - net (135) 89
Deferred Revenue, Current, Ending Balance 4,614 4,439
RIS    
Unearned Revenue [Roll Forward]    
Deferred Revenue, Current, Beginning Balance 31 36
Deferrals 1 1
Amortization (3) (4)
Effect of foreign currency translation and other - net 0 0
Deferred Revenue, Current, Ending Balance 29 33
Asia    
Unearned Revenue [Roll Forward]    
Deferred Revenue, Current, Beginning Balance 2,850 2,382
Deferrals 285 283
Amortization (107) (80)
Effect of foreign currency translation and other - net (50) (32)
Deferred Revenue, Current, Ending Balance 2,978 2,553
Latin America    
Unearned Revenue [Roll Forward]    
Deferred Revenue, Current, Beginning Balance 989 848
Deferrals 75 70
Amortization (60) (58)
Effect of foreign currency translation and other - net (74) 108
Deferred Revenue, Current, Ending Balance 930 968
EMEA    
Unearned Revenue [Roll Forward]    
Deferred Revenue, Current, Beginning Balance 608 559
Deferrals 49 46
Amortization (34) (31)
Effect of foreign currency translation and other - net (11) 13
Deferred Revenue, Current, Ending Balance 612 587
MetLife Holdings    
Unearned Revenue [Roll Forward]    
Deferred Revenue, Current, Beginning Balance 59 281
Deferrals 8 28
Amortization (2) (11)
Effect of foreign currency translation and other - net 0 0
Deferred Revenue, Current, Ending Balance $ 65 $ 298
v3.24.2.u1
Closed Block (Liabilities and Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Closed Block Liabilities    
FPBs $ 35,492 $ 36,142
Other policy-related balances 283 319
Policyholder dividends payable 172 174
Policyholder dividend obligation 0 0
Current income tax payable 4 0
Other liabilities 797 668
Total closed block liabilities 36,748 37,303
Assets Designated to the Closed Block    
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value 19,247 19,939
Equity securities, at estimated fair value 11 10
Mortgage loans 5,938 6,151
Policy loans 3,876 3,960
Real estate and real estate joint ventures (“REJV”) 688 668
Other invested assets 487 496
Total investments 30,247 31,224
Cash and cash equivalents 759 717
Accrued investment income 374 383
Premiums, reinsurance and other receivables 67 54
Current income tax recoverable 0 3
Deferred income tax asset 397 312
Total assets designated to the closed block 31,844 32,693
Excess of closed block liabilities over assets designated to the closed block 4,904 4,610
AOCI:    
Unrealized investment gains (losses), net of income tax (1,204) (820)
Unrealized gains (losses) on derivatives, net of income tax 164 130
Total amounts included in AOCI (1,040) (690)
Maximum future earnings to be recognized from closed block assets and liabilities $ 3,864 $ 3,920
v3.24.2.u1
Closed Block (Revenues and Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Premiums $ 216 $ 226 $ 434 $ 461
Net investment income 342 341 685 679
Net investment gains (losses) (13) 5 (20) 9
Net derivative gains (losses) 2 5 7 3
Total revenues 547 577 1,106 1,152
Expenses        
Policyholder benefits and claims 415 445 819 858
Policyholder dividends 86 89 176 186
Other expenses 20 22 40 44
Total expenses 521 556 1,035 1,088
Revenues, net of expenses before provision for income tax expense (benefit) 26 21 71 64
Provision for income tax expense (benefit) 5 4 15 13
Revenues, net of expenses and provision for income tax expense (benefit) $ 21 $ 17 $ 56 $ 51
v3.24.2.u1
Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost $ 303,191   $ 300,555      
Allowance for Credit Loss for Debt Securities (121) $ (113) (184) $ (197) $ (193) $ (183)
Gross Unrealized Gains 5,096   6,876      
Gross Unrealized Losses 30,430   25,835      
Estimated Fair Value of Fixed Maturity Securities AFS 277,736   281,412      
U.S. corporate            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 87,346   85,563      
Allowance for Credit Loss for Debt Securities (37) (15) (68) (69) (63) (29)
Gross Unrealized Gains 1,573   1,894      
Gross Unrealized Losses 8,204   6,672      
Estimated Fair Value of Fixed Maturity Securities AFS 80,678   80,717      
Foreign corporate            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 58,031   59,123      
Allowance for Credit Loss for Debt Securities (2) (2) (2) (2) (2) (5)
Gross Unrealized Gains 1,513   1,750      
Gross Unrealized Losses 6,123   5,427      
Estimated Fair Value of Fixed Maturity Securities AFS 53,419   55,444      
Foreign government            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 44,444   48,260      
Allowance for Credit Loss for Debt Securities (58) (66) (88) (115) (117) (130)
Gross Unrealized Gains 1,071   1,754      
Gross Unrealized Losses 5,403   4,437      
Estimated Fair Value of Fixed Maturity Securities AFS 40,054   45,489      
U.S. government and agency            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 37,991   35,374      
Allowance for Credit Loss for Debt Securities 0   0      
Gross Unrealized Gains 238   590      
Gross Unrealized Losses 4,991   3,712      
Estimated Fair Value of Fixed Maturity Securities AFS 33,238   32,252      
RMBS            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 35,366   31,479      
Allowance for Credit Loss for Debt Securities (1) (1) (1) 0 0 0
Gross Unrealized Gains 305   353      
Gross Unrealized Losses 3,054   2,735      
Estimated Fair Value of Fixed Maturity Securities AFS 32,616   29,096      
ABS & CLO            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 18,207   17,910      
Allowance for Credit Loss for Debt Securities (9) (9) (7) 0 0 0
Gross Unrealized Gains 89   54      
Gross Unrealized Losses 512   663      
Estimated Fair Value of Fixed Maturity Securities AFS 17,775   17,294      
Municipals            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 11,642   11,991      
Allowance for Credit Loss for Debt Securities 0   0      
Gross Unrealized Gains 229   408      
Gross Unrealized Losses 1,401   1,228      
Estimated Fair Value of Fixed Maturity Securities AFS 10,470   11,171      
CMBS            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 10,164   10,855      
Allowance for Credit Loss for Debt Securities (14) $ (20) (18) $ (11) $ (11) $ (19)
Gross Unrealized Gains 78   73      
Gross Unrealized Losses 742   961      
Estimated Fair Value of Fixed Maturity Securities AFS $ 9,486   $ 9,949      
v3.24.2.u1
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Available-for-sale Securities, Debt Maturities [Abstract]    
Amortized Cost, Due in one year or less $ 11,450  
Amortized Cost, Due after one year through five years 48,991  
Amortized Cost, Due after five years through ten years 52,138  
Amortized Cost, Due after ten years 126,778  
Amortized Cost, Structured Securities 63,713  
Amortized Cost, net of ACL 303,070  
Estimated Fair Value, Due in one year or less 11,484  
Estimated Fair Value, Due after one year through five years 48,300  
Estimated Fair Value, Due after five years through ten years 49,969  
Estimated Fair Value, Due after ten years 108,106  
Estimated Fair Value, Structured Securities 59,877  
Estimated Fair Value of Fixed Maturity Securities AFS $ 277,736 $ 281,412
v3.24.2.u1
Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value $ 40,101 $ 26,345
Less than 12 months Gross Unrealized Loss $ 2,238 $ 1,382
Total number of securities in an unrealized loss position less than 12 months 5,529 2,922
Equal to or Greater than 12 Months Estimated Fair Value $ 142,618 $ 152,089
Equal to or Greater than 12 Months Gross Unrealized Loss $ 28,152 $ 24,394
Total number of securities in an unrealized loss position equal or greater than 12 months 12,516 13,049
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value $ 9,292 $ 4,722
Less than 12 months Gross Unrealized Loss 745 420
Equal to or Greater than 12 Months Estimated Fair Value 43,435 45,373
Equal to or Greater than 12 Months Gross Unrealized Loss 7,432 6,208
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 6,069 3,210
Less than 12 months Gross Unrealized Loss 226 187
Equal to or Greater than 12 Months Estimated Fair Value 29,622 32,355
Equal to or Greater than 12 Months Gross Unrealized Loss 5,897 5,240
Foreign government    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 5,939 3,913
Less than 12 months Gross Unrealized Loss 599 246
Equal to or Greater than 12 Months Estimated Fair Value 17,192 19,715
Equal to or Greater than 12 Months Gross Unrealized Loss 4,795 4,187
U.S. government and agency    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 9,778 7,856
Less than 12 months Gross Unrealized Loss 439 368
Equal to or Greater than 12 Months Estimated Fair Value 16,053 13,960
Equal to or Greater than 12 Months Gross Unrealized Loss 4,552 3,344
RMBS    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 5,169 3,465
Less than 12 months Gross Unrealized Loss 106 60
Equal to or Greater than 12 Months Estimated Fair Value 17,954 17,128
Equal to or Greater than 12 Months Gross Unrealized Loss 2,947 2,675
ABS & CLO    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 1,501 1,662
Less than 12 months Gross Unrealized Loss 9 31
Equal to or Greater than 12 Months Estimated Fair Value 7,125 11,438
Equal to or Greater than 12 Months Gross Unrealized Loss 502 629
Municipals    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 1,052 483
Less than 12 months Gross Unrealized Loss 96 34
Equal to or Greater than 12 Months Estimated Fair Value 5,370 5,449
Equal to or Greater than 12 Months Gross Unrealized Loss 1,305 1,194
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 1,301 1,034
Less than 12 months Gross Unrealized Loss 18 36
Equal to or Greater than 12 Months Estimated Fair Value 5,867 6,671
Equal to or Greater than 12 Months Gross Unrealized Loss 722 917
Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 37,786 24,834
Less than 12 months Gross Unrealized Loss 2,114 1,287
Equal to or Greater than 12 Months Estimated Fair Value 137,638 146,138
Equal to or Greater than 12 Months Gross Unrealized Loss 27,415 23,675
Below Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 2,315 1,511
Less than 12 months Gross Unrealized Loss 124 95
Equal to or Greater than 12 Months Estimated Fair Value 4,980 5,951
Equal to or Greater than 12 Months Gross Unrealized Loss $ 737 $ 719
v3.24.2.u1
Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period $ 113 $ 193 $ 184 $ 183
ACL not previously recorded 14 0 14 36
Changes for securities with previously recorded ACL 10 4 10 (6)
Securities sold or exchanged (16) 0 (87) (16)
Allowance, end of period 121 197 121 197
U.S. corporate        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period 15 63 68 29
ACL not previously recorded 14 0 14 36
Changes for securities with previously recorded ACL 11 6 11 6
Securities sold or exchanged (3) 0 (56) (2)
Allowance, end of period 37 69 37 69
Foreign corporate        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period 2 2 2 5
ACL not previously recorded 0 0 0 0
Changes for securities with previously recorded ACL 0 0 0 0
Securities sold or exchanged 0 0 0 (3)
Allowance, end of period 2 2 2 2
Foreign government        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period 66 117 88 130
ACL not previously recorded 0 0 0 0
Changes for securities with previously recorded ACL (1) (2) (5) (15)
Securities sold or exchanged (7) 0 (25) 0
Allowance, end of period 58 115 58 115
RMBS        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period 1 0 1 0
ACL not previously recorded 0 0 0 0
Changes for securities with previously recorded ACL 0 0 0 0
Securities sold or exchanged 0 0 0 0
Allowance, end of period 1 0 1 0
ABS & CLO        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period 9 0 7 0
ACL not previously recorded 0 0 0 0
Changes for securities with previously recorded ACL 0 0 2 0
Securities sold or exchanged 0 0 0 0
Allowance, end of period 9 0 9 0
CMBS        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]        
Allowance, beginning of period 20 11 18 19
ACL not previously recorded 0 0 0 0
Changes for securities with previously recorded ACL 0 0 2 3
Securities sold or exchanged (6) 0 (6) (11)
Allowance, end of period $ 14 $ 11 $ 14 $ 11
v3.24.2.u1
Investments (Equity Securities) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Unrealized Gains (Losses) $ 2,093 $ 1,589
Equity securities 754 757
Common Stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Cost 403 424
Equity Securities, FV-NI, Unrealized Gains (Losses) 242 239
Equity securities 645 663
Non-redeemable preferred Stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Cost 110 90
Equity Securities, FV-NI, Unrealized Gains (Losses) (1) 4
Equity securities 109 94
Equity Securities    
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Cost 513 514
Equity Securities, FV-NI, Unrealized Gains (Losses) 241 243
Equity securities $ 754 $ 757
v3.24.2.u1
Investments (Contractholder-Directed Equity Securities and FVO Securities) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]    
Debt Securities, Trading, and Equity Securities, FV-NI, Cost $ 8,013 $ 8,742
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) 2,093 1,589
Contractholder-directed equity securities and fair value option securities, at estimated fair value 10,106 10,331
Unit-linked investments    
Debt and Equity Securities, FV-NI [Line Items]    
Debt Securities, Trading, and Equity Securities, FV-NI, Cost 7,176 7,770
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) 1,496 1,112
Contractholder-directed equity securities and fair value option securities, at estimated fair value 8,672 8,882
FVO securities    
Debt and Equity Securities, FV-NI [Line Items]    
Debt Securities, Trading, and Equity Securities, FV-NI, Cost 837 972
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) 597 477
Contractholder-directed equity securities and fair value option securities, at estimated fair value $ 1,434 $ 1,449
v3.24.2.u1
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross $ 90,608   $ 90,608   $ 93,227  
Allowance for Credit Loss (806) $ (724) (806) $ (724) (721) $ (527)
Total mortgage loans $ 89,802   $ 89,802   $ 92,506  
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net 100.90%   100.90%   100.80%  
Percentage of Allowance for Credit Losses for Financing Receivables (0.90%)   (0.90%)   (0.80%)  
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net 100.00%   100.00%   100.00%  
Other liabilities $ 38,748   $ 38,748   $ 35,805  
Investment Income, Investment Expense 564 681 1,132 1,142    
Loans Originated For Third Party            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross 7,800   7,800   8,500  
Allowance for Credit Loss (92)   (92)   (73)  
Other liabilities 7,800   7,800   8,500  
Mortgage Income On Loans Originated For Third Party            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross Investment Income, Operating 91   184      
Mortgage Expense On Loans Originated For Third Party            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Investment Income, Investment Expense 91   184      
Commercial Mortgage Loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross 57,699   57,699   60,326  
Allowance for Credit Loss $ (494) (366) $ (494) (366) $ (367) (218)
Percentage Of Mortgage Loans, Gross 64.20%   64.20%   65.20%  
Commercial Mortgage Loans | Loans Originated For Third Party            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross $ 7,600   $ 7,600   $ 8,200  
Residential Mortgage Loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross 13,273   13,273   13,096  
Allowance for Credit Loss $ (141) (203) $ (141) (203) $ (182) (190)
Percentage Of Mortgage Loans, Gross 14.80%   14.80%   14.20%  
Agricultural Mortgage Loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross $ 19,636   $ 19,636   $ 19,805  
Allowance for Credit Loss $ (171) $ (155) $ (171) $ (155) $ (172) $ (119)
Percentage Of Mortgage Loans, Gross 21.90%   21.90%   21.40%  
Agricultural Mortgage Loans | Loans Originated For Third Party            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Mortgage Loans, Gross $ 253   $ 253   $ 246  
v3.24.2.u1
Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period $ 721 $ 527
Provision (release) 120 210
Charge-offs, net of recoveries (35) (13)
Balance, end of period 806 724
Commercial Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period 367 218
Provision (release) 155 148
Charge-offs, net of recoveries (28) 0
Balance, end of period 494 366
Residential Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period 182 190
Provision (release) (41) 13
Charge-offs, net of recoveries 0 0
Balance, end of period 141 203
Agricultural Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period 172 119
Provision (release) 6 49
Charge-offs, net of recoveries (7) (13)
Balance, end of period $ 171 $ 155
v3.24.2.u1
Investments (Modifications to Borrowers Experiencing Financial Difficulty) (Details) - Commercial Mortgage Loans - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Maximum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing Receivable, Modified, Weighted Average Term Increase Less than one year One year Less than one year Less than one year
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 1.00% 1.00% 1.00% 1.00%
Extended Maturity        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing Receivable, Troubled Debt Restructuring, Postmodification $ 156 $ 158 $ 236 $ 222
v3.24.2.u1
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Mortgage Loans, Gross $ 90,608 $ 93,227
Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year 1,573  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,945  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 8,315  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 7,217  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 4,178  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 31,220  
Financing Receivable, Revolving 2,251  
Mortgage Loans, Gross $ 57,699 $ 60,326
Loans Receivable Commercial Mortgage Percentage 100.00%  
Commercial Mortgage Loans | Greater than 1.20x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 1,436  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,145  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 7,503  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 6,696  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 3,880  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 26,446  
Financing Receivable, Revolving 2,251  
Mortgage Loans, Gross $ 50,357  
Loans Receivable Commercial Mortgage Percentage 87.30%  
Commercial Mortgage Loans | 1.00x - 1.20x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 35  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 531  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 572  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 488  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 139  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 2,751  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 4,516  
Loans Receivable Commercial Mortgage Percentage 7.80%  
Commercial Mortgage Loans | Less than 1.00x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 102  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 269  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 240  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 33  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 159  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 2,023  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 2,826  
Loans Receivable Commercial Mortgage Percentage 4.90%  
Commercial Mortgage Loans | Less than 65%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 1,481  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,526  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,432  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 3,216  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 1,596  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 14,427  
Financing Receivable, Revolving 2,251  
Mortgage Loans, Gross $ 27,929  
Loans Receivable Commercial Mortgage Percentage 48.40%  
Commercial Mortgage Loans | 65% to 75%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 91  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 361  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 4,400  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,497  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 1,341  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 6,142  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 14,832  
Loans Receivable Commercial Mortgage Percentage 25.70%  
Commercial Mortgage Loans | 76% to 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 15  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 588  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 386  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 293  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 2,745  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 4,027  
Loans Receivable Commercial Mortgage Percentage 7.00%  
Commercial Mortgage Loans | Greater than 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 1  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 43  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 895  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,118  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 948  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,906  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 10,911  
Loans Receivable Commercial Mortgage Percentage 18.90%  
v3.24.2.u1
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Mortgage Loans, Gross $ 90,608 $ 93,227
Mortgage Loans in Process of Foreclosure, Amount 140 140
Residential Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year 242  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 966  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,560  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,637  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 337  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,531  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 13,273 13,096
Loans Receivable Residential Mortgage Percentage 100.00%  
Residential Mortgage Loans | Performing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 241  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 944  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,493  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,612  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 324  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,252  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 12,866  
Loans Receivable Residential Mortgage Percentage 96.90%  
Residential Mortgage Loans | Nonperforming    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 1  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 22  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 67  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 25  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 13  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 279  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 407  
Loans Receivable Residential Mortgage Percentage 3.10%  
Agricultural Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 350  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,203  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,870  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,947  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 2,805  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,889  
Financing Receivable, Revolving 1,572  
Mortgage Loans, Gross $ 19,636 $ 19,805
Loans Receivable Agricultural Mortgage Percentage 100.00%  
Agricultural Mortgage Loans | Less than 65%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 342  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,152  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,783  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,639  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 2,626  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,263  
Financing Receivable, Revolving 1,424  
Mortgage Loans, Gross $ 18,229  
Loans Receivable Agricultural Mortgage Percentage 92.90%  
Agricultural Mortgage Loans | 65% to 75%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 8  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 51  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 87  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 294  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 147  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 547  
Financing Receivable, Revolving 129  
Mortgage Loans, Gross $ 1,263  
Loans Receivable Agricultural Mortgage Percentage 6.40%  
Agricultural Mortgage Loans | 76% to 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 0  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 0  
Loans Receivable Agricultural Mortgage Percentage 0.00%  
Agricultural Mortgage Loans | Greater than 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 14  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 32  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 79  
Financing Receivable, Revolving 19  
Mortgage Loans, Gross $ 144  
Loans Receivable Agricultural Mortgage Percentage 0.70%  
v3.24.2.u1
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross $ 90,608 $ 93,227
Greater than 90 Days Past Due and Still Accruing Interest 70 19
Financing Receivable, Nonaccrual 1,320 1,035
Financial Asset, Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross 1,261 533
Commercial Mortgage Loans    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross 57,699 60,326
Greater than 90 Days Past Due and Still Accruing Interest 38 3
Financing Receivable, Nonaccrual 741 427
Commercial Mortgage Loans | Financial Asset, Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross 660 75
Residential Mortgage Loans    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross 13,273 13,096
Greater than 90 Days Past Due and Still Accruing Interest 17 16
Financing Receivable, Nonaccrual 390 402
Residential Mortgage Loans | Financial Asset, Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross 407 418
Agricultural Mortgage Loans    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross 19,636 19,805
Greater than 90 Days Past Due and Still Accruing Interest 15 0
Financing Receivable, Nonaccrual 189 206
Agricultural Mortgage Loans | Financial Asset, Past Due    
Financing Receivable, Nonaccrual [Line Items]    
Mortgage Loans, Gross $ 194 $ 40
v3.24.2.u1
Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Real Estate [Line Items]          
Leased real estate investments, Carrying Value $ 4,242   $ 4,242   $ 4,446
Other real estate investments, Carrying Value 520   520   507
Real estate joint ventures, Carrying Value 8,755   8,755   8,379
Real Estate Investments, Net 13,517   13,517   $ 13,332
Income (Loss) from Equity Method Investments 276 $ 172 486 $ 79  
Real Estate and Real Estate Joint Ventures          
Real Estate [Line Items]          
Gross Investment Income, Operating 80 137 90 163  
Leased real estate          
Real Estate [Line Items]          
Operating Lease, Lease Income $ 83 $ 90 $ 167 $ 182  
Operating Lease, Lease Income Revenues Revenues Revenues Revenues  
Other real estate          
Real Estate [Line Items]          
Operating Lease, Lease Income $ 78 $ 85 $ 125 $ 135  
Operating Lease, Lease Income   Revenues Revenues Revenues  
REJV          
Real Estate [Line Items]          
Income (Loss) from Equity Method Investments $ (81) $ (38) $ (202) $ (154)  
v3.24.2.u1
Investments (Concentrations of Credit Risk) (Details) - Foreign government - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Japan    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Fair Value, Concentration of Risk, Investments $ 18,786 $ 22,606
Republic of Korea    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Fair Value, Concentration of Risk, Investments 6,038 6,411
MEXICO    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Fair Value, Concentration of Risk, Investments $ 3,375 $ 3,778
v3.24.2.u1
Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties $ 11,159 $ 10,788
Reinvestment portfolio - estimated fair value 10,953 10,553
Estimated fair value    
Securities Financing Transaction [Line Items]    
Securities loaned 10,787 10,510
Securities Sold under Agreements to Repurchase 2,984 3,029
Repurchase Agreements    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 2,975 2,975
Reinvestment portfolio - estimated fair value $ 2,912 $ 2,913
v3.24.2.u1
Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties $ 11,159 $ 10,788
U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 9,870 9,418
Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 1,107 1,107
Agency RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 182 263
Open (1)    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 2,280 1,393
Open (1) | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 2,280 1,393
Open (1) | Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Open (1) | Agency RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
1 Month or Less    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 5,001 4,677
1 Month or Less | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,785 4,106
1 Month or Less | Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 1,107 483
1 Month or Less | Agency RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 109 88
Over 1 Month to 6 Months    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,878 4,718
Over 1 Month to 6 Months | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,805 3,919
Over 1 Month to 6 Months | Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 624
Over 1 Month to 6 Months | Agency RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 73 175
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 | Agency RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Repurchase Agreements    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 2,975 2,975
Repurchase Agreements | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 2,975 2,975
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 2,975 2,975
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
v3.24.2.u1
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investment Holdings, Other than Securities [Line Items]    
Invested assets on deposit (regulatory deposits) $ 1,510 $ 1,596
Invested assets held in trust (external reinsurance agreements) (1) 924 941
Invested assets pledged as collateral 28,093 26,017
Total invested assets on deposit, held in trust and pledged as collateral 30,527 28,554
Affiliated Entity    
Investment Holdings, Other than Securities [Line Items]    
Invested assets held in trust (external reinsurance agreements) (1) $ 1,900 $ 2,000
v3.24.2.u1
Investments (Consolidated Variable Interest Entities) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total Assets $ 675,745 $ 687,584
Total Liabilities 648,205 657,331
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 686 346
Total Liabilities 141 1
Investment funds (primarily other invested assets and REJV) | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 625 282
Total Liabilities 141 1
Renewable energy partnership (primarily other invested assets) | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 61 64
Total Liabilities $ 0 $ 0
v3.24.2.u1
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Total Assets $ 675,745 $ 687,584
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 73,289 70,461
Maximum Exposure to Loss 78,225 76,103
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities    
Variable Interest Entity [Line Items]    
Total Assets 57,716 54,182
Maximum Exposure to Loss 57,716 54,182
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests    
Variable Interest Entity [Line Items]    
Total Assets 13,398 14,034
Maximum Exposure to Loss 18,197 19,591
Variable Interest Entity, Not Primary Beneficiary | Other Investments    
Variable Interest Entity [Line Items]    
Total Assets 1,096 1,039
Maximum Exposure to Loss 1,097 1,055
Variable Interest Entity, Not Primary Beneficiary | Other invested assets    
Variable Interest Entity [Line Items]    
Total Assets 1,079 1,206
Maximum Exposure to Loss $ 1,215 $ 1,275
v3.24.2.u1
Investments (Net Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Investment Income [Line Items]        
Less: Investment expenses $ 564 $ 681 $ 1,132 $ 1,142
Net investment income 5,205 5,072 10,641 9,717
Securities Investment        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 5,550 5,458 11,012 10,260
Net investment income 4,986 4,777 9,880 9,118
Fixed maturity securities AFS        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 3,355 3,228 6,643 6,367
Equity Securities        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 7 10 14 22
FVO securities        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 22 50 107 98
Mortgage loans        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 1,187 1,306 2,381 2,347
Policy loans        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 110 119 223 238
Real Estate and Real Estate Joint Ventures        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 80 137 90 163
OLPI        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 325 225 626 250
Cash, cash equivalents and short-term investments        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 250 248 541 465
Operating joint ventures        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 22 13 44 32
Other Investments        
Net Investment Income [Line Items]        
Gross Investment Income, Operating 192 122 343 278
Unit-linked investments        
Net Investment Income [Line Items]        
Net investment income $ 219 $ 295 $ 761 $ 599
v3.24.2.u1
Investments (Supplemental Net Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Investment Income [Line Items]        
Net realized investment gains (losses) from sales and disposals of investments $ (129) $ 21 $ (196) $ (487)
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) (19) 17 11 58
Income (Loss) from Equity Method Investments 276 172 486 79
Net investment income        
Net Investment Income [Line Items]        
Net realized investment gains (losses) from sales and disposals of investments 66 41 134 79
Debt and Equity Securities, Unrealized Gain (Loss) 139 330 719 652
Debt and Equity Securities, Gain (Loss) 205 371 853 731
Unit-linked investments        
Net Investment Income [Line Items]        
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) $ 151 $ 291 $ 663 $ 591
v3.24.2.u1
Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Marketable Securities, Gain (Loss) [Abstract]        
Fixed maturity securities AFS $ (246) $ (996) $ (331) $ (1,576)
Net investment gains (losses) (19) 32 9 80
Other net investment gains (losses):        
Mortgage loans (9) (41) (95) (205)
Real estate and real estate joint ventures (excluding changes in estimated fair value) 12 13 47 31
Other limited partnership interests (excluding changes in estimated fair value) (9) 3 (59) 12
Other gains (losses) 23 43 29 20
Subtotal - investment portfolio gains (losses) (248) (946) (400) (1,638)
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures 3 2 6 (3)
Non-investment portfolio gains (losses) (176) (95) (402) (82)
Subtotal (173) (93) (396) (85)
Net investment gains (losses) $ (421) $ (1,039) $ (796) $ (1,723)
v3.24.2.u1
Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Gain (Loss) on Securities [Line Items]        
Realized gains (losses) on investments sold or disposed $ (195) $ (20) $ (330) $ (566)
Impairment (losses) 0 (898) 0 (905)
Change in ACL recognized in earnings (35) (42) (81) (224)
Unrealized net gains (losses) recognized in earnings (15) 16 17 54
Total recognized gains (losses) (50) (26) (64) (170)
Non-investment portfolio gains (losses) (176) (95) (402) (82)
Net investment gains (losses) (421) $ (1,039) (796) $ (1,723)
Private Equity Funds        
Gain (Loss) on Securities [Line Items]        
Realized gains (losses) on investments sold or disposed 3   46  
Portfolio of investments, amount sold 57   798  
Proceeds from sale of equity method investment $ 54   $ 752  
v3.24.2.u1
Investments (Supplemental Net Investment Gains (Losses)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Investment Income [Line Items]        
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) $ (19) $ 17 $ 11 $ 58
Realized gains (losses) on investments sold or disposed (195) (20) (330) (566)
Foreign currency gains (losses) (120) (27) (165) 14
Net realized investment gains (losses) from sales and disposals of investments (129) 21 (196) (487)
Net investment income        
Net Investment Income [Line Items]        
Net realized investment gains (losses) from sales and disposals of investments 66 41 134 79
Cash Flow Hedging        
Net Investment Income [Line Items]        
Realized gains (losses) on investments sold or disposed 0 (27) 0 (22)
Equity Securities        
Net Investment Income [Line Items]        
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) $ (15) $ 31 $ 17 $ 20
v3.24.2.u1
Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]        
Proceeds $ 8,106 $ 8,412 $ 14,458 $ 23,456
Gross investment gains 121 73 277 366
Gross investment (losses) (358) (213) (670) (1,069)
Realized gains (losses) on sales and disposals (237) (140) (393) (703)
Net credit loss (provision) release (change in ACL recognized in earnings) (9) (7) 62 (17)
Impairment (losses) 0 (849) 0 (856)
Net credit loss (provision) release and impairment (losses) (9) (856) 62 (873)
Net investment gains (losses) (195) (20) (330) (566)
Equity securities 0 15 (2) 22
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in net investment gains (losses) (19) 17 11 58
Net investment gains (losses) (19) 32 9 80
Fixed Maturity Securities        
Debt Securities, Available-for-sale [Line Items]        
Net investment gains (losses) $ (246) $ (996) $ (331) $ (1,576)
v3.24.2.u1
Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value of Fixed Maturity Securities AFS $ 277,736 $ 281,412
Gross Unrealized Gains (Losses) $ (30,430) $ (25,835)
v3.24.2.u1
Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position- Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ 30,400  
Equal to or Greater than 12 Months Gross Unrealized Loss 28,152 $ 24,394
Below Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Equal to or Greater than 12 Months Gross Unrealized Loss 737 $ 719
Fixed maturity securities without an allowance for credit loss    
Debt Securities, Available-for-sale [Line Items]    
Change in Gross Unrealized Temporary Loss $ 4,600  
v3.24.2.u1
Investments (Mortgage Loans - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums $ (806)   $ (806)   $ (736)
Financing Receivable, Purchase $ 263 $ 193 $ 747 $ 1,000  
Percentage of Mortgage Loans Classified as Performing 99.00%   99.00%   99.00%
Mortgage Loans Contributed To Joint Ventures $ 218   $ 218    
Commercial Mortgage Loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Interest Receivable 269   269   $ 277
Amortized Cost of Mortgage Loans Foreclosed during the period 182        
Amortized Cost of Mortgage Loans Delinquent during the period     182    
Residential Mortgage Loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Interest Receivable 97   97   95
Agricultural Mortgage Loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Interest Receivable $ 193   $ 193   $ 204
v3.24.2.u1
Investments (Real Estate and Real Estate Joint ventures - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Investments, All Other Investments [Abstract]          
Real Estate Acquired Through Foreclosure $ 264   $ 264   $ 190
Depreciation 29 $ 30 59 $ 58  
Real Estate Investment Property, Net $ 974   $ 974   $ 952
v3.24.2.u1
Investments (Tax Equity Investments - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]      
Carrying Value of Tax Equity Investments $ 787 $ 787 $ 1,000
Income Tax credits and other income tax benefits 38 75  
Tax Equity Investments Amortization Expense $ 34 $ 67  
v3.24.2.u1
Investments (Cash Equivalents - Narrative) (Details) - USD ($)
$ in Billions
Jun. 30, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Cash equivalents $ 12.0 $ 10.8
v3.24.2.u1
Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Federal Home Loan Bank Stock $ 715 $ 714
v3.24.2.u1
Derivatives (Primary Risks) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount $ 288,778   $ 288,778   $ 301,234
Estimated Fair Value Assets 8,241   8,241   8,737
Estimated Fair Value Liabilities 7,347   7,347   $ 6,298
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net 4 $ 26 $ (6) $ 27  
Maximum Length of Time Hedged in Cash Flow Hedge     5 years   5 years
Accumulated Other Comprehensive Income Loss 25   $ 25   $ 166
Cash Flow Hedges [Member]          
Derivatives, Fair Value [Line Items]          
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0  
Not Designated as Hedging Instrument, Economic Hedge | Derivative Contract [Domain]          
Derivatives, Fair Value [Line Items]          
Derivative, Gain (Loss) on Derivative, Net     (385) (501)  
Derivatives Designated as Hedging Instruments:          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 65,275   65,275   64,155
Estimated Fair Value Assets 4,389   4,389   4,215
Estimated Fair Value Liabilities 3,823   3,823   3,320
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member]          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 6,661   6,661   6,475
Estimated Fair Value Assets 1,131   1,131   1,312
Estimated Fair Value Liabilities 743   743   600
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 4,978   4,978   4,550
Estimated Fair Value Assets 1,094   1,094   1,257
Estimated Fair Value Liabilities 644   644   535
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 1,333   1,333   1,475
Estimated Fair Value Assets 37   37   55
Estimated Fair Value Liabilities 12   12   0
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency forwards          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 350   350   450
Estimated Fair Value Assets 0   0   0
Estimated Fair Value Liabilities 87   87   65
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member]          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 55,208   55,208   54,177
Estimated Fair Value Assets 2,666   2,666   2,509
Estimated Fair Value Liabilities 3,080   3,080   2,712
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 4,155   4,155   4,156
Estimated Fair Value Assets 0   0   1
Estimated Fair Value Liabilities 353   353   265
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 5,590   5,590   6,115
Estimated Fair Value Assets 33   33   51
Estimated Fair Value Liabilities 1,008   1,008   938
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 45,463   45,463   43,906
Estimated Fair Value Assets 2,633   2,633   2,457
Estimated Fair Value Liabilities 1,719   1,719   1,509
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member]          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 3,406   3,406   3,503
Estimated Fair Value Assets 592   592   394
Estimated Fair Value Liabilities 0   0   8
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Foreign currency forwards          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 406   406   503
Estimated Fair Value Assets 51   51   0
Estimated Fair Value Liabilities 0   0   8
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Currency options          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 3,000   3,000   3,000
Estimated Fair Value Assets 541   541   394
Estimated Fair Value Liabilities 0   0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments:          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 223,503   223,503   237,079
Estimated Fair Value Assets 3,852   3,852   4,522
Estimated Fair Value Liabilities 3,524   3,524   2,978
Derivative, Gain (Loss) on Derivative, Net (715) $ (1,257) (1,926) $ (1,660)  
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 29,726   29,726   29,801
Estimated Fair Value Assets 1,459   1,459   1,497
Estimated Fair Value Liabilities 1,276   1,276   1,102
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate forwards          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 2,816   2,816   2,383
Estimated Fair Value Assets 42   42   69
Estimated Fair Value Liabilities 82   82   36
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 9,228   9,228   15,321
Estimated Fair Value Assets 34   34   41
Estimated Fair Value Liabilities 0   0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 27,152   27,152   30,016
Estimated Fair Value Assets 245   245   373
Estimated Fair Value Liabilities 0   0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 1,853   1,853   1,243
Estimated Fair Value Assets 4   4   1
Estimated Fair Value Liabilities 3   3   5
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 42,377   42,377   43,926
Estimated Fair Value Assets 232   232   385
Estimated Fair Value Liabilities 153   153   103
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 48,982   48,982   49,066
Estimated Fair Value Assets 0   0   0
Estimated Fair Value Liabilities 0   0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 10,716   10,716   11,891
Estimated Fair Value Assets 1,210   1,210   1,200
Estimated Fair Value Liabilities 140   140   356
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 13,657   13,657   14,128
Estimated Fair Value Assets 29   29   310
Estimated Fair Value Liabilities 1,398   1,398   806
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency futures          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 292   292   314
Estimated Fair Value Assets 0   0   2
Estimated Fair Value Liabilities 0   0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency options          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 320   320   50
Estimated Fair Value Assets 35   35   0
Estimated Fair Value Liabilities 35   35   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 2,812   2,812   2,877
Estimated Fair Value Assets 7   7   3
Estimated Fair Value Liabilities 72   72   79
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 13,952   13,952   12,468
Estimated Fair Value Assets 247   247   233
Estimated Fair Value Liabilities 5   5   5
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 1,790   1,790   2,163
Estimated Fair Value Assets 10   10   8
Estimated Fair Value Liabilities 7   7   11
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 14,714   14,714   19,421
Estimated Fair Value Assets 297   297   399
Estimated Fair Value Liabilities 250   250   255
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 96   96   99
Estimated Fair Value Assets 0   0   0
Estimated Fair Value Liabilities 3   3   2
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 2,020   2,020   1,912
Estimated Fair Value Assets 1   1   1
Estimated Fair Value Liabilities 100   100   218
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Longevity Swaps          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 1,000   1,000   0
Derivative Liability, Not Subject to Master Netting Arrangement 0   0   0
Derivative Asset, Not Subject to Master Netting Arrangement 0   0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Derivatives hedging MRBs          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 14,145   14,145   15,001
Estimated Fair Value Assets 136   136   112
Estimated Fair Value Liabilities 988   988   1,038
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Contract          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 9,107   9,107   9,096
Estimated Fair Value Assets 24   24   13
Estimated Fair Value Liabilities 762   762   663
Not Designated as Hedging Instrument, Economic Hedge | Foreign currency exchange rate          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 505   505   716
Estimated Fair Value Assets 1   1   22
Estimated Fair Value Liabilities 20   20   2
Not Designated as Hedging Instrument, Economic Hedge | Equity          
Derivatives, Fair Value [Line Items]          
Derivative, Notional Amount 4,533   4,533   5,189
Estimated Fair Value Assets 111   111   77
Estimated Fair Value Liabilities $ 206   $ 206   $ 373
v3.24.2.u1
Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income $ (5,205) $ (5,072) $ (10,641) $ (9,717)
Net investment gains (losses) (421) (1,039) (796) (1,723)
Gain (Loss) on Derivative Instruments, Net, Pretax 508 997 1,487 1,087
Policyholder Benefits and Claims Incurred, Net (11,485) (11,809) (21,559) (21,681)
Interest credited to PABs (2,000) (1,933) (4,290) (3,797)
Operating Expenses 3,180 3,133 6,397 6,190
Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (11) (36) (36) (42)
Derivative, Gain (Loss) on Derivative, Net 715 1,257 1,926 1,660
Operating Expenses 0 0 0 0
Fair Value Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 (2) (2) (2)
Net investment gains (losses) (7) (2) (11) (12)
Policyholder Benefits and Claims Incurred, Net (7) (14) (13) (14)
Interest credited to PABs (2) (1) (1) (1)
Operating Expenses 0 0 0 0
Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (7) (14) (16) (29)
Net investment gains (losses) (12) 79 (27) 81
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Interest credited to PABs 0 0 0 0
Operating Expenses 0 0 0 1
Other Comprehensive Income (Loss), before Tax (157) (737) (141) (482)
Net Investment Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) 0 0 0 0
Other Comprehensive Income (Loss), before Tax 201 185 381 233
Foreign Exchange Forward [Member] | Net Investment Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), before Tax       206
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment gains (losses) 0 0 0 0
Other Comprehensive Income (Loss), before Tax 184 160 344  
Interest Rate Contract | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (5) (13) (13) (27)
Net investment gains (losses) (3) 55 (1) 60
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs 0 0 0 0
Operating Expenses 0 0 0 0
Other Comprehensive Income (Loss), before Tax (2) (68) (12) (87)
Credit forwards [Member] | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Net investment gains (losses) 1 0 1 0
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs 0 0 0 0
Operating Expenses 0 0 0 0
Other Comprehensive Income (Loss), before Tax (1) 0 (1) 0
Currency Swap [Member] | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (2) (1) (3) (2)
Net investment gains (losses) (8) 200 (376) 311
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs 0 0 0 0
Operating Expenses 0 0 0 1
Other Comprehensive Income (Loss), before Tax 6 (201) 373 (314)
Derivative [Member] | Fair Value Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Net investment gains (losses) 0 10 4 0
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs 0 0 0 0
Operating Expenses 0 0 0 0
Derivative [Member] | Interest rate swaps | Fair Value Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 (1)
Net investment gains (losses) 0 0 0 0
Policyholder Benefits and Claims Incurred, Net 41 135 150 9
Interest credited to PABs (15) (35) (58) (1)
Operating Expenses 0 0 0 0
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (2) (5) (2) (22)
Net investment gains (losses) (26) (51) (57) (54)
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs (7) (13) (31) (13)
Operating Expenses 0 0 0 0
Debt Securities [Member] | Interest rate swaps | Fair Value Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 (1) 0 0
Net investment gains (losses) 0 0 0 0
Policyholder Benefits and Claims Incurred, Net 34 121 137 (5)
Interest credited to PABs (13) (34) (55) (2)
Operating Expenses 0 0 0 0
Debt Securities [Member] | Currency Swap [Member] | Fair Value Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (2) (4) 0 (21)
Net investment gains (losses) 19 39 42 42
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs (7) (11) (35) (11)
Operating Expenses 0 0 0 0
Non-derivative [Domain] [Member] | Net Investment Hedging [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), before Tax 17 25 37 27
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Net investment gains (losses) (2) (176) 349 (290)
Derivative, Gain (Loss) on Derivative, Net 0 0 0 0
Policyholder Benefits and Claims Incurred, Net 0 0 0 0
Interest credited to PABs 0 0 0 0
Operating Expenses 0 0 0 0
Other Comprehensive Income (Loss), before Tax 0 0 0 0
Accumulated Other Comprehensive Income (Loss) | Credit forwards [Member] | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), before Tax 0 (1) 0 (1)
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), before Tax 104 (262) (19) (422)
Accumulated Other Comprehensive Income (Loss) | Interest rate swaps | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Other Comprehensive Income (Loss), before Tax (264) (205) (482) 342
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Derivative, Gain (Loss) on Derivative, Net 564 800 1,270 962
Credit derivatives — purchased | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Derivative, Gain (Loss) on Derivative, Net (9) 18 (2) 31
Credit derivatives — written | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Derivative, Gain (Loss) on Derivative, Net 12 (85) (22) (88)
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (11) (36) (36) (42)
Derivative, Gain (Loss) on Derivative, Net 108 409 450 921
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Derivative, Gain (Loss) on Derivative, Net 218 434 571 276
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income 0 0 0 0
Derivative, Gain (Loss) on Derivative, Net (178) (319) (341) (442)
Net Derivative Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (53) (32) (83) (75)
Net investment gains (losses) 0 $ 0 0 $ 0
Derivative, Gain (Loss) on Derivative, Net (180)   (361)  
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Gain (Loss) on Derivative Instruments, Net, Pretax   Gain (Loss) on Derivative Instruments, Net, Pretax
Policyholder Benefits and Claims Incurred, Net 2 $ (3) 6 $ (8)
Interest credited to PABs (44) (34) (93) (68)
Other Comprehensive Income (Loss), before Tax 0 0 0 0
Net Embedded Derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Derivative Instruments, Net, Pretax 8 (18) 40 (35)
Policyholder Benefits and Claims Incurred, Net 0 0    
Synthetic GICs [Member] | Not Designated as Hedging Instrument [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Gain (Loss) on Derivative, Net (19)   (38)  
Gain (Loss) on Derivative Instruments, Net, Pretax   (18)   (36)
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Net investment income (49) (8) (65) (60)
Net investment gains (losses) (19) 77 (38) 69
Derivative, Gain (Loss) on Derivative, Net 508 997 1,487 1,087
Policyholder Benefits and Claims Incurred, Net 9 11 19 6
Interest credited to PABs 46 33 92 67
Operating Expenses 0 0 0 1
Other Comprehensive Income (Loss), before Tax $ 44 $ (552) $ 240 $ (249)
v3.24.2.u1
Derivatives (Fair Value Hedges) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Collateral, Right to Reclaim Cash $ 80 $ 98
Fixed maturity securities AFS | Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) (100) (111)
Debt Instruments, Carrying Amount 370 454
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) 3 3
Mortgages | Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instruments, Carrying Amount 223 359
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) (5) (11)
Future policy benefits [Member] | Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instruments, Carrying Amount 2,661 2,863
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) 337 191
Policyholder Account Balances [Member] | Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instruments, Carrying Amount 2,252 1,911
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) $ 170 $ 25
v3.24.2.u1
Derivatives (Cash Flow Hedges) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]          
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net $ 4 $ 26 $ (6) $ 27  
Maximum Length of Time Hedged in Cash Flow Hedge     5 years   5 years
Accumulated Other Comprehensive Income Loss $ 25   $ 25   $ 166
v3.24.2.u1
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivatives used in Net Investment Hedge, Net of Tax $ 1,100 $ 681
Debt Designated as Non-derivative Hedging Instrument $ 261 $ 298
v3.24.2.u1
Derivatives (Credit Derivatives) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 242 $ 228
Maximum Amount of Future Payments under Credit Default Swaps $ 13,952 $ 12,468
Weighted Average Years to Maturity 3 years 9 months 18 days 4 years 6 months
Aaa/Aa/A    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 83 $ 82
Maximum Amount of Future Payments under Credit Default Swaps $ 4,227 $ 3,980
Weighted Average Years to Maturity 2 years 7 months 6 days 2 years 7 months 6 days
Aaa/Aa/A | Single name credit default swaps (3)    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 1 $ 2
Maximum Amount of Future Payments under Credit Default Swaps $ 102 $ 150
Weighted Average Years to Maturity 1 year 6 months 1 year 7 months 6 days
Aaa/Aa/A | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 82 $ 80
Maximum Amount of Future Payments under Credit Default Swaps $ 4,125 $ 3,830
Weighted Average Years to Maturity 2 years 7 months 6 days 2 years 8 months 12 days
Baa    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 151 $ 146
Maximum Amount of Future Payments under Credit Default Swaps $ 9,524 $ 8,287
Weighted Average Years to Maturity 4 years 4 months 24 days 5 years 3 months 18 days
Baa | Single name credit default swaps (3)    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 1 $ 1
Maximum Amount of Future Payments under Credit Default Swaps $ 93 $ 99
Weighted Average Years to Maturity 1 year 9 months 18 days 2 years 1 month 6 days
Baa | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 150 $ 145
Maximum Amount of Future Payments under Credit Default Swaps $ 9,431 $ 8,188
Weighted Average Years to Maturity 4 years 4 months 24 days 5 years 4 months 24 days
B    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 9 $ 2
Maximum Amount of Future Payments under Credit Default Swaps $ 129 $ 129
Weighted Average Years to Maturity 4 years 6 months 5 years
B | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 9 $ 2
Maximum Amount of Future Payments under Credit Default Swaps $ 129 $ 129
Weighted Average Years to Maturity 4 years 6 months 5 years
Caa    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ (3) $ (4)
Maximum Amount of Future Payments under Credit Default Swaps $ 30 $ 30
Weighted Average Years to Maturity 2 years 2 years 6 months
Caa | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ (3) $ (4)
Maximum Amount of Future Payments under Credit Default Swaps $ 30 $ 30
Weighted Average Years to Maturity 2 years 2 years 6 months
Ba    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 2 $ 2
Maximum Amount of Future Payments under Credit Default Swaps $ 42 $ 42
Weighted Average Years to Maturity 2 years 1 month 6 days 2 years 7 months 6 days
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 $ 17 $ 17
Weighted Average Years to Maturity 1 year 7 months 6 days 2 years 1 month 6 days
Ba | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 2 $ 2
Maximum Amount of Future Payments under Credit Default Swaps $ 25 $ 25
Weighted Average Years to Maturity 2 years 6 months 3 years
v3.24.2.u1
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Estimated fair value of derivative assets presented in the consolidated balance sheets $ 8,420 $ 8,918
Estimated fair value of derivative liabilities presented in the consolidated balance sheets 7,436 6,307
Net amount of derivative assets after application of master netting agreements and cash collateral 69 183
Net amount of derivative liabilities after application of master netting agreements and cash collateral 19 19
Over the Counter [Member]    
Offsetting Assets [Line Items]    
Gross estimated fair value of derivative assets 8,203 8,749
Gross estimated fair value of derivative liabilities 7,053 6,014
Gross estimated fair value of derivative assets (3,513) (3,568)
Gross estimated fair value of derivative liabilities (3,513) (3,568)
Cash collateral on derivative assets (3,272) (3,448)
Cash collateral on derivative liabilities 0 0
Securities collateral on derivative assets (1,380) (1,563)
Securities collateral on derivative liabilities (3,522) (2,427)
Cleared [Member]    
Offsetting Assets [Line Items]    
Gross estimated fair value of derivative assets 203 158
Gross estimated fair value of derivative liabilities 373 277
Gross estimated fair value of derivative assets (23) (5)
Gross estimated fair value of derivative liabilities (23) (5)
Cash collateral on derivative assets (162) (150)
Cash collateral on derivative liabilities (298) (239)
Securities collateral on derivative assets 0 0
Securities collateral on derivative liabilities (51) (33)
Exchange-traded    
Offsetting Assets [Line Items]    
Gross estimated fair value of derivative assets 14 11
Gross estimated fair value of derivative liabilities 10 16
Gross estimated fair value of derivative assets (1) (1)
Gross estimated fair value of derivative liabilities (1) (1)
Cash collateral on derivative assets 0 0
Cash collateral on derivative liabilities (2) (5)
Securities collateral on derivative assets 0 0
Securities collateral on derivative liabilities $ (7) $ (10)
v3.24.2.u1
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Credit Derivatives [Line Items]    
Estimated fair value of derivatives in a net liability position (1) $ 3,540 $ 2,447
Derivative, Collateral, Right to Reclaim Cash 80 98
Derivative Asset, Fair Value, Amount Not Offset Against Collateral 8,420 8,918
Derivative Liability, Fair Value, Amount Not Offset Against Collateral 7,436 6,307
Derivative Asset, Fair Value, Amount Offset Against Collateral 69 183
Derivative Liability, Fair Value, Amount Offset Against Collateral 19 19
Derivative assets 8,241 8,737
Derivative liabilities 7,347 6,298
Derivative, Collateral, Obligation to Return Cash 150 163
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged 0  
Collateral Amount Not Provided Due to Downgrade Threshold 15  
Exchange Traded [Member]    
Credit Derivatives [Line Items]    
Derivative, Collateral, Right to Reclaim Securities 169 137
Gross estimated fair value of derivative assets 14 11
Gross estimated fair value of derivative liabilities 10 16
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset (1) (1)
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset (1) (1)
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset 0 0
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset (2) (5)
Derivative Asset, Collateral, Obligation to Return Securities, Offset 0 0
Derivative Liability, Collateral, Right to Reclaim Securities, Offset (7) (10)
Over the Counter [Member]    
Credit Derivatives [Line Items]    
Derivative, Collateral, Right to Reclaim Securities 1,200 1,500
Gross estimated fair value of derivative assets 8,203 8,749
Gross estimated fair value of derivative liabilities 7,053 6,014
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset (3,513) (3,568)
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset (3,513) (3,568)
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset (3,272) (3,448)
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset 0 0
Derivative Asset, Collateral, Obligation to Return Securities, Offset (1,380) (1,563)
Derivative Liability, Collateral, Right to Reclaim Securities, Offset (3,522) (2,427)
Derivative, Collateral, Obligation to Return Securities 499 298
Exchange Cleared [Member]    
Credit Derivatives [Line Items]    
Derivative, Collateral, Right to Reclaim Securities 808 945
Gross estimated fair value of derivative assets 203 158
Gross estimated fair value of derivative liabilities 373 277
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset (23) (5)
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset (23) (5)
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset (162) (150)
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset (298) (239)
Derivative Asset, Collateral, Obligation to Return Securities, Offset 0 0
Derivative Liability, Collateral, Right to Reclaim Securities, Offset (51) (33)
Fixed maturity securities AFS    
Credit Derivatives [Line Items]    
Estimated fair value of collateral provided: 3,998 3,017
Accrued Liabilities [Member]    
Credit Derivatives [Line Items]    
Derivative assets 179 181
Derivative liabilities 89 9
Derivatives Subject to Credit- Contingent Provisions    
Credit Derivatives [Line Items]    
Estimated fair value of derivatives in a net liability position (1) 3,501 2,443
Derivatives Subject to Credit- Contingent Provisions | Fixed maturity securities AFS    
Credit Derivatives [Line Items]    
Estimated fair value of collateral provided: 3,942 3,011
Derivatives Not Subject to Credit- Contingent Provisions    
Credit Derivatives [Line Items]    
Estimated fair value of derivatives in a net liability position (1) 39 4
Derivatives Not Subject to Credit- Contingent Provisions | Fixed maturity securities AFS    
Credit Derivatives [Line Items]    
Estimated fair value of collateral provided: $ 56 $ 6
v3.24.2.u1
Derivatives (Embedded Derivatives) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Total $ (55) $ (93)
Funds withheld and guarantees on reinsurance | Other liabilities    
Derivatives, Fair Value [Line Items]    
Total (113) (70)
Fixed annuities with equity indexed returns [Member] | Policyholder account balances    
Derivatives, Fair Value [Line Items]    
Total $ (168) $ (163)
v3.24.2.u1
Derivatives (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivatives, Fair Value [Line Items]          
Maximum Amount of Future Payments under Credit Default Swaps $ 13,952   $ 13,952   $ 12,468
Estimated Fair Value Assets 8,241   8,241   8,737
Estimated Fair Value Liabilities 7,347   7,347   6,298
Excess securities collateral received on derivatives 150   150   $ 163
Collateral Amount Not Provided Due to Downgrade Threshold 15   15    
Derivative Instrument Detail [Abstract]          
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges 4 $ 26 $ (6) $ 27  
Hedging exposure to variability in future cash flows for specific length of time     5 years   5 years
Accumulated Other Comprehensive Income Loss 25   $ 25   $ 166
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges 1,100   1,100   681
Excess securities collateral provided on derivatives 80   80   98
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged 0   0    
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months     42    
Over the Counter [Member]          
Derivatives, Fair Value [Line Items]          
Excess securities collateral received on derivatives (499)   (499)   (298)
Excess securities collateral provided on derivatives (1,200)   (1,200)   (1,500)
Cash collateral on derivative assets (3,272)   (3,272)   (3,448)
Exchange-traded          
Derivatives, Fair Value [Line Items]          
Excess securities collateral provided on derivatives (169)   (169)   (137)
Cash collateral on derivative assets 0   0   0
Accrued Liabilities [Member]          
Derivatives, Fair Value [Line Items]          
Estimated Fair Value Assets 179   179   181
Estimated Fair Value Liabilities $ 89   $ 89   $ 9
v3.24.2.u1
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS $ 277,736 $ 281,412
Equity securities 754 757
Unit-linked and FVO securities 10,106 10,331
Short-term investments 3,804 6,045
Derivative assets 8,241 8,737
Market risk benefits, at estimated fair value 356 286
Separate account assets 139,707 144,634
Liabilities [Abstract]    
Derivative liabilities 7,347 6,298
Embedded derivatives within liability host contracts 55 93
Market risk benefits, at estimated fair value 2,618 3,179
Separate account liabilities 139,707 144,634
Recurring    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 277,736 281,412
Equity securities 754 757
Unit-linked and FVO securities 10,106 10,331
Short-term investments 3,529 5,797
Other investments 1,630 1,386
Derivative assets 8,241 8,737
Market risk benefits, at estimated fair value 356 286
Reinsured MRB Assets 11 18
Separate account assets 139,707 144,634
Total assets 442,070 453,358
Investments, fair value 52 52
Liabilities [Abstract]    
Derivative liabilities 7,347 6,298
Embedded derivatives within liability host contracts 55 93
Market risk benefits, at estimated fair value 2,618 3,179
Total liabilities 10,023 9,578
Recurring | Interest rate    
Assets [Abstract]    
Derivative assets 3,143 3,675
Liabilities [Abstract]    
Derivative liabilities 3,519 2,984
Recurring | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 4,536 4,418
Liabilities [Abstract]    
Derivative liabilities 3,391 2,744
Recurring | Credit    
Assets [Abstract]    
Derivative assets 254 236
Liabilities [Abstract]    
Derivative liabilities 77 84
Recurring | Equity market contracts    
Assets [Abstract]    
Derivative assets 308 408
Liabilities [Abstract]    
Derivative liabilities 360 486
Recurring | Separate account liabilities    
Liabilities [Abstract]    
Separate account liabilities 3 8
Recurring | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 80,678 80,717
Recurring | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 53,419 55,444
Recurring | Foreign government    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 40,054 45,489
Recurring | U.S. government and agency    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 33,238 32,252
Recurring | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 32,616 29,096
Recurring | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 17,775 17,294
Recurring | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 10,470 11,171
Recurring | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 9,486 9,949
Recurring | Level 1    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 16,700 15,330
Equity securities 415 429
Unit-linked and FVO securities 7,397 7,520
Short-term investments 2,389 5,103
Other investments 42 48
Derivative assets 14 11
Market risk benefits, at estimated fair value 0 0
Reinsured MRB Assets 0 0
Separate account assets 64,100 66,229
Total assets 91,057 94,670
Liabilities [Abstract]    
Derivative liabilities 10 16
Embedded derivatives within liability host contracts 0 0
Market risk benefits, at estimated fair value 0 0
Total liabilities 10 20
Recurring | Level 1 | Interest rate    
Assets [Abstract]    
Derivative assets 4 1
Liabilities [Abstract]    
Derivative liabilities 3 5
Recurring | Level 1 | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 0 2
Liabilities [Abstract]    
Derivative liabilities 0 0
Recurring | Level 1 | Credit    
Assets [Abstract]    
Derivative assets 0 0
Liabilities [Abstract]    
Derivative liabilities 0 0
Recurring | Level 1 | Equity market contracts    
Assets [Abstract]    
Derivative assets 10 8
Liabilities [Abstract]    
Derivative liabilities 7 11
Recurring | Level 1 | Separate account liabilities    
Liabilities [Abstract]    
Separate account liabilities 0 4
Recurring | Level 1 | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | Foreign government    
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 16,700 15,327
Recurring | Level 1 | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 3
Recurring | Level 1 | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 2    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 225,888 233,135
Equity securities 77 79
Unit-linked and FVO securities 1,613 1,708
Short-term investments 1,130 667
Other investments 515 363
Derivative assets 8,207 8,688
Market risk benefits, at estimated fair value 0 0
Reinsured MRB Assets 0 0
Separate account assets 74,485 77,258
Total assets 311,915 321,898
Liabilities [Abstract]    
Derivative liabilities 7,242 6,101
Embedded derivatives within liability host contracts 0 0
Market risk benefits, at estimated fair value 0 0
Total liabilities 7,245 6,105
Recurring | Level 2 | Interest rate    
Assets [Abstract]    
Derivative assets 3,139 3,674
Liabilities [Abstract]    
Derivative liabilities 3,434 2,805
Recurring | Level 2 | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 4,523 4,393
Liabilities [Abstract]    
Derivative liabilities 3,378 2,737
Recurring | Level 2 | Credit    
Assets [Abstract]    
Derivative assets 254 228
Liabilities [Abstract]    
Derivative liabilities 77 84
Recurring | Level 2 | Equity market contracts    
Assets [Abstract]    
Derivative assets 291 393
Liabilities [Abstract]    
Derivative liabilities 353 475
Recurring | Level 2 | Separate account liabilities    
Liabilities [Abstract]    
Separate account liabilities 3 4
Recurring | Level 2 | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 66,333 67,003
Recurring | Level 2 | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 38,524 40,813
Recurring | Level 2 | Foreign government    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 40,014 45,438
Recurring | Level 2 | U.S. government and agency    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 16,538 16,925
Recurring | Level 2 | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 30,428 27,495
Recurring | Level 2 | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 15,172 15,191
Recurring | Level 2 | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 10,469 11,171
Recurring | Level 2 | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 8,410 9,099
Recurring | Level 3    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 35,148 32,947
Equity securities 262 249
Unit-linked and FVO securities 1,096 1,103
Short-term investments 10 27
Other investments 1,073 975
Derivative assets 20 38
Market risk benefits, at estimated fair value 356 286
Reinsured MRB Assets 11 18
Separate account assets 1,122 1,147
Total assets 39,098 36,790
Liabilities [Abstract]    
Derivative liabilities 95 181
Embedded derivatives within liability host contracts 55 93
Market risk benefits, at estimated fair value 2,618 3,179
Total liabilities 2,768 3,453
Recurring | Level 3 | Interest rate    
Assets [Abstract]    
Derivative assets 0 0
Liabilities [Abstract]    
Derivative liabilities 82 174
Recurring | Level 3 | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 13 23
Liabilities [Abstract]    
Derivative liabilities 13 7
Recurring | Level 3 | Credit    
Assets [Abstract]    
Derivative assets 0 8
Liabilities [Abstract]    
Derivative liabilities 0 0
Recurring | Level 3 | Equity market contracts    
Assets [Abstract]    
Derivative assets 7 7
Liabilities [Abstract]    
Derivative liabilities 0 0
Recurring | Level 3 | Separate account liabilities    
Liabilities [Abstract]    
Separate account liabilities 0 0
Recurring | Level 3 | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 14,345 13,714
Recurring | Level 3 | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 14,895 14,631
Recurring | Level 3 | Foreign government    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 40 51
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 2,188 1,598
Recurring | Level 3 | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 2,603 2,103
Recurring | Level 3 | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 1 0
Recurring | Level 3 | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS $ 1,076 $ 850
v3.24.2.u1
Fair Value (Quantitative Information) (Details)
Jun. 30, 2024
Dec. 31, 2023
Minimum | Interest rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 428 367
Minimum | Foreign currency exchange rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 185 185
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0 0
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0004 0.0004
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0 0
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0039 0.0039
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0039 0.0039
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0010 0.0010
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0020 0.0020
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0 0
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.1634 0.0805
Minimum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0011 0.0038
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 52 4
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 27 0
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 90 86
Minimum | RMBS | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 0 0
Minimum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 3 3
Maximum | Interest rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 452 399
Maximum | Foreign currency exchange rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 237 399
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0015 0.0015
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0075 0.0075
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 1 1
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.2010 0.2010
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.15 0.15
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.15 0.15
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.22 0.22
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.20 0.20
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.2185 0.2185
Maximum | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0146 0.0159
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 125 131
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 111 110
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 100 102
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 116 112
Maximum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 103 101
Weighted Average | Interest rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 437 385
Weighted Average | Foreign currency exchange rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 227 193
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0005 0.0005
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0022 0.0022
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0123 0.0123
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0872 0.0872
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0434 0.0434
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0459 0.0459
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0044 0.0044
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0447 0.0447
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.1855 0.1855
Weighted Average | Market Risk Benefits and Reinsured Market Risk Benefits direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
MRBs and Reinsured MRBs direct, assumed and ceded guaranteed minimum benefits 0.0073 0.0073
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 91 93
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 93 92
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 96 96
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 95 93
Weighted Average | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 96 93
v3.24.2.u1
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
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 $ 17 $ 13 $ (14) $ 31
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (9) (48) (21) 7
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Balance, beginning of period (139) 53 (143) (170)
Total realized/unrealized gains (losses) included in net income (loss) 17 32 (16) 38
Total realized/unrealized gains (losses) included in AOCI (15) (41) (40) 46
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 135 (1)
Settlements 67 (3) 0 33
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 (5) (255) (11) (160)
Balance, end of period (75) (214) (75) (214)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 17 13 (14) 31
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (9) (48) (21) 7
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 8 (17) 40 (35)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Balance, beginning of period (62) (44) (93) (17)
Total realized/unrealized gains (losses) included in net income (loss) 8 (18) 40 (35)
Total realized/unrealized gains (losses) included in AOCI 0 0 0 0
Purchases 0 0 0 0
Sales 0 0 0 0
Issuances 0 0 0 0
Settlements (1) (2) (2) (12)
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Balance, end of period (55) (64) (55) (64)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 8 (17) 40 (35)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Corporate fixed maturity securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 28,503 25,676 28,345 24,401
Total realized/unrealized gains (losses) included in net income (loss) (46) (8) (52) (17)
Total realized/unrealized gains (losses) included in AOCI (294) (369) (678) 343
Purchases 1,940 1,122 3,078 2,408
Sales (794) (527) (1,406) (1,064)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 72 210 109 391
Transfers out of Level 3 (141) (136) (156) (494)
Balance, end of period 29,240 25,968 29,240 25,968
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (9) (8) (3) (20)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (314) (379) (686) 321
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 (9) (8) (3) (20)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (314) (379) (686) 321
Foreign government        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 45 46 51 103
Total realized/unrealized gains (losses) included in net income (loss) 0 (1) 2 (1)
Total realized/unrealized gains (losses) included in AOCI (4) 3 (5) 2
Purchases 0 5 0 13
Sales (1) (4) (3) (12)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 11 0 10
Transfers out of Level 3 0 0 (5) (55)
Balance, end of period 40 60 40 60
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 (1) 2 (1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (4) 3 (5) 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 (1) 2 (1)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (4) 3 (5) 2
Structured Products        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 5,277 4,553 4,551 4,269
Total realized/unrealized gains (losses) included in net income (loss) 12 2 15 (7)
Total realized/unrealized gains (losses) included in AOCI (5) (43) 40 (24)
Purchases 1,343 272 1,582 413
Sales (168) (112) (340) (239)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 86 71 165 212
Transfers out of Level 3 (678) (189) (146) (70)
Balance, end of period 5,867 4,554 5,867 4,554
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 11 4 15 3
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (7) (45) 35 (26)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 11 4 15 3
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (7) (45) 35 (26)
Municipals        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 0 0 0 0
Total realized/unrealized gains (losses) included in net income (loss) 0 0 0 0
Total realized/unrealized gains (losses) included in AOCI 0 0 0 0
Purchases 2 7 2 7
Sales (1) 0 (1) 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Balance, end of period 1 7 1 7
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Equity Securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 253 258 249 259
Total realized/unrealized gains (losses) included in net income (loss) (11) (1) (8) 6
Total realized/unrealized gains (losses) included in AOCI 0 0 0 0
Purchases 27 0 31 2
Sales (7) (7) (10) (17)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 0
Balance, end of period 262 250 262 250
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (10) 1 (3) (3)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (10) 1 (3) (3)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Unit-linked and FVO Securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 1,093 1,011 1,103 787
Total realized/unrealized gains (losses) included in net income (loss) 36 50 67 95
Total realized/unrealized gains (losses) included in AOCI 0 0 0 0
Purchases 112 190 114 205
Sales (139) (193) (165) (26)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 1
Transfers out of Level 3 (6) (1) (23) (5)
Balance, end of period 1,096 1,057 1,096 1,057
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 36 50 67 94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 36 50 67 94
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Short-term Investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 14 58 27 57
Total realized/unrealized gains (losses) included in net income (loss) 0 0 0 0
Total realized/unrealized gains (losses) included in AOCI 0 (1) (1) 0
Purchases 6 5 10 17
Sales (10) (44) (26) (47)
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 0 0
Transfers out of Level 3 0 0 0 (9)
Balance, end of period 10 18 10 18
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 (1) 0 (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 0 0 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 (1) 0 (1)
Other Investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 1,171 928 975 926
Total realized/unrealized gains (losses) included in net income (loss) 0 23 12 25
Total realized/unrealized gains (losses) included in AOCI 0 0 0 0
Purchases 42 13 47 13
Sales (140) 0 (140) 0
Issuances 0 0 0 0
Settlements 0 0 0 0
Transfers into Level 3 0 0 179 0
Transfers out of Level 3 0 0 0 0
Balance, end of period 1,073 964 1,073 964
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (5) 23 8 26
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (5) 23 8 26
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Separate Accounts        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 1,142 1,202 1,147 1,210
Total realized/unrealized gains (losses) included in net income (loss) (8) (17) (37) (39)
Total realized/unrealized gains (losses) included in AOCI 0 0 0 0
Purchases 44 72 83 170
Sales (56) (21) (67) (110)
Issuances 0 0 0 0
Settlements 0 0 0 1
Transfers into Level 3 0 12 3 16
Transfers out of Level 3 0 0 (7) 0
Balance, end of period 1,122 1,248 1,122 1,248
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0 0 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Total mortgage loans $ 89,802   $ 89,802   $ 92,506
Other invested assets, at estimated fair value (2) 18,131   18,131   18,202
Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Assets, Fair Value Adjustment (105) $ (54) (154) $ (141)  
Level 3 | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Total mortgage loans 970   970   474
Other invested assets, at estimated fair value (2) $ 63   $ 63   $ 63
v3.24.2.u1
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets    
Policy loans $ 8,691 $ 8,788
Liabilities    
Collateral financing arrangement 555 637
Junior subordinated debt securities 3,163 3,161
Separate account liabilities 139,707 144,634
Carrying Value    
Assets    
Mortgage loans 89,802 92,506
Policy loans 8,691 8,788
Other invested assets 1,259 919
Premiums, reinsurance and other receivables 5,446 5,182
Other assets 241 268
Liabilities    
Policyholder account balances 139,397 138,233
Long-term debt 14,790 15,516
Collateral financing arrangement 555 637
Junior subordinated debt securities 3,163 3,161
Other liabilities 10,783 10,556
Separate account liabilities 71,446 75,705
Estimated Fair Value    
Assets    
Mortgage loans 84,495 87,753
Policy loans 9,273 9,516
Other invested assets 1,259 919
Premiums, reinsurance and other receivables 5,347 5,191
Other assets 242 266
Liabilities    
Policyholder account balances 133,722 134,025
Long-term debt 14,236 15,621
Collateral financing arrangement 483 551
Junior subordinated debt securities 3,550 3,552
Other liabilities 10,369 10,260
Separate account liabilities 71,446 75,705
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 0
Other invested assets 715 714
Premiums, reinsurance and other receivables 1,290 791
Other assets 77 82
Liabilities    
Policyholder account balances 0 0
Long-term debt 14,236 15,621
Collateral financing arrangement 0 0
Junior subordinated debt securities 3,550 3,552
Other liabilities 1,537 609
Separate account liabilities 71,446 75,705
Estimated Fair Value | Level 3    
Assets    
Mortgage loans 84,495 87,753
Policy loans 9,273 9,516
Other invested assets 544 205
Premiums, reinsurance and other receivables 4,057 4,400
Other assets 165 184
Liabilities    
Policyholder account balances 133,722 134,025
Long-term debt 0 0
Collateral financing arrangement 483 551
Junior subordinated debt securities 0 0
Other liabilities 8,832 9,651
Separate account liabilities $ 0 $ 0
v3.24.2.u1
Long-Term Debt (Narrative) (Details)
£ in Millions, $ in Millions, ¥ in Billions
 1 Months Ended 3 Months Ended
Apr. 30, 2024
USD ($)
Apr. 30, 2024
GBP (£)
Jun. 30, 2024
USD ($)
Jun. 05, 2024
USD ($)
Apr. 11, 2024
Mar. 07, 2024
USD ($)
Mar. 07, 2024
JPY (¥)
JPY senior debt $744 million March 2029 to 2059              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount | $           $ 752  
Payments of Debt Issuance Costs | $     $ 6        
JYP senior debt 7.1 billion March 2029              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           1.009% 1.009%
JYP senior debt 23.1 billion March 2031              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           1.415% 1.415%
JYP senior debt 16.7 billion March 2034              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           1.67% 1.67%
JYP senior debt 11.2 billion March 2039              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           1.953% 1.953%
JYP senior debt 15.5 billion March 2044              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           2.195% 2.195%
JYP senior debt 23.5 billion March 2054              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           2.39% 2.39%
JYP senior debt 15.2 billion March 2059              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           2.448% 2.448%
JPY senior debt 7.1 billion March 2029              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             ¥ 7.1
JPY senior debt 23.1 billion March 2031              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             23.1
JPY senior debt 16.7 billion March 2034              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             16.7
JPY senior debt 11.2 billion March 2039              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             11.2
JPY senior debt 15.5 billion March 2044              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             15.5
JPY senior debt 23.5 billion March 2054              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             23.5
JPY senior debt 15.2 billion March 2059              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Face Amount             ¥ 15.2
senior debt Sterling 350 million 5.3753% due Dec 2024              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage         5.375%    
Early Repayment of Senior Debt $ 438 £ 350          
senior debt $500M 5.30% due December 2034              
Debt Instrument, Redemption [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage       5.30%      
Debt Instrument, Face Amount | $       $ 500      
Payments of Debt Issuance Costs | $     $ 4        
v3.24.2.u1
Equity Equity (Preferred Stock Classification) (Details) - shares
Jun. 30, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 200,000,000 200,000,000
Preferred Stock, Shares Issued 25,572,200 25,572,200
Preferred Stock, Shares Outstanding 25,572,200 25,572,200
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 27,600,000 27,600,000
Preferred Stock, Shares Issued 24,000,000 24,000,000
Preferred Stock, Shares Outstanding 24,000,000 24,000,000
Series D Preferred Stock    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 500,000 500,000
Preferred Stock, Shares Issued 500,000 500,000
Preferred Stock, Shares Outstanding 500,000 500,000
Series E Preferred Stock    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 32,200 32,200
Preferred Stock, Shares Issued 32,200 32,200
Preferred Stock, Shares Outstanding 32,200 32,200
Series F Preferred Stock [Member]    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 40,000 40,000
Preferred Stock, Shares Issued 40,000 40,000
Preferred Stock, Shares Outstanding 40,000 40,000
Series G Preferred Stock    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 1,000,000 1,000,000
Preferred Stock, Shares Issued 1,000,000 1,000,000
Preferred Stock, Shares Outstanding 1,000,000 1,000,000
Series A Junior Preferred Stock    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Not Designated Preferred Stock    
Class of Stock [Line Items]    
Preferred Stock, Shares Authorized 160,827,800 160,827,800
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
v3.24.2.u1
Equity Equity (Preferred Stock Dividends) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dividends Payable [Line Items]        
Dividends, Preferred Stock, Cash $ 34 $ 32 $ 101 $ 98
Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01        
Dividends Payable [Line Items]        
Preferred Stock, Dividends Per Share, Declared $ 0.430 $ 0.375 $ 0.850 $ 0.736
Dividends, Preferred Stock, Cash $ 10 $ 9 $ 20 $ 18
Series D Preferred Stock        
Dividends Payable [Line Items]        
Preferred Stock, Dividends Per Share, Declared $ 0 $ 0 $ 29.375 $ 29.375
Dividends, Preferred Stock, Cash $ 0 $ 0 $ 15 $ 15
Series E Preferred Stock        
Dividends Payable [Line Items]        
Preferred Stock, Dividends Per Share, Declared $ 351.563 $ 351.563 $ 703.126 $ 703.126
Dividends, Preferred Stock, Cash $ 12 $ 11 $ 23 $ 22
Series F Preferred Stock [Member]        
Dividends Payable [Line Items]        
Preferred Stock, Dividends Per Share, Declared $ 296.875 $ 296.875 $ 593.750 $ 593.750
Dividends, Preferred Stock, Cash $ 12 $ 12 $ 24 $ 24
Series G Preferred Stock        
Dividends Payable [Line Items]        
Preferred Stock, Dividends Per Share, Declared $ 0 $ 0 $ 19.250 $ 19.250
Dividends, Preferred Stock, Cash $ 0 $ 0 $ 19 $ 19
v3.24.2.u1
Equity (Common Stock Repurchase Authorization) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
May 01, 2024
May 25, 2023
May 03, 2023
May 04, 2022
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Authorized Amount   $ 3,000 $ 1,000 $ 3,000 $ 3,000
May32023Authorization          
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 0        
May252023Authorization          
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Remaining Authorized Repurchase Amount 75        
May2022Authorization          
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Remaining Authorized Repurchase Amount 0        
May 1 2024 Repurchase Authorization          
Equity, Class of Treasury Stock [Line Items]          
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 3,000        
v3.24.2.u1
Equity (Common Stock - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity [Abstract]            
Treasury Stock, Shares, Acquired         28,872,993 23,665,630
Treasury Stock, Value, Acquired, Cost Method, Net Of Excise Tax         $ 2,000 $ 1,500
Treasury Stock, Value, Acquired, Cost Method $ 863 $ 1,183 $ 678 $ 787    
v3.24.2.u1
Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Minimum    
Equity - Stock-based Compensation Plans [Line Items]    
Future Performance Factor   0.00%
Maximum    
Equity - Stock-based Compensation Plans [Line Items]    
Future Performance Factor   175.00%
Performance Shares    
Equity - Stock-based Compensation Plans [Line Items]    
Performance Factor   147.50%
Vested in period   1,048,303
Issued in period 1,546,247  
Performance Units    
Equity - Stock-based Compensation Plans [Line Items]    
Vested in period   118,848
Paid in period 175,301  
v3.24.2.u1
Equity (Dividend Restrictions - Narrative) (Details)
$ in Billions
 6 Months Ended
Jun. 30, 2024
USD ($)
Equity [Abstract]  
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries $ 1.1
v3.24.2.u1
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance $ 28,796 $ 32,423 $ 30,253 $ 30,125
Ending Balance 27,540 30,492 27,540 30,492
Accumulated Other Comprehensive Income (Loss)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (19,771) (19,147) (19,242) (22,621)
OCI before reclassifications (1,463) (2,372) (2,525) 1,607
Deferred income tax benefit (expense) 354 513 463 (354)
AOCI before reclassifications, net of income tax (20,880) (21,006) (21,304) (21,368)
Amounts reclassified from AOCI 283 801 817 1,265
Deferred income tax benefit (expense) (139) (181) (249) (283)
Amounts reclassified from AOCI, net of income tax 144 620 568 982
Ending Balance (20,736) (20,386) (20,736) (20,386)
Unrealized Investment Gains (Losses), Net of Related Offsets        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (16,813) (16,354) (14,506) (22,646)
OCI before reclassifications (3,373) (3,173) (6,492) 4,410
Deferred income tax benefit (expense) 810 739 1,509 (989)
AOCI before reclassifications, net of income tax (19,376) (18,788) (19,489) (19,225)
Amounts reclassified from AOCI 248 1,040 393 1,606
Deferred income tax benefit (expense) (59) (231) (91) (360)
Amounts reclassified from AOCI, net of income tax 189 809 302 1,246
Ending Balance (19,187) (17,979) (19,187) (17,979)
Unrealized Gains (Losses) on Derivatives        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance 202 1,748 183 1,557
OCI before reclassifications (160) (468) (501) (81)
Deferred income tax benefit (expense) 128 114 204 17
AOCI before reclassifications, net of income tax 170 1,394 (114) 1,493
Amounts reclassified from AOCI 3 (269) 360 (401)
Deferred income tax benefit (expense) (74) 54 (147) 87
Amounts reclassified from AOCI, net of income tax (71) (215) 213 (314)
Ending Balance 99 1,179 99 1,179
FPBs Discount Rate Remeasurement Gains (Losses)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance 4,773 2,748 2,658 6,115
OCI before reclassifications 2,373 1,471 5,084 (2,898)
Deferred income tax benefit (expense) (540) (300) (1,136) 702
AOCI before reclassifications, net of income tax 6,606 3,919 6,606 3,919
Amounts reclassified from AOCI 0 0 0 0
Deferred income tax benefit (expense) 0 0 0 0
Amounts reclassified from AOCI, net of income tax 0 0 0 0
Ending Balance 6,606 3,919 6,606 3,919
MRBs Instrument Specific Credit Risk Remeasurement Gains (Losses)        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (47) 186 27 107
OCI before reclassifications (33) (99) (127) 1
Deferred income tax benefit (expense) 7 21 27 0
AOCI before reclassifications, net of income tax (73) 108 (73) 108
Amounts reclassified from AOCI 0 0 0 0
Deferred income tax benefit (expense) 0 0 0 0
Amounts reclassified from AOCI, net of income tax 0 0 0 0
Ending Balance (73) 108 (73) 108
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (6,465) (6,119) (6,158) (6,377)
OCI before reclassifications (268) (102) (485) 180
Deferred income tax benefit (expense) (52) (61) (142) (85)
AOCI before reclassifications, net of income tax (6,785) (6,282) (6,785) (6,282)
Amounts reclassified from AOCI 0 0 0 0
Deferred income tax benefit (expense) 0 0 0 0
Amounts reclassified from AOCI, net of income tax 0 0 0 0
Ending Balance (6,785) (6,282) (6,785) (6,282)
Defined Benefit Plans Adjustment        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (1,421) (1,356) (1,446) (1,377)
OCI before reclassifications (2) (1) (4) (5)
Deferred income tax benefit (expense) 1 0 1 1
AOCI before reclassifications, net of income tax (1,422) (1,357) (1,449) (1,381)
Amounts reclassified from AOCI 32 30 64 60
Deferred income tax benefit (expense) (6) (4) (11) (10)
Amounts reclassified from AOCI, net of income tax 26 26 53 50
Ending Balance $ (1,396) $ (1,331) $ (1,396) $ (1,331)
v3.24.2.u1
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]            
Net investment gains (losses) $ (421)   $ (1,039)   $ (796) $ (1,723)
Net investment income 5,205   5,072   10,641 9,717
Net derivative gains (losses) (508)   (997)   (1,487) (1,087)
Other expenses 3,180   3,133   6,397 6,190
Income (loss) from continuing operations before provision for income tax 1,202   430   2,247 687
Income tax (expense) benefit (249)   (22)   (419) (194)
Net income (loss) 953 $ 875 408 $ 85 1,828 493
Reclassification out of Accumulated Other Comprehensive Income            
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]            
Net income (loss) (144)   (620)   (568) (982)
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) (250)   (1,079)   (409) (1,690)
Net investment income 1   3   0 5
Net derivative gains (losses) 1   36   16 79
Income (loss) from continuing operations before provision for income tax (248)   (1,040)   (393) (1,606)
Income tax (expense) benefit 59   231   91 360
Net income (loss) (189)   (809)   (302) (1,246)
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 (3)   269   (360) 401
Income tax (expense) benefit 74   (54)   147 (87)
Net income (loss) 71   215   (213) 314
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest Rate Contract            
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]            
Net investment gains (losses) (3)   55   (1) 60
Net investment income 5   13   13 27
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps            
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]            
Net investment gains (losses) (8)   200   (376) 311
Net investment income 2   1   3 2
Other expenses 0   0   0 1
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 gains (losses) 1   0   1 0
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) (34)   (32)   (69) (65)
Amortization of prior service (costs) credit 2   2   5 5
Income (loss) from continuing operations before provision for income tax (32)   (30)   (64) (60)
Income tax (expense) benefit 6   4   11 10
Net income (loss) $ (26)   $ (26)   $ (53) $ (50)
v3.24.2.u1
Other Revenues and Other Expenses Other Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 558 $ 546 $ 1,135 $ 1,108
Other revenues 638 621 1,312 1,260
Vision fee for service arrangements        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 130 143 276 302
Prepaid legal plans        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 145 130 293 261
Fee-based investment management        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 98 103 196 203
Administrative services-only contracts        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 69 64 136 128
Recordkeeping and administrative services (1)        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 37 38 75 75
Other revenue from service contracts from customers        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 79 68 159 139
Other Income        
Disaggregation of Revenue [Line Items]        
Other revenues $ 80 $ 75 $ 177 $ 152
v3.24.2.u1
Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Receivables related to revenues from service contracts from customers $ 231 $ 243
v3.24.2.u1
Other Expenses (Other Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Abstract]        
Employee-related costs (1) $ 900 $ 896 $ 1,850 $ 1,829
Third-party staffing costs 362 360 711 704
General and administrative expenses 153 187 301 330
Pension, postretirement and postemployment benefit costs 65 59 130 118
Premium taxes, other taxes, and licenses & fees 171 184 347 345
Commissions and other variable expenses 1,462 1,447 2,965 2,864
Capitalization of DAC (683) (729) (1,423) (1,447)
Amortization of DAC and VOBA 499 479 1,007 949
Amortization of negative VOBA (6) (6) (12) (13)
Interest expense on debt 257 256 521 511
Total other expenses 3,180 3,133 6,397 6,190
Net change in cash surrender value of investments, net of premiums paid $ (27) $ (34) $ (77) $ (72)
v3.24.2.u1
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pension Benefits        
Net periodic benefit costs [Abstract]        
Service costs $ 41 $ 37 $ 81 $ 75
Interest costs 114 117 228 235
Expected return on plan assets (115) (121) (230) (241)
Amortization of net actuarial (gains) losses 41 39 83 78
Amortization of prior service costs (credit) (3) (3) (6) (6)
Net periodic benefit costs (credit) 78 69 156 141
Other Postretirement Benefits        
Net periodic benefit costs [Abstract]        
Service costs 1 0 2 1
Interest costs 10 10 20 21
Expected return on plan assets (14) (15) (28) (28)
Amortization of net actuarial (gains) losses (6) (7) (14) (15)
Amortization of prior service costs (credit) 0 0 0 0
Net periodic benefit costs (credit) $ (9) $ (12) $ (20) $ (21)
v3.24.2.u1
Income Tax (Narrative) (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective Income Tax Rate Reconciliation, Percent 21.00% 5.00% 19.00% 28.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00% 21.00%
v3.24.2.u1
Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Weighted Average Shares:            
Weighted average common stock outstanding - basic 710.5   765.9   716.8 770.6
Incremental common shares from assumed exercise or issuance of stock-based awards 4.2   3.7   4.7 4.8
Weighted average common stock outstanding - diluted 714.7   769.6   721.5 775.4
Net Income (Loss):            
Net income (loss) $ 953 $ 875 $ 408 $ 85 $ 1,828 $ 493
Less: Net income (loss) attributable to noncontrolling interests 7   6   15 11
Less: Preferred stock dividends 34 $ 67 32 $ 66 101 98
Net income (loss) available to MetLife, Inc.’s common shareholders $ 912   $ 370   $ 1,712 $ 384
Basic $ 1.28   $ 0.48   $ 2.39 $ 0.50
Diluted $ 1.28   $ 0.48   $ 2.37 $ 0.50
v3.24.2.u1
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Claims
Jun. 30, 2023
Claims
Dec. 31, 2023
Claims
Minimum      
Loss Contingencies      
Loss Contingency, Range of Possible Loss, Portion Not Accrued $ 0    
Maximum      
Loss Contingencies      
Loss Contingency, Range of Possible Loss, Portion Not Accrued $ 125    
Asbestos Related Claims      
Loss Contingencies      
Asbestos-Related Claims | Claims 1,556 1,306 2,565
v3.24.2.u1
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Contingencies, Commitments and Guarantees [Abstract]    
Cumulative maximum indemnities and guarantees contractual limitation $ 636  
Liabilities for indemnities, guarantees and commitments 19 $ 19
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  
Mortgage Loan Commitments    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability 3,000 4,000
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 $ 8,700 $ 9,200