METLIFE INC, 10-Q filed on 5/5/2022
Quarterly Report
v3.22.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2022
Apr. 29, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Entity Registrant Name MetLife, Inc.  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
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   813,205,926
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
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 $0.01  
Trading Symbol MET PRA  
Security Exchange Name NYSE  
Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 5.625% Non-Cumulative Preferred Stock, Series E  
Trading Symbol MET PRE  
Security Exchange Name NYSE  
Depositary Shares, each representing a 1/1,000th interest in a share of 4.75% Non-Cumulative Preferred Stock, Series F    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest ina share of 4.75% Non-Cumulative Preferred Stock, Series F  
Trading Symbol MET PRF  
Security Exchange Name NYSE  
v3.22.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Investments:    
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $313,872 and $310,884, respectively; allowance for credit loss of $355 and $91, respectively) $ 320,079 $ 340,274
Equity securities 988 1,269
Contractholder-directed equity securities and fair value option securities, at estimated fair value 11,418 12,142
Mortgage loans (net of allowance for credit loss of $615 and $634, respectively; includes $119 and $127, respectively, under the fair value option) 79,968 79,353
Policy loans 9,036 9,111
Real estate and real estate joint ventures (includes $284 and $240, respectively, under the fair value option and $175 and $175, respectively, of real estate held-for-sale) 12,379 12,216
Other limited partnership interests 14,570 14,625
Short-term investments, principally at estimated fair value 3,146 7,176
Other invested assets (includes $2,013 and $1,930, respectively, of leveraged and direct financing leases; $356 and $351, respectively, relating to variable interest entities and allowance for credit loss of $37 and $40, respectively) 18,696 18,655
Total investments 470,280 494,821
Cash and cash equivalents, principally at estimated fair value 23,488 20,047
Accrued investment income 3,251 3,185
Premiums, reinsurance and other receivables 17,926 17,149
Deferred policy acquisition costs and value of business acquired 18,409 16,061
Current income tax recoverable 39 184
Goodwill 9,510 9,535
Assets held-for-sale 4,582 7,238
Other assets 11,743 11,615
Separate account assets 165,056 179,873
Total assets 724,284 759,708
Liabilities    
Future policy benefits 195,789 199,721
Policyholder account balances 206,762 203,473
Other policy-related balances 19,553 17,751
Policyholder dividends payable 450 478
Policyholder dividend obligation 0 1,682
Payables for collateral under securities loaned and other transactions 30,481 31,920
Short-term debt 323 341
Long-term debt 13,848 13,933
Collateral financing arrangement 754 766
Junior subordinated debt securities 3,156 3,156
Deferred income tax liability 5,690 9,693
Liabilities held-for-sale 4,297 6,634
Other liabilities 23,888 22,538
Separate account liabilities 165,056 179,873
Total liabilities 670,047 691,959
Contingencies, Commitments and Guarantees (Note 14)
MetLife, Inc.’s stockholders’ equity:    
Preferred stock, par value $0.01 per share; $3,905 and $3,905 aggregate liquidation preference, respectively 0 0
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,189,427,155 and 1,186,540,473 shares issued, respectively; 814,805,526 and 825,540,267 shares outstanding, respectively 12 12
Additional paid-in capital 33,531 33,511
Retained earnings 41,406 41,197
Treasury stock, at cost; 374,621,629 and 361,000,206 shares, respectively (19,072) (18,157)
Accumulated other comprehensive income (loss) (1,912) 10,919
Total MetLife, Inc.’s stockholders’ equity 53,965 67,482
Noncontrolling interests 272 267
Total equity 54,237 67,749
Total liabilities and equity $ 724,284 $ 759,708
v3.22.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Assets    
Amortized Cost $ 313,872 $ 310,884
Amortized cost of fixed maturity securities valuation allowances 355 91
Mortgage loans valuation allowances 615 634
Residential mortgage loans — FVO 79,968 79,353
Real estate and real estate joint ventures - FVO 12,379 12,216
Real Estate Held-for-sale 175 175
Other Invested Assets - Leveraged and Direct Financing Leases 2,013 1,930
Other invested assets - VIE 18,696 18,655
Net Investment in Lease, Allowance for Credit Loss $ 37 $ 40
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 1,189,427,155 1,186,540,473
Common stock, shares outstanding 814,805,526 825,540,267
Treasury stock, shares 374,621,629 361,000,206
Residential mortgage loans - FVO    
Assets    
Residential mortgage loans — FVO $ 119 $ 127
Real estate and real estate joint venture [Member]    
Assets    
Real estate and real estate joint ventures - FVO 284 240
Variable interest entities    
Assets    
Other invested assets - VIE $ 356 $ 351
v3.22.1
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Premiums $ 10,771 $ 10,327
Universal life and investment-type product policy fees 1,418 1,391
Net investment income 4,284 5,314
Other revenues 660 631
Net investment gains (losses) (518) 134
Net derivative gains (losses) (859) (2,235)
Total revenues 15,756 15,562
Expenses    
Policyholder benefits and claims 11,193 10,523
Interest credited to policyholder account balances 630 1,351
Policyholder dividends 198 247
Other expenses 3,020 3,150
Total expenses 15,041 15,271
Income (loss) before provision for income tax 715 291
Provision for income tax expense (benefit) 41 (72)
Net income (loss) 674 363
Less: Net income (loss) attributable to noncontrolling interests 5 5
Net income (loss) attributable to MetLife, Inc. 669 358
Less: Preferred stock dividends 63 68
Net income (loss) available to MetLife, Inc.’s common shareholders 606 290
Comprehensive income (loss) (12,159) (7,312)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax 3 5
Comprehensive income (loss) attributable to MetLife, Inc. $ (12,162) $ (7,317)
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:    
Basic $ 0.74 $ 0.33
Diluted $ 0.73 $ 0.33
v3.22.1
Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings
Treasury Stock at Cost
Accumulated Other Comprehensive Income (Loss)
Total MetLife, Inc.'s Stockholders' Equity
Noncontrolling Interests
Beginning Balance at Dec. 31, 2020 $ 74,817 $ 0 $ 12 $ 33,812 $ 36,491 $ (13,829) $ 18,072 $ 74,558 $ 259
Treasury stock acquired in connection with share repurchases (999)         (999)   (999)  
Stock-based compensation 98     98       98  
Dividends on preferred stock (68)       (68)     (68)  
Dividends on common stock (408)       (408)     (408)  
Change in equity of noncontrolling interests 9             0 9
Net income (loss) 363       358     358 5
Other comprehensive income (loss), net of income tax $ (7,675)           (7,675) (7,675) 0
Dividend Per Share $ 0.460                
Ending Balance at Mar. 31, 2021 $ 66,137 0 12 33,910 36,373 (14,828) 10,397 65,864 273
Beginning Balance at Dec. 31, 2021 67,749 0 12 33,511 41,197 (18,157) 10,919 67,482 267
Treasury stock acquired in connection with share repurchases (915)         (915)   (915)  
Stock-based compensation 20     20       20  
Dividends on preferred stock (63)       (63)     (63)  
Dividends on common stock (397)       (397)     (397)  
Change in equity of noncontrolling interests 2             0 2
Net income (loss) 674       669     669 5
Other comprehensive income (loss), net of income tax $ (12,833)           (12,831) (12,831) (2)
Dividend Per Share $ 0.480                
Ending Balance at Mar. 31, 2022 $ 54,237 $ 0 $ 12 $ 33,531 $ 41,406 $ (19,072) $ (1,912) $ 53,965 $ 272
v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Cash Flows [Abstract]    
Net cash provided by (used in) operating activities $ 1,954 $ 1,496
Cash flows from investing activities    
Sales, maturities and repayments of fixed maturity securities available-for-sale 19,737 24,976
Sales, maturities and repayments of equity securities 384 156
Sales, maturities and repayments of mortgage loans 3,404 3,663
Sales, maturities and repayments of real estate and real estate joint ventures 83 106
Sales, maturities and repayments of other limited partnership interests 901 174
Purchases of fixed maturity securities available-for-sale (22,616) (22,143)
Purchases of equity securities (133) (12)
Purchases of mortgage loans (3,956) (2,877)
Purchases of real estate and real estate joint ventures (286) (236)
Purchases of other limited partnership interests (761) (682)
Cash received in connection with freestanding derivatives 1,092 1,358
Cash paid in connection with freestanding derivatives (1,914) (4,788)
Purchases of investments in operating joint ventures (240) 0
Net change in policy loans 35 85
Net change in short-term investments 3,986 (828)
Net change in other invested assets (223) (23)
Other, net 81 17
Net cash provided by (used in) investing activities (426) (1,054)
Cash flows from financing activities    
Policyholder account balances: Deposits 28,335 25,722
Policyholder account balances: Withdrawals (23,653) (23,527)
Net change in payables for collateral under securities loaned and other transactions (1,331) (1,426)
Cash paid for other transactions with tenors greater than three months 0 (100)
Long-term debt repaid (10) (15)
Collateral financing arrangement repaid (12) (12)
Financing element on certain derivative instruments and other derivative related transactions, net 105 326
Treasury stock acquired in connection with share repurchases (940) (999)
Dividends on preferred stock (63) (68)
Dividends on common stock (397) (408)
Other, net (83) (57)
Net cash provided by (used in) financing activities 1,951 (564)
Effect of change in foreign currency exchange rates on cash and cash equivalents balances (84) (192)
Change in cash and cash equivalents 3,395 (314)
Cash and cash equivalents, including subsidiaries held-for-sale, beginning of period 20,116 20,560
Cash and cash equivalents, including subsidiaries held-for-sale, end of period 23,511 20,246
Cash and cash equivalents, subsidiaries held-for-sale, beginning of period 69 765
Cash and cash equivalents, subsidiaries held-for-sale, end of period 23 611
Cash and cash equivalents, beginning of period 20,047 19,795
Cash and cash equivalents, end of period 23,488 19,635
Supplemental disclosures of cash flow information    
Net cash paid for Interest 150 153
Net cash paid (received) for Income tax 95 281
Non-cash transactions:    
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions 1,258 0
Real estate and real estate joint ventures acquired in satisfaction of debt 2 170
Increase in equity securities due to in-kind distributions received from other limited partnership interests 46 62
Increase in policyholder account balances associated with funding agreement backed notes issued but not settled $ 0 $ 400
v3.22.1
Business, Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business, Basis of Presentation and Summary of Significant Accounting Policies 1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the COVID-19 pandemic. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2021 Annual Report.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of 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 or the fair value option (“FVO”) for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.
Held-for-Sale
The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The business classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the business exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's interim condensed consolidated balance sheets in the period in which the business is classified as held-for-sale. See Note 3 for information on a held-for-sale business. If a component of the Company has either been disposed of or is classified as held-for-sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the results of the component are reported in discontinued operations.
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s interim condensed consolidated financial statements.
Adopted Accounting Pronouncements
The table below describes the impacts of the ASUs recently adopted by the Company.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848): Scope
The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief.
Effective for contract modifications made between March 12, 2020 and December 31, 2022.
The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate (“LIBOR”), affected by reference rate reform.

Contract modifications for invested assets and derivative instruments occurred during 2021 and have continued into 2022. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s interim condensed consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact and will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022.
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
The guidance requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy and can include tax credits and other forms of government assistance. Entities are required to disclose information about (i) the nature of the transactions and the related accounting policy used to account for the transactions; (ii) the line items on the balance sheet and income statement that are affected by the transactions, including the associated amounts; and (iii) the significant terms and conditions of the transactions, including commitments and contingencies.Effective for annual periods beginning January 1, 2022, to be applied prospectively.
The Company is in the process of evaluating and preparing the required annual disclosures, as applicable, to be included in its 2022 consolidated financial statements.
Future Adoption of Accounting Pronouncements
ASUs not listed below were assessed and either determined to be not applicable or are not expected to have a material impact on the Company’s interim condensed consolidated financial statements or disclosures. ASUs issued but not yet adopted as of March 31, 2022 that are currently being assessed and may or may not have a material impact on the Company’s interim condensed consolidated financial statements or disclosures are summarized in the table below.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services—Insurance (Topic 944): Effective Date, as amended by ASU 2020-11, Financial Services—Insurance (Topic 944): Effective Date and Early Application
The guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of deferred policy acquisition costs (“DAC”) for virtually all long-duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The amendments in ASU 2019-09 defer the effective date of ASU 2018-12 to January 1, 2022 for all entities, and the amendments in ASU 2020-11 further defer the effective date of ASU 2018-12 for an additional year to January 1, 2023 for all entities.
January 1, 2023, to be applied retrospectively to January 1, 2021 (with early adoption permitted).
The Company’s implementation efforts and the evaluation of the impacts of the guidance continue to progress. Given the nature and extent of the required changes to a significant portion of the Company’s operations, the adoption of this guidance is expected to have a material impact on its financial position, results of operations, and disclosures, as well as systems, processes, and controls.

The Company expects to adopt the guidance effective January 1, 2023. The modified retrospective approach will be used, except in regard to market risk benefits where the Company will use the full retrospective approach.

The Company has created a governance framework and is managing a detailed implementation plan to support timely application of the guidance. The Company has made progress and continues to refine key accounting policy decisions, technology solutions and internal controls. These activities include, but are not limited to, modifications of actuarial valuation, accounting and financial reporting processes and systems including internal controls.

The most significant transition impacts are expected to be from: (i) the requirement to account for variable annuity guarantees as market risk benefits measured at fair value, (except for the changes in fair value already recognized under an existing accounting model) and (ii) adjustments to Accumulated other comprehensive income (loss) (“AOCI”) for the change in the current discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment contracts and the removal of shadow account balances associated with long-duration products.

Based on factors such as: (i) the measurement of market risk benefits at fair value; and (ii) the difference between the discount rate currently used for measuring the liability for future policy benefits for traditional and limited payment contracts compared to the observed upper medium grade investment yield at the date of transition for this guidance, the Company’s expected impact of adopting this guidance is anticipated to result in a reduction of total equity. The Company continues to evaluate the impact of the guidance on its interim condensed consolidated financial statements.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2022-02, Financial Instruments—Credit Losses
(Topic 326): Troubled Debt Restructurings and Vintage Disclosures
The amendments in the new ASU eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted the current expected credit loss guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases.
January 1, 2023, to be applied prospectively; however, for the transition method related to the recognition and measurement of TDRs, an entity can apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Entities are permitted to early adopt these amendments, including adoption in any interim period, provided that the amendments are adopted as of the beginning of the annual reporting period that includes the interim period of adoption. In addition, entities are permitted to elect to early adopt the amendments related to TDRs accounting and related disclosure enhancements separately from the amendments related to certain vintage disclosures.
The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements and the alternative methods of adoption.
ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
The guidance indicates how to determine whether a contract liability is recognized by the acquirer in a business combination and provides specific guidance on how to recognize and measure acquired contract assets and contract liabilities from revenue contracts in a business combination.
January 1, 2023, to be applied prospectively (with early adoption permitted).
The Company is currently evaluating the impact of the guidance on its interim condensed consolidated financial statements.
v3.22.1
Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information 2. Segment Information
MetLife is organized into five segments: U.S.; Asia; Latin America; EMEA; and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other.
U.S.
The U.S. segment offers a broad range of protection products and services aimed at serving the financial needs of customers throughout their lives. These products are sold to corporations and their respective employees, other institutions and their respective members, as well as individuals. The U.S. segment is organized into two businesses: Group Benefits and Retirement and Income Solutions (“RIS”).
•The Group Benefits business offers products such as term, variable and universal life insurance, dental, group and individual disability, vision and accident & health insurance.
•The RIS business offers a broad range of life and annuity-based insurance and investment products, including stable value and pension risk transfer products, institutional income annuities, structured settlements, 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, accident & health insurance, retirement and savings and credit insurance.
MetLife Holdings
The MetLife Holdings segment consists of operations relating to products and businesses that the Company no longer actively markets in the United States. These include variable, universal, term and whole life insurance, variable, fixed and index-linked annuities and long-term care insurance.
Corporate & Other
Corporate & Other contains various start-up, developing and run-off businesses. Also included in Corporate & Other are: the excess capital, as well as certain charges and activities, not allocated to the segments (including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions and enterprise-wide strategic initiative restructuring charges), interest expense related to the majority of the Company’s outstanding debt, expenses associated with certain legal proceedings and income tax audit issues, the elimination of intersegment amounts (which generally relate to affiliated reinsurance, investment expenses and intersegment loans bearing interest rates commensurate with related borrowings), and the Company’s investment management business (through which the Company provides public fixed income, private capital and real estate investment solutions to institutional investors worldwide).
Financial Measures and Segment Accounting Policies
Adjusted earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, adjusted earnings is also the Company’s GAAP measure of segment performance and is reported below. Adjusted earnings should not be viewed as a substitute for net income (loss). The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.
Adjusted earnings is defined as adjusted revenues less adjusted expenses, net of income tax.
The financial measures of adjusted revenues and adjusted expenses focus on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also include the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. Adjusted revenues also excludes net investment gains (losses) and net derivative gains (losses). Adjusted expenses also excludes goodwill impairments.
The following additional adjustments are made to revenues, in the line items indicated, in calculating adjusted revenues:
•Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB fees”);
•Net investment income: (i) includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment, (ii) excludes post-tax adjusted earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed equity securities, (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP and (v) includes distributions of profits from certain other limited partnership interests that were previously accounted for under the cost method, but are now accounted for at estimated fair value, where the change in estimated fair value is recognized in net investment gains (losses) under GAAP; and
•Other revenues is adjusted for settlements of foreign currency earnings hedges and excludes fees received in association with services provided under transition service agreements (“TSA fees”).
The following additional adjustments are made to expenses, in the line items indicated, in calculating adjusted expenses:
•Policyholder benefits and claims and policyholder dividends excludes: (i) amortization of basis adjustments associated with de-designated fair value hedges of future policy benefits, (ii) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (iii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iv) benefits and hedging costs related to GMIBs (“GMIB costs”) and (v) market value adjustments associated with surrenders or terminations of contracts (“Market value adjustments”);
•Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes certain amounts related to net investment income earned on contractholder-directed equity securities;
•Amortization of DAC and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB fees and GMIB costs and (iii) Market value adjustments;
•Amortization of negative VOBA excludes amounts related to Market value adjustments;
•Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and
•Other expenses excludes: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements costs, and (iii) acquisition, integration and other costs. Other expenses includes TSA fees.
Adjusted earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.
The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms.
Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months ended March 31, 2022 and 2021. The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for adjusted earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.
Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in 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 March 31, 2022U.S.AsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$7,164 $1,553 $732 $509 $776 $(4)$10,730 $41 $10,771 
Universal life and investment-type product policy fees297 448 290 88 269 — 1,392 26 1,418 
Net investment income1,874 1,242 322 41 1,409 104 4,992 (708)4,284 
Other revenues426 21 9 9 44 101 610 50 660 
Net investment gains (losses)— — — — — — — (518)(518)
Net derivative gains (losses)— — — — — — — (859)(859)
Total revenues9,761 3,264 1,353 647 2,498 201 17,724 (1,968)15,756 
Expenses
Policyholder benefits and claims and policyholder dividends7,566 1,228 769 282 1,518 (7)11,356 35 11,391 
Interest credited to policyholder account balances347 498 68 17 202 — 1,132 (502)630 
Capitalization of DAC(23)(392)(113)(101)(7)(3)(639)(11)(650)
Amortization of DAC and VOBA14 288 80 86 76 2 546 (9)537 
Amortization of negative VOBA— (8)— (1)— — (9)— (9)
Interest expense on debt2 — 3 — 1 219 225 — 225 
Other expenses979 837 354 296 236 136 2,838 79 2,917 
Total expenses8,885 2,451 1,161 579 2,026 347 15,449 (408)15,041 
Provision for income tax expense (benefit)183 233 50 16 95 (92)485 (444)41 
Adjusted earnings$693 $580 $142 $52 $377 $(54)1,790 
Adjustments to:
Total revenues(1,968)
Total expenses408 
Provision for income tax (expense) benefit444 
Net income (loss)$674 $674 
Three Months Ended March 31, 2021U.S.AsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustments
Total
Consolidated
(In millions)
Revenues
Premiums$5,699 $1,685 $595 $598 $827 $58 $9,462 $865 $10,327 
Universal life and investment-type product policy fees297 458 270 67 274 — 1,366 25 1,391 
Net investment income2,010 1,264 299 63 1,646 12 5,294 20 5,314 
Other revenues396 18 10 13 62 86 585 46 631 
Net investment gains (losses)— — — — — — — 134 134 
Net derivative gains (losses)— — — — — — — (2,235)(2,235)
Total revenues8,402 3,425 1,174 741 2,809 156 16,707 (1,145)15,562 
Expenses
Policyholder benefits and claims and policyholder dividends6,142 1,297 761 343 1,523 40 10,106 664 10,770 
Interest credited to policyholder account balances359 489 59 24 210 — 1,141 210 1,351 
Capitalization of DAC(18)(435)(95)(127)(8)(3)(686)(89)(775)
Amortization of DAC and VOBA16 314 60 62 54 2 508 82 590 
Amortization of negative VOBA— (7)— (2)— — (9)— (9)
Interest expense on debt1 — 1 — 1 224 227 1 228 
Other expenses911 899 335 349 253 107 2,854 262 3,116 
Total expenses7,411 2,557 1,121 649 2,033 370 14,141 1,130 15,271 
Provision for income tax expense (benefit)207 245 13 21 158 (111)533 (605)(72)
Adjusted earnings$784 $623 $40 $71 $618 $(103)2,033 
Adjustments to:
Total revenues(1,145)
Total expenses(1,130)
Provision for income tax (expense) benefit605 
Net income (loss)$363 $363 
The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:
March 31, 2022December 31, 2021
(In millions)
U.S.
$271,448 $282,741 
Asia
162,336 169,291 
Latin America
62,509 59,763 
EMEA
23,039 27,038 
MetLife Holdings
169,126 179,551 
Corporate & Other
35,826 41,324 
Total
$724,284 $759,708 
v3.22.1
Disposition
 3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Acquisitions and Dispositions 3. Dispositions
Disposition of MetLife Poland and Greece
In July 2021, the Company entered into definitive agreements to sell its wholly-owned subsidiaries in Poland and Greece (collectively, “MetLife Poland and Greece”) to NN Group N.V. for $738 million in total consideration, including a pre-closing dividend of $43 million. In January 2022 and April 2022, the Company completed the sales of its wholly-owned subsidiaries in Greece and Poland, respectively. In connection with the sales, an expected loss of $32 million, net of income tax, was recorded for the three months ended March 31, 2022, which was reflected in net investment gains (losses) and resulted in a total expected loss on the sales of $246 million, net of income tax. MetLife Poland and Greece results of operations are reported in the EMEA segment adjusted earnings through June 30, 2021. See Note 2 for information on accounting for divested business.
MetLife Poland and Greece met the criteria in the second quarter of 2021 to be classified as held-for-sale but did not meet the criteria to be classified as discontinued operations. As a result, the related assets and liabilities are included in the separate held-for-sale line items of the asset and liability sections of the interim condensed consolidated balance sheet until the quarter in which the disposition is completed.
The following table summarizes the assets and liabilities held-for-sale:
March 31, 2022 (1)December 31, 2021 (2)
(In millions)
Assets:
Fixed maturity securities available-for-sale$806 $2,043 
Contractholder-directed equity securities
286 1,114 
Other investments
8 118 
Total investments1,100 3,275 
Cash and cash equivalents23 69 
Deferred policy acquisition costs and value of business acquired
76 138 
Other178 259 
Separate account assets
3,205 3,497 
Total assets held-for-sale$4,582 $7,238 
Liabilities:
Future policy benefits$405 $916 
Policyholder account balances
619 2,005 
Other policy-related balances28 103 
Other40 113 
Separate account liabilities
3,205 3,497 
Total liabilities held-for-sale$4,297 $6,634 
__________________
(1)Includes MetLife Poland assets and liabilities.
(2)Includes MetLife Poland and Greece assets and liabilities.
MetLife Poland and Greece income (loss) before provision for income tax as reflected in the interim condensed consolidated statements of operations was $19 million and $15 million for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
Insurance
 3 Months Ended
Mar. 31, 2022
Insurance [Abstract]  
Insurance 4. Insurance
Guarantees
As discussed in Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report, the Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and certain non-life contingent portions of GMIBs are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 7.
The Company also issues other annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit.
Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at:
March 31, 2022December 31, 2021
In the
Event of Death		At
Annuitization
In the
Event of Death
At
Annuitization
(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2), (3)
$56,925 $20,994 $62,281 $23,121 
Separate account value (1)
$37,883 $19,452 $42,043 $21,508 
Net amount at risk (2)
$2,562 (4)$549 (5)$1,490 (4)$500 (5)
Average attained age of contractholders
69 years68 years68 years66 years
Other Annuity Guarantees:
Total account value (1), (3)
N/A$4,750 N/A$5,002 
Net amount at risk
N/A$193 (6)N/A$196 (6)
Average attained age of contractholders
N/A56 yearsN/A56 years
March 31, 2022December 31, 2021
Secondary
Guarantees		Paid-Up
Guarantees
Secondary
Guarantees
Paid-Up
Guarantees
(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (3)
$13,068 $2,658 $13,678 $2,694 
Net amount at risk (7)
$78,887 $12,422 $78,762 $12,657 
Average attained age of policyholders
54 years66 years55 years66 years
__________________
(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.
(2)Includes amounts, which are not reported on the interim condensed consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan.
(3)Includes the contractholders’ investments in the general account and separate account, if applicable.
(4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.
(5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.
(6)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.
(7)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.
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:
Three Months
Ended
March 31,
20222021
(In millions)
Balance, beginning of period$20,013 $18,591 
Less: Reinsurance recoverables3,121 2,417 
Net balance, beginning of period16,892 16,174 
Incurred related to:
Current period6,948 6,671 
Prior periods (1)388 613 
Total incurred7,336 7,284 
Paid related to:
Current period(3,197)(3,520)
Prior periods(3,677)(3,820)
Total paid(6,874)(7,340)
Reclassified to liabilities held-for-sale— (47)
Net balance, end of period17,354 16,071 
Add: Reinsurance recoverables3,152 3,095 
Balance, end of period (included in future policy benefits and other policy-related balances)$20,506 $19,166 

__________________
(1)The three months ended March 31, 2022 and 2021 include incurred claim activity and claim adjustment expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.
v3.22.1
Closed Block
 3 Months Ended
Mar. 31, 2022
Closed Block Disclosure [Abstract]  
Closed Block 5. 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.
Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.
Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.
Information regarding the closed block liabilities and assets designated to the closed block was as follows at:
March 31, 2022December 31, 2021
(In millions)
Closed Block Liabilities
Future policy benefits
$37,787 $38,046 
Other policy-related balances
312 290 
Policyholder dividends payable
249 253 
Policyholder dividend obligation
— 1,682 
Deferred income tax liability146 210 
Other liabilities
337 263 
Total closed block liabilities
38,831 40,744 
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value
23,412 25,669 
Equity securities, at estimated fair value
14 21 
Mortgage loans
6,462 6,417 
Policy loans
4,149 4,191 
Real estate and real estate joint ventures
547 565 
Other invested assets
551 535 
Total investments
35,135 37,398 
Cash and cash equivalents
203 126 
Accrued investment income
389 384 
Premiums, reinsurance and other receivables
38 50 
Current income tax recoverable
89 81 
Total assets designated to the closed block
35,854 38,039 
Excess of closed block liabilities over assets designated to the closed block
2,977 2,705 
AOCI:
Unrealized investment gains (losses), net of income tax
970 2,562 
Unrealized gains (losses) on derivatives, net of income tax
123 107 
Allocated to policyholder dividend obligation, net of income tax
— (1,329)
Total amounts included in AOCI
1,093 1,340 
Maximum future earnings to be recognized from closed block assets and liabilities
$4,070 $4,045 
Information regarding the closed block policyholder dividend obligation was as follows:
Three Months
Ended
March 31, 2022		Year
Ended
December 31, 2021
(In millions)
Balance, beginning of period
$1,682 $2,969 
Change in unrealized investment and derivative gains (losses)
(1,682)(1,287)
Balance, end of period
$— $1,682 
Information regarding the closed block revenues and expenses was as follows:
Three Months
Ended
March 31,
20222021
(In millions)
Revenues
Premiums
$275 $320 
Net investment income
361 393 
Net investment gains (losses)
(32)6 
Net derivative gains (losses)
3 1 
Total revenues
607 720 
Expenses
Policyholder benefits and claims
483 546 
Policyholder dividends
133 178 
Other expenses
23 25 
Total expenses
639 749 
Revenues, net of expenses before provision for income tax expense (benefit)
(32)(29)
Provision for income tax expense (benefit)
(7)(6)
Revenues, net of expenses and provision for income tax expense (benefit)
$(25)$(23)
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.
v3.22.1
Investments
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments 6. Investments
Fixed Maturity Securities Available-for-Sale
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (“ABS & CLO”), previously disclosed as ABS in the 2021 Annual Report, includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
March 31, 2022December 31, 2021
Amortized
Cost		Gross Unrealized (1)Estimated
Fair
Value		Amortized
Cost		Gross Unrealized (1)Estimated
Fair
Value
Sector
Allowance for
Credit Loss		GainsLossesAllowance for
Credit Loss		Gains
Losses
(In millions)
U.S. corporate$84,609 $(13)$4,622 $2,082 $87,136 $82,694 $(30)$10,651 $281 $93,034 
Foreign corporate
61,061 (102)2,345 2,175 61,129 59,124 (28)5,275 731 63,640 
Foreign government
55,741 (226)3,754 1,987 57,282 56,848 (19)5,603 823 61,609 
U.S. government and agency38,166 — 3,312 1,144 40,334 41,068 — 5,807 276 46,599 
RMBS30,541 — 663 1,124 30,080 29,152 — 1,440 188 30,404 
ABS & CLO
19,640 — 59 394 19,305 18,443 — 185 59 18,569 
Municipals12,109 — 1,247 398 12,958 11,761 — 2,464 13 14,212 
CMBS12,005 (14)143 279 11,855 11,794 (14)476 49 12,207 
Total fixed maturity securities AFS
$313,872 $(355)$16,145 $9,583 $320,079 $310,884 $(91)$31,901 $2,420 $340,274 
_________________
(1)Excludes gross unrealized gains (losses) related to assets held-for-sale; these unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.
The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $176 million and $22 million at March 31, 2022 and December 31, 2021, respectively, with unrealized gains (losses) of $8 million at both March 31, 2022 and December 31, 2021.
Maturities of Fixed Maturity Securities AFS
The amortized cost, net of allowance for credit loss (“ACL”) and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2022:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products		Total Fixed
Maturity
Securities AFS
(In millions)
Amortized cost, net of ACL$8,804 $53,049 $57,391 $132,101 $62,172 $313,517 
Estimated fair value$8,866 $53,469 $58,818 $137,686 $61,240 $320,079 

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.
March 31, 2022December 31, 2021
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 (1)		Estimated
Fair
Value		Gross
Unrealized
Losses (1)		Estimated
Fair
Value		Gross
Unrealized
Losses (1)		Estimated
Fair
Value		Gross
Unrealized
Losses (1)
(Dollars in millions)
U.S. corporate$28,039 $1,726 $2,560 $355 $8,076 $165 $1,499 $116 
Foreign corporate24,694 1,679 3,465 487 10,011 404 2,834 327 
Foreign government14,173 886 6,360 1,071 7,812 319 5,377 502 
U.S. government and agency16,795 724 2,225 420 14,419 138 1,571 138 
RMBS16,253 889 2,143 235 10,363 158 417 30 
ABS & CLO14,605 347 1,127 47 8,150 39 804 20 
Municipals4,175 382 84 16 524 10 65 3 
CMBS6,447 240 757 39 2,664 31 657 18 
Total fixed maturity securities AFS
$125,181 $6,873 $18,721 $2,670 $62,019 $1,264 $13,224 $1,154 
Investment grade$118,393 $6,493 $17,480 $2,498 $58,358 $1,123 $12,022 $1,025 
Below investment grade6,788 380 1,241 172 3,661 141 1,202 129 
Total fixed maturity securities AFS
$125,181 $6,873 $18,721 $2,670 $62,019 $1,264 $13,224 $1,154 
Total number of securities in an unrealized loss position10,263 1,652 4,774 979 
________________
(1)Excludes gross unrealized losses related to assets held-for-sale; these unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.
Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.
The methodology and significant inputs used to determine the amount of credit loss are as follows:
•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.
•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies.
•Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.
With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.
In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.
Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position
Gross unrealized losses on securities without an ACL increased $7.1 billion for the three months ended March 31, 2022 to $9.5 billion primarily due to increases in interest rates, widening credit spreads, and, to a lesser extent, the impact of weakening foreign currencies on certain non-functional currency denominated fixed maturity securities.
Gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater were $2.7 billion at March 31, 2022, or 28% of the total gross unrealized losses on securities without an ACL.
Investment Grade Fixed Maturity Securities AFS
Of the $2.7 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $2.5 billion, or 93%, were related to 1,462 investment grade securities. Unrealized losses on investment grade securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate securities, rising interest rates since purchase.
Below Investment Grade Fixed Maturity Securities AFS
Of the $2.7 billion of gross unrealized losses on securities without an ACL that have been in a continuous gross unrealized loss position for 12 months or greater, $172 million, or 7%, were related to 190 below investment grade securities. Unrealized losses on below investment grade securities are principally related to U.S. corporate and foreign corporate securities (primarily industrial and consumer) and 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, as well as, with respect to fixed-rate securities, rising interest rates since purchase. Management evaluates U.S. corporate and foreign corporate securities based on several factors such as expected cash flows, financial condition and near-term and long-term prospects of the issuers. Management evaluates foreign government securities based on factors impacting the issuers such as expected cash flows, financial condition of the issuers and any country specific economic conditions or public sector programs to restructure foreign government securities.
Current Period Evaluation
At March 31, 2022, with respect to securities in an unrealized loss position without an ACL, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Based on the Company’s current evaluation of its securities in an unrealized loss position without an ACL, the Company concluded that these securities had not incurred a credit loss and should not have an ACL at March 31, 2022.
Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings and collateral valuation.
Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector
The rollforward of ACL for fixed maturity securities AFS by sector is as follows:
U.S.
 Corporate		Foreign
Corporate		Foreign
Government		CMBSTotal
Three Months Ended March 31, 2022(In millions)
Balance, at beginning of period$30 $28 $19 $14 $91 
Additions:
ACL not previously recorded
13 67 207 — 287 
Changes for securities with previously recorded ACL
— 7 — — 7 
Reductions:
Securities sold or exchanged(8)— — — (8)
Write-offs
(22)— — — (22)
Balance, at end of period$13 $102 $226 $14 $355 
Three Months Ended March 31, 2021
Balance, at beginning of period$44 $16 $21 $— $81 
Additions:
ACL not previously recorded
— 21 — 7 28 
Reductions:
Changes for securities with previously recorded ACL
(1)(4)— — (5)
Securities sold or exchanged— — — — — 
Write-offs
— — — — — 
Balance, at end of period$43 $33 $21 $7 $104 
Equity Securities
The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, mutual funds and real estate investment trusts.
March 31, 2022December 31, 2021
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value		CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock$550 $272 $822 $784 $295 $1,079 
Non-redeemable preferred stock169 (3)166 189 1 190 
Total
$719 $269 $988 $973 $296 $1,269 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in Other Comprehensive Income (Loss) (“OCI”).
Contractholder-Directed Equity Securities and FVO Securities
The following table presents these investments by asset type. Contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) are primarily equity securities (including mutual funds) and, to a lesser extent, fixed income investments and cash and cash equivalents.
March 31, 2022December 31, 2021
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
(Dollars in millions)
Unit-linked investments
$8,509 $1,332 $9,841 $8,643 $1,897 $10,540 
FVO Securities
1,261 316 1,577 1,243 359 1,602 
Total
$9,770 $1,648 $11,418 $9,886 $2,256 $12,142 
________________
(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:
 March 31, 2022December 31, 2021
Portfolio SegmentCarrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$51,117 63.9 %$50,553 63.7 %
Agricultural17,882 22.4 18,111 22.8 
Residential11,465 14.4 11,196 14.1 
Total amortized cost
80,464 100.7 79,860 100.6 
Allowance for credit loss(615)(0.8)(634)(0.8)
Subtotal mortgage loans, net79,849 99.9 79,226 99.8 
Residential — FVO119 0.1 127 0.2 
Total mortgage loans, net
$79,968 100.0 %$79,353 100.0 %
The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis, with changes in estimated fair value included in net investment income. See Note 8 for further information.
The amount of net (discounts) premiums and deferred (fees) expenses, included within total amortized cost, primarily attributable to residential mortgage loans was ($717) million and ($759) million at March 31, 2022 and December 31, 2021, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at March 31, 2022 was $184 million, $124 million and $84 million, respectively. The accrued interest income excluded from total amortized cost for commercial, agricultural and residential mortgage loans at December 31, 2021 was $180 million, $161 million and $86 million, respectively.
Purchases of mortgage loans, consisting primarily of residential mortgage loans, were $841 million and $454 million for the three months ended March 31, 2022 and 2021, respectively.
Rollforward of Allowance for Credit Loss for Mortgage Loans by Portfolio Segment
The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
Three Months
Ended
March 31,
20222021
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$340 $88 $206 $634 $252 $106 $232 $590 
Provision (release)(12)15 (21)(18)(5)(14)(30)(49)
Charge-offs, net of recoveries
— — (1)(1)— (13)— (13)
Balance, end of period
$328 $103 $184 $615 $247 $79 $202 $528 
Allowance for Credit Loss Methodology
The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected TDRs (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).
Commercial and Agricultural Mortgage Loan Portfolio Segments
Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural, loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.
Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.
For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.
For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.
Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2022:
Credit Quality Indicator20222021202020192018PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,134 $5,671 $4,841 $5,306 $5,547 $14,767 $2,300 $39,566 77.4 %
65% to 75%
528 1,528 744 2,577 1,404 2,177 — 8,958 17.5 
76% to 80%
5 29 52 411 201 309 — 1,007 2.0 
Greater than 80%
8 — — 4 79 1,495 — 1,586 3.1 
Total
$1,675 $7,228 $5,637 $8,298 $7,231 $18,748 $2,300 $51,117 100.0 %
DSCR:
> 1.20x
$1,652 $6,503 $5,325 $7,582 $6,689 $15,547 $2,300 $45,598 89.2 %
1.00x - 1.20x
— 297 18 76 258 907 — 1,556 3.0 
<1.00x
23 428 294 640 284 2,294 — 3,963 7.8 
Total
$1,675 $7,228 $5,637 $8,298 $7,231 $18,748 $2,300 $51,117 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2022:
Credit Quality Indicator20222021202020192018PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$437 $2,524 $2,765 $1,790 $2,497 $4,855 $1,045 $15,913 89.0 %
65% to 75%
100 328 377 233 116 602 82 1,838 10.3 
76% to 80%
— — — — — 11 — 11 — 
Greater than 80%
— — — 76 — 42 2 120 0.7 
Total
$537 $2,852 $3,142 $2,099 $2,613 $5,510 $1,129 $17,882 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2022:
Credit Quality Indicator20222021202020192018PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$238 $1,296 $421 $1,125 $530 $7,305 $— $10,915 95.2 %
Nonperforming (1)
— 3 9 62 22 454 — 550 4.8 
Total
$238 $1,299 $430 $1,187 $552 $7,759 $— $11,465 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure of $80 million and $70 million at March 31, 2022 and December 31, 2021, respectively.
LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. The amortized cost of commercial and agricultural mortgage loans with an LTV ratio in excess of 100% was $808 million, or 1% of total commercial and agricultural mortgage loans, at March 31, 2022.
Past Due and Nonaccrual Mortgage Loans
The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both March 31, 2022 and December 31, 2021. The Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment. The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DueGreater than 90 Days Past Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021
(In millions)
Commercial$3 $13 $3 $13 $155 $155 
Agricultural169 124 61 16 225 225 
Residential550 450 13 8 537 442 
Total$722 $587 $77 $37 $917 $822 
The amortized cost for nonaccrual commercial, agricultural and residential mortgage loans at beginning of year 2021 was $317 million, $266 million and $534 million, respectively. The amortized cost for nonaccrual agricultural mortgage loans with no ACL was $134 million at both March 31, 2022 and December 31, 2021. There were no nonaccrual commercial or residential mortgage loans without an ACL at either March 31, 2022 or December 31, 2021.
Real Estate and Real Estate Joint Ventures
The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity in earnings from equity method real estate joint ventures. Real estate investments, by income type, as well as income earned, were as follows at and for the periods indicated:
 March 31, 2022December 31, 2021Three Months
Ended
March 31,
 20222021
Income TypeCarrying ValueIncome
(In millions)
Leased real estate investments$5,028 $5,146 $106 $111 
Other real estate investments473 474 32 42 
Real estate joint ventures6,878 6,596 190 23 
Total real estate and real estate joint ventures
$12,379 $12,216 $328 $176 
The carrying value of real estate investments acquired through foreclosure was $181 million at both March 31, 2022 and December 31, 2021. Depreciation expense on real estate investments was $28 million and $30 million for the three months ended March 31, 2022 and 2021, respectively. Real estate investments were net of accumulated depreciation of $901 million and $883 million at March 31, 2022 and December 31, 2021, respectively.
Leases
Leased Real Estate Investments - Operating Leases
The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease. Risk is managed through lessee credit analysis, property type diversification, and geographic diversification.
See Note 8 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a summary of leased real estate investments and income earned, by property type.
Leveraged and Direct Financing Leases
The Company has diversified leveraged and direct financing lease portfolios. Its leveraged leases principally include renewable energy generation facilities, rail cars, commercial real estate and commercial aircraft, and its direct financing leases principally include commercial real estate. These assets are leased through a variety of lease arrangements, which may include options to renew or extend the lease and options for the lessee to purchase the property. Residual values are estimated using available third-party data at inception of the lease. Risk is managed through lessee credit analysis, asset allocation, geographic diversification, and ongoing reviews of estimated residual values, using available third-party data and, in certain leases, linking the amount of future rental receipts to changes in inflation rates. Generally, estimated residual values are not guaranteed by the lessee or a third-party.
Lease receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 10 years, but in certain circumstances can be over 10 years, while the payment periods for direct financing leases generally range from one to 25 years but in certain circumstances can be over 25 years.
The Company records an allowance for expected lifetime credit loss in earnings within investment gains (losses) in an amount that represents the portion of the investment in leases that the Company does not expect to collect, resulting in the investment in leases being presented at the net amount expected to be collected. In determining the ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling leases that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of the lease, and (iii) considering past events and current and forecasted economic conditions. Leases with dissimilar risk characteristics are evaluated individually for credit loss. Expected lifetime credit loss on leveraged lease receivables is estimated using a probability of default and loss given default model, where the probability of default incorporates third party credit ratings of the lessee and the related historical default data. Direct financing leases principally relate to leases of commercial real estate; accordingly, expected lifetime credit loss is estimated on such lease receivables consistent with the methodology for commercial mortgage loans (see “— Mortgage Loans — Allowance for Credit Loss Methodology”). The Company also assesses the non-guaranteed residual values for recoverability by comparison to the current estimated fair value of the leased asset and considers other relevant market information such as independent third-party forecasts, consulting, asset brokerage and investment banking reports and data, comparable market transactions, and factors such as the competitive dynamics impacting specific industries, technological change and obsolescence, government and regulatory rules, tax policy, potential environmental liabilities and litigation.
The investment in leveraged and direct financing leases, net of ACL, was $776 million and $1.2 billion, respectively, at March 31, 2022 and $787 million and $1.1 billion, respectively, at December 31, 2021. The ACL for leveraged and direct financing leases was $37 million and $40 million at March 31, 2022 and December 31, 2021, respectively.
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 $13.4 billion and $9.0 billion, principally at estimated fair value, at March 31, 2022 and December 31, 2021, respectively.
Net Unrealized Investment Gains (Losses)
Unrealized investment gains (losses) on fixed maturity securities AFS and derivatives and the effect on policyholder liabilities, DAC, VOBA and deferred sales inducements (“DSI”) that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI.
The components of net unrealized investment gains (losses), included in AOCI, were as follows:
March 31, 2022December 31, 2021
(In millions)
Fixed maturity securities AFS
$6,413 $29,461 
Derivatives
1,861 2,061 
Other
337 389 
Subtotal
8,611 31,911 
Amounts allocated from:
Policyholder liabilities(427)(4,978)
DAC, VOBA and DSI
(743)(3,208)
Subtotal
(1,170)(8,186)
Deferred income tax benefit (expense)
(2,237)(6,031)
Net unrealized investment gains (losses)
5,204 17,694 
Net unrealized investment gains (losses) attributable to noncontrolling interests
(22)(23)
Net unrealized investment gains (losses) attributable to MetLife, Inc.
$5,182 $17,671 
The changes in net unrealized investment gains (losses) were as follows:
Three Months
Ended
March 31, 2022
(In millions)
Balance, beginning of period
$17,671 
Unrealized investment gains (losses) during the period
(23,300)
Unrealized investment gains (losses) relating to:
Policyholder liabilities4,551 
DAC, VOBA and DSI
2,465 
Deferred income tax benefit (expense)
3,794 
Net unrealized investment gains (losses)
5,181 
Net unrealized investment gains (losses) attributable to noncontrolling interests
1 
Balance, end of period
$5,182 
Change in net unrealized investment gains (losses)
$(12,490)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests
1 
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.
$(12,489)
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 at March 31, 2022 and December 31, 2021, were in fixed income securities of the Japanese government and its agencies of $30.1 billion and $32.7 billion, respectively, and in fixed income securities of the South Korean government and its agencies of $6.5 billion and $7.1 billion, respectively.
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:
March 31, 2022December 31, 2021
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
$20,687 $21,077 $20,900 $20,654 $21,055 $21,319 
Repurchase agreements
$3,392 $3,325 $3,288 $3,416 $3,325 $3,357 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at March 31, 2022 and within fixed maturity securities AFS at December 31, 2021.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual Maturities
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2022December 31, 2021
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
$5,873 $6,392 $7,720 $— $19,985 $5,900 $7,052 $7,055 $— $20,007 
Foreign government
— 328 715 — 1,043 — 285 762 — 1,047 
Agency RMBS— — 49 — 49 — — — — — 
U.S. corporate
— — — — — 1 — — — 1 
Total
$5,873 $6,720 $8,484 $— $21,077 $5,901 $7,337 $7,817 $— $21,055 
Repurchase agreements:
U.S. government and agency
$— $3,325 $— $— $3,325 $— $3,325 $— $— $3,325 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell investments to meet the return obligation, it may have difficulty selling such collateral that is invested in a timely manner, be forced to sell investments in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both.
The securities lending and repurchase agreements reinvestment portfolios consist principally of high quality, liquid, publicly-traded fixed maturity securities AFS, short-term investments, cash equivalents or cash. If the securities, or the reinvestment portfolio become less liquid, liquidity resources within the general account are available to meet any potential cash demands when securities are put back by the counterparty.
Invested Assets on Deposit, 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:
March 31, 2022December 31, 2021
(In millions)
Invested assets on deposit (regulatory deposits)
$1,744 $1,872 
Invested assets held in trust (external reinsurance agreements) (1)1,008 1,114 
Invested assets pledged as collateral (2)26,267 24,261 
Total invested assets on deposit, held in trust and pledged as collateral
$29,019 $27,247 
__________________
(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 $2.0 billion and $2.1 billion at March 31, 2022 and December 31, 2021, respectively.
(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt and short-term debt related to repurchase agreements and a collateral financing arrangement (see Notes 4, 13 and 14 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report) and derivative transactions (see Note 7).

See “— Securities Lending Transactions and Repurchase Agreements” for information regarding securities supporting securities lending transactions and repurchase agreements and Note 5 for information regarding investments designated to the closed block. In addition, the Company’s investment in Federal Home Loan Bank common stock, included within other invested assets, which is considered restricted until redeemed by the issuers, was $791 million and $769 million, at redemption value, at March 31, 2022 and December 31, 2021, respectively.
Variable Interest Entities
The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity.
Consolidated VIEs
Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.
The following table presents the total assets and total liabilities relating to investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:
March 31, 2022December 31, 2021
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets)$293 $1 $292 $1 
Renewable energy partnership (primarily other invested assets)80 1 79 — 
Other investments (primarily other assets)1 — 1 — 
Total
$374 $2 $372 $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:
March 31, 2022December 31, 2021
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$61,959 $61,959 $62,654 $62,654 
Other limited partnership interests
13,285 19,396 13,287 20,720 
Other invested assets
1,456 1,510 1,257 1,314 
Other investments
910 932 776 926 
Total
$77,610 $83,797 $77,974 $85,614 
__________________
(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $6 million and $5 million at March 31, 2022 and December 31, 2021, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.
As described in Note 14, 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 three months ended March 31, 2022 or 2021.
Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
March 31,
Asset Type20222021
(In millions)
Fixed maturity securities AFS
$2,714 $2,753 
Equity securities
7 11 
FVO Securities(65)36 
Mortgage loans
824 863 
Policy loans
116 121 
Real estate and real estate joint ventures
328 176 
Other limited partnership interests
926 1,282 
Cash, cash equivalents and short-term investments
31 25 
Operating joint ventures
18 23 
Other
126 54 
Subtotal investment income5,025 5,344 
Less: Investment expenses
242 237 
Subtotal, net
4,783 5,107 
Unit-linked investments(499)207 
Net investment income
$4,284 $5,314 
Net investment income included realized and unrealized gains (losses) recognized in earnings of ($523) million and $261 million for the three months ended March 31, 2022 and 2021, respectively. The amount includes realized gains (losses) on sales and disposals, primarily related to FVO securities (“FVO Securities”) and Unit-linked investments, of $69 million and $167 million for the three months ended March 31, 2022 and 2021, respectively. The amount also includes unrealized gains (losses), representing changes in estimated fair value, recognized in earnings, primarily related to FVO Securities and Unit-linked investments, of ($592) million and $94 million for the three months ended March 31, 2022 and 2021, respectively.
Changes in estimated fair value subsequent to purchase of FVO Securities and Unit-linked investments still held as of the end of the respective periods and included in net investment income were ($507) million and $197 million for the three months ended March 31, 2022 and 2021, respectively.
Net investment income from equity method investments, comprised primarily of real estate joint ventures, other limited partnership interests, tax credit and renewable energy partnerships and operating joint ventures, was $1.1 billion and $1.3 billion for the three months ended March 31, 2022 and 2021, respectively.
Net Investment Gains (Losses)
Net Investment Gains (Losses) by Asset Type and Transaction Type
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
March 31,
Asset Type20222021
(In millions)
Fixed maturity securities AFS$(598)$(67)
Equity securities
(50)75 
Mortgage loans44 60 
Real estate and real estate joint ventures (excluding changes in estimated fair value)
4 48 
Other limited partnership interests (excluding changes in estimated fair value)
18 (5)
Other gains (losses)
66 23 
Subtotal
(516)134 
Change in estimated fair value of other limited partnership interests and real estate joint ventures7 9 
Non-investment portfolio gains (losses)
(9)(9)
Subtotal
(2)— 
Net investment gains (losses)$(518)$134 
Transaction Type
Realized gains (losses) on investments sold or disposed$(211)$3 
Impairments(40)— 
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings(243)22 
Unrealized net gains (losses) recognized in earnings(15)118 
Total recognized gains (losses)(258)140 
Non-investment portfolio gains (losses)(9)(9)
Net investment gains (losses)$(518)$134 
Net realized investment gains (losses) of ($142) million and $170 million for the three months ended March 31, 2022 and 2021, respectively, represent realized gains (losses) on sales and disposals from all invested asset classes, including realized gains (losses) on sales and disposals recognized in net investment income, primarily related to FVO Securities and Unit-linked investments.
Changes in estimated fair value subsequent to purchase of equity securities still held as of the end of the period included in net investment gains (losses) were ($24) million and $71 million for the three months ended March 31, 2022 and 2021, respectively.
Other gains (losses) included $18 million and $29 million reclassified from AOCI to earnings due to the sale of certain investments that were hedged in qualifying cash flow hedges for the three months ended March 31, 2022 and 2021, respectively.
Net investment gains (losses) includes gains (losses) from foreign currency transactions of $123 million and $9 million for the three months ended March 31, 2022 and 2021, respectively.
Fixed Maturity Securities AFS and Equity Securities – Composition of Net Investment Gains (Losses)
The composition of net investment gains (losses) for these securities is as follows:
Three Months
Ended
March 31,
Fixed Maturity Securities AFS20222021
(In millions)
Proceeds
$14,024 $15,640 
Gross investment gains
$109 $218 
Gross investment (losses)(403)(259)
Realized gains (losses) on sales and disposals(294)(41)
Net credit loss (provision) release (change in ACL recognized in earnings)(264)(26)
Impairment (loss)
(40)— 
Net credit loss (provision) release and impairment (loss)(304)(26)
Net investment gains (losses)$(598)$(67)
Equity Securities
Realized gains (losses) on sales and disposals$(30)$(32)
Unrealized net gains (losses) recognized in earnings(20)107 
Net investment gains (losses)$(50)$75 
v3.22.1
Derivatives
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives 7. Derivatives
Accounting for Derivatives
See Note 1 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a description of the Company’s accounting policies for derivatives and Note 8 for information about the fair value hierarchy for derivatives.
Derivative Strategies
Types of Derivative Instruments and Derivative Strategies
The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Commonly used derivative instruments include, but are not limited to:    
•Interest rate derivatives: swaps, total return swaps, caps, floors, futures, swaptions, forwards and synthetic guaranteed interest contracts (“GICs”);
•Foreign currency exchange rate derivatives: swaps, 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 9 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report.
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
March 31, 2022December 31, 2021
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$4,347 $1,875 $124 $3,550 $2,164 $6 
Foreign currency swapsForeign currency exchange rate740 25 6 801 11 23 
Foreign currency forwardsForeign currency exchange rate1,536 1 93 1,636 — 58 
Subtotal6,623 1,901 223 5,987 2,175 87 
Cash flow hedges:
Interest rate swapsInterest rate3,778 26 — 4,117 6 1 
Interest rate forwardsInterest rate7,425 6 460 6,889 89 119 
Foreign currency swapsForeign currency exchange rate42,334 1,852 1,339 41,095 1,600 1,557 
Subtotal53,537 1,884 1,799 52,101 1,695 1,677 
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwardsForeign currency exchange rate292 7 2 — — — 
Currency optionsForeign currency exchange rate3,000 177 — 3,000 139 — 
Subtotal3,292 184 2 3,000 139 — 
Total qualifying hedges63,452 3,969 2,024 61,088 4,009 1,764 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate34,867 2,850 502 38,860 3,644 115 
Interest rate floorsInterest rate7,451 66 — 7,701 145 — 
Interest rate capsInterest rate66,410 567 — 65,559 124 — 
Interest rate futuresInterest rate1,225 — 6 1,615 4 — 
Interest rate optionsInterest rate13,054 490 16 11,754 493 10 
Interest rate forwardsInterest rate439 — 63 374 — 26 
Interest rate total return swapsInterest rate1,048 — 118 1,048 9 4 
Synthetic GICsInterest rate43,485 — — 40,121 — — 
Foreign currency swapsForeign currency exchange rate12,893 866 394 12,787 768 614 
Foreign currency forwardsForeign currency exchange rate17,537 117 913 16,230 36 666 
Currency futuresForeign currency exchange rate828 7 — 839 — 2 
Currency optionsForeign currency exchange rate450 2 — 900 — — 
Credit default swaps — purchasedCredit3,064 50 106 3,042 13 113 
Credit default swaps — writtenCredit10,518 146 17 8,626 177 12 
Equity futuresEquity market3,944 32 4 4,204 12 5 
Equity index optionsEquity market28,067 945 444 29,743 1,004 458 
Equity variance swapsEquity market699 18 13 699 17 13 
Equity total return swapsEquity market3,060 23 11 3,025 11 50 
Total non-designated or nonqualifying derivatives249,039 6,179 2,607 247,127 6,457 2,088 
Total$312,491 $10,148 $4,631 $308,215 $10,466 $3,852 
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 March 31, 2022 and December 31, 2021. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules, (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship, (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income, and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.
The Effects of Derivatives on the Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
The following table presents the interim condensed consolidated financial statement location and amount of gain (loss) recognized on fair value, cash flow, NIFO, nonqualifying hedging relationships and embedded derivatives:
Three Months Ended March 31, 2022
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims		Interest
Credited to
Policyholder
Account
Balances		Other
Expenses		OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$4 $— $— $(452)$— $— N/A
Hedged items
(4)— — 435 — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
32 (81)— — — — N/A
Hedged items
(30)80 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— 33 — — — — N/A
Subtotal
2 32 — (17)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(764)
Amount of gains (losses) reclassified from AOCI into income
15 18 — — — 1 (34)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A452 
Amount of gains (losses) reclassified from AOCI into income
2 (148)— — — — 146 
Foreign currency transaction gains (losses) on hedged items
— 146 — — — — — 
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
— — — — — — — 
Subtotal
17 16 — — — 1 (200)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A43 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A19 
Subtotal
N/AN/AN/AN/AN/AN/A62 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
1 — (1,337)(29)— — N/A
Foreign currency exchange rate derivatives (1)
1 — (74)(1)— — N/A
Credit derivatives — purchased (1)
— — 46 — — — N/A
Credit derivatives — written (1)
— — (50)— — — N/A
Equity derivatives (1)
9 — 161 82 — — N/A
Foreign currency transaction gains (losses) on hedged items
— — 118 — — — N/A
Subtotal
11 — (1,136)52 — — N/A
Earned income on derivatives
83 — 235 52 (35)— — 
Embedded derivatives (2)
N/AN/A42 — N/AN/AN/A
Total
$113 $48 $(859)$87 $(35)$1 $(138)
Three Months Ended March 31, 2021
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
Policyholder
Account
Balances
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$3 $— $— $(602)$— $— N/A
Hedged items
(3)— — 573 — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
13 (128)— — — — N/A
Hedged items
(12)123 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— (2)— — — — N/A
Subtotal
1 (7)— (29)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(1,221)
Amount of gains (losses) reclassified from AOCI into income
12 29 — — — 1 (42)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(153)
Amount of gains (losses) reclassified from AOCI into income
3 (219)— — — — 216 
Foreign currency transaction gains (losses) on hedged items
— 211 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(68)
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
15 21 — — — 1 (1,268)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A29 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A27 
Subtotal
N/AN/AN/AN/AN/AN/A56 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
2 — (2,250)(47)— — N/A
Foreign currency exchange rate derivatives (1)
— — (483)3 — — N/A
Credit derivatives — purchased (1)
— — 19 — — — N/A
Credit derivatives — written (1)
— — 5 — — — N/A
Equity derivatives (1)
(17)— (676)(104)— — N/A
Foreign currency transaction gains (losses) on hedged items
— — 225 — — — N/A
Subtotal
(15)— (3,160)(148)— — N/A
Earned income on derivatives
39 — 252 53 (39)— — 
Embedded derivatives (2)
N/AN/A673 — N/AN/AN/A
Total
$40 $14 $(2,235)$(124)$(39)$1 $(1,212)
__________________
(1)Excludes earned income on derivatives.
(2)The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($14) million and ($43) million for the three months ended March 31, 2022 and 2021, respectively.
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)
March 31, 2022December 31, 2021March 31, 2022December 31, 2021
(In millions)
Fixed maturity securities AFS$1,941 $2,164 $— $(1)
Mortgage loans$530 $634 $(3)$3 
Future policy benefits$(4,423)$(4,735)$(434)$(877)
__________________
(1)Includes ($154) million and ($161) million of hedging adjustments on discontinued hedging relationships at March 31, 2022 and December 31, 2021, 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 ($2) million for both the three months ended March 31, 2022 and 2021.
At both March 31, 2022 and December 31, 2021, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed seven years.
At March 31, 2022 and December 31, 2021, the balance in AOCI associated with cash flow hedges was $1.9 billion and $2.1 billion, respectively.
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
At March 31, 2022, the Company expected to reclassify $192 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 March 31, 2022 and December 31, 2021, the cumulative foreign currency translation gain (loss) recorded in AOCI related to NIFO hedges was $365 million and $303 million, respectively. At March 31, 2022 and December 31, 2021, the carrying amount of debt designated as a non-derivative hedging instrument was $346 million and $365 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:
March 31, 2022December 31, 2021
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)
$3 $159 2.9$4 $159 3.1
Credit default swaps referencing indices
22 1,918 3.217 1,191 2.5
Subtotal
25 2,077 3.221 1,350 2.6
Baa
Single name credit default swaps (3)
2 146 1.92 101 3.4
Credit default swaps referencing indices
107 8,148 5.7146 6,988 5.0
Subtotal
109 8,294 5.6148 7,089 5.0
Ba
Single name credit default swaps (3)
— 17 3.91 82 1.2
Credit default swaps referencing indices
1 45 4.7(1)20 5.0
Subtotal
1 62 4.5— 102 2.0
B
Credit default swaps referencing indices
3 55 3.75 55 4.0
Subtotal
3 55 3.75 55 4.0
Caa3
Credit default swaps referencing indices
(9)30 4.2(9)30 4.5
Subtotal
(9)30 4.2(9)30 4.5
Total
$129 $10,518 5.1$165 $8,626 4.6
_________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Credit Risk on Freestanding Derivatives
The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.
Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearinghouses (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”).
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by International Swaps and Derivatives
Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of Dodd-Frank) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, effective September 1, 2021, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.
The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 8 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:
March 31, 2022December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$9,920 $4,546 $10,132 $3,798 
OTC-cleared (1)
342 77 448 24 
Exchange-traded
39 10 16 7 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
10,301 4,633 10,596 3,829 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,909)(2,909)(2,204)(2,204)
OTC-cleared
(47)(47)(6)(6)
Exchange-traded
(3)(3)(2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(5,726)— (6,948)— 
OTC-cleared
(167)(24)(421)(13)
Exchange-traded
— (6)— (3)
Securities collateral: (5)
OTC-bilateral
(1,075)(1,628)(891)(1,473)
OTC-cleared
— (6)— (5)
Exchange-traded
— (1)— (2)
Net amount after application of master netting agreements and collateral
$374 $9 $124 $121 
__________________
(1)At March 31, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $153 million and $130 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $2 million and ($23) million, respectively.
(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. 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 March 31, 2022 and December 31, 2021, the Company received excess cash collateral of $185 million and $172 million, respectively, and provided excess cash collateral of $111 million and $126 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 March 31, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $60 million and $160 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $911 million and $243 million, respectively, for its OTC-bilateral derivatives, $1.1 billion and $1.2 billion, respectively, for its OTC-cleared derivatives. At both March 31, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $185 million 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 and 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 March 31, 2022, 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.
March 31, 2022December 31, 2021
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)$1,624 $13 $1,637 $1,386 $209 $1,595 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$2,057 $12 $2,069 $1,370 $221 $1,591 
__________________
(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 LocationMarch 31, 2022December 31, 2021
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$37 $38 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$220 $324 
Assumed guaranteed minimum benefitsPolicyholder account balances98 98 
Funds withheld and guarantees on reinsurance
Other liabilities142 57 
Fixed annuities with equity indexed returnsPolicyholder account balances154 165 
Other guaranteesPolicyholder account balances1 5 
Embedded derivatives within liability host contracts
$615 $649 
v3.22.1
Fair Value
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value 8. Fair ValueConsiderable 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:
March 31, 2022 (1)
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $75,901 $11,235 $87,136 
Foreign corporate— 48,002 13,127 61,129 
Foreign government— 57,034 248 57,282 
U.S. government and agency
20,894 19,440 — 40,334 
RMBS
106 26,813 3,161 30,080 
ABS & CLO— 17,302 2,003 19,305 
Municipals
— 12,929 29 12,958 
CMBS
— 11,089 766 11,855 
Total fixed maturity securities AFS
21,000 268,510 30,569 320,079 
Equity securities
641 158 189 988 
Unit-linked and FVO Securities (2)8,554 1,996 868 11,418 
Short-term investments (3)1,983 632 5 2,620 
Residential mortgage loans — FVO
— — 119 119 
Other investments
— 68 1,047 1,115 
Derivative assets: (4)
Interest rate
— 5,665 215 5,880 
Foreign currency exchange rate
7 2,977 70 3,054 
Credit
— 173 23 196 
Equity market
32 979 7 1,018 
Total derivative assets
39 9,794 315 10,148 
Embedded derivatives within asset host contracts (5)— — 37 37 
Separate account assets (6)69,777 93,150 2,129 165,056 
Total assets (7)$101,994 $374,308 $35,278 $511,580 
Liabilities
Derivative liabilities: (4)
Interest rate
$6 $1,091 $192 $1,289 
Foreign currency exchange rate
— 2,669 78 2,747 
Credit
— 109 14 123 
Equity market
4 468 — 472 
Total derivative liabilities
10 4,337 284 4,631 
Embedded derivatives within liability host contracts (5)— — 615 615 
Separate account liabilities (6)6 25 11 42 
Total liabilities
$16 $4,362 $910 $5,288 
December 31, 2021 (1)
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $81,266 $11,768 $93,034 
Foreign corporate— 49,973 13,667 63,640 
Foreign government— 61,518 91 61,609 
U.S. government and agency
25,482 21,117 — 46,599 
RMBS
7 27,270 3,127 30,404 
ABS & CLO— 16,707 1,862 18,569 
Municipals
— 14,212 — 14,212 
CMBS
— 11,325 882 12,207 
Total fixed maturity securities AFS
25,489 283,388 31,397 340,274 
Equity securities
931 187 151 1,269 
Unit-linked and FVO Securities (2)9,173 2,068 901 12,142 
Short-term investments (3)5,607 950 3 6,560 
Residential mortgage loans — FVO
— — 127 127 
Other investments
— 61 898 959 
Derivative assets: (4)
Interest rate
4 6,577 97 6,678 
Foreign currency exchange rate
— 2,551 3 2,554 
Credit
— 173 17 190 
Equity market
12 1,025 7 1,044 
Total derivative assets
16 10,326 124 10,466 
Embedded derivatives within asset host contracts (5)— — 38 38 
Separate account assets (6)76,312 101,424 2,137 179,873 
Total assets (7)$117,528 $398,404 $35,776 $551,708 
Liabilities
Derivative liabilities: (4)
Interest rate
$— $259 $22 $281 
Foreign currency exchange rate
2 2,676 242 2,920 
Credit
— 113 12 125 
Equity market
5 521 — 526 
Total derivative liabilities
7 3,569 276 3,852 
Embedded derivatives within liability host contracts (5)— — 649 649 
Separate account liabilities (6)7 12 6 25 
Total liabilities
$14 $3,581 $931 $4,526 
__________________
(1)Excludes amounts reclassified to assets held-for-sale or liabilities held-for-sale. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar assets and liabilities described herein. See Note 3 for information on the Company’s business dispositions.
(2)Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) were primarily comprised of Unit-linked investments at both March 31, 2022 and December 31, 2021.
(3)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.
(4)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.
(5)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the interim condensed consolidated balance sheets.
(6)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.
(7)Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At March 31, 2022 and December 31, 2021, the estimated fair value of such investments was $104 million and $99 million, respectively.
The following describes the valuation methodologies used to measure assets and liabilities at fair value.
Investments
Securities, Short-term Investments and Other Investments
When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.
When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.
The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.
The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g. cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
illiquidity premium
•benchmark yields; spreads off benchmark yields; new issuances; issuer ratings•delta spread adjustments to reflect specific credit-related issues
•
trades of identical or comparable securities; duration
•credit spreads
•
privately-placed securities are valued using the additional key inputs:
•
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
market yield curve; call provisions
•
observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
•independent non-binding broker quotations
•
delta spread adjustments to reflect specific credit-related issues
Foreign government securities, U.S. government and agency securities and Municipals
Valuation Approaches: Principally the market approach.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
independent non-binding broker quotations
•
benchmark U.S. Treasury yield or other yields
•
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
the spread off the U.S. Treasury yield curve for the identical security
•issuer ratings and issuer spreads; broker-dealer quotations•credit spreads
•
comparable securities that are actively traded
Structured Products
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market and income approaches.
Key Inputs:
Key Inputs:
•quoted prices in markets that are not active•
credit spreads
•
spreads for actively traded securities; spreads off benchmark yields
•
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
•
expected prepayment speeds and volumes
•
current and forecasted loss severity; ratings; geographic region
•
independent non-binding broker quotations
•
weighted average coupon and weighted average maturity
•credit ratings
•average delinquency rates; 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 real estate joint ventures and use the valuation approach and key inputs as described for other limited partnership interests 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.
Residential mortgage loans — FVO
•N/A
Valuation Approaches: Principally the market approach.
Valuation Techniques and Key Inputs: These investments are based primarily on matrix pricing or other similar techniques that utilize inputs from mortgage servicers that are unobservable or cannot be derived principally from, or corroborated by, observable market data.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
Key Input:•N/A
•quoted prices or reported NAV provided by the fund managers
Other limited partnership interests
•N/A
Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
Key Inputs:
•
liquidity; bid/ask spreads; performance record of the fund manager
•
other relevant variables that may impact the exit value of the particular partnership interest
__________________
(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”
Derivatives
The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.
The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.
Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.
The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.
Freestanding Derivatives
Level 2 Valuation Approaches and Key Inputs:
This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.
Level 3 Valuation Approaches and Key Inputs:
These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.
Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:
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 certain direct, assumed and ceded variable annuity guarantees, annuity contracts, guarantees on reinsurance, and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.
The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the interim condensed consolidated balance sheets.
The Company calculates the fair value of these embedded derivatives, which is estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates.
Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.
The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.
Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.
The Company ceded the risk associated with certain of the GMIBs previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses) or policyholder benefits and claims depending on the statement of operations classification of the direct risk. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer.
The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of guarantees related to reinsurance is determined based on multiple stochastic scenarios and includes a nonperformance risk adjustment. The estimated fair value of these embedded derivatives is included, along with their underlying host contracts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.
The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the interim condensed consolidated balance sheets.
The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.
Embedded Derivatives Within Asset and Liability Host Contracts
Level 3 Valuation Approaches and Key Inputs:
Direct and assumed guaranteed minimum benefits
These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin.
Reinsurance ceded on certain guaranteed minimum benefits
These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and assumed guaranteed minimum benefits” and also include counterparty credit spreads.
Transfers between Levels
Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.
Transfers into or out of Level 3:
Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
March 31, 2022December 31, 2021Impact 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)—-1471001-165109Increase
•Market pricing•Quoted prices (4)—-10796—-117100Increase
•Consensus pricing•Offered quotes (4)98-1039999-104100Increase
RMBS•Market pricing•Quoted prices (4)—-11996—-12199Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)3-104973-110102Increase (5)
Derivatives
Interest rate•Present value techniques•Swap yield (6)233-246242151-200188Increase (7)
•Volatility (8)1%-2%1%1%-1%1%Increase (7)
Foreign currency exchange rate•Present value techniques•Swap yield (6)8-1,9381862-305134Increase (7)
Credit•Present value techniques•Credit spreads (9)95-13710896-133109Decrease (7)
•Consensus pricing•Offered quotes (10)
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates:
Ages 0 - 400%-0.17%0.08%0%-0.17%0.08%Decrease (11)
Ages 41 - 600.03%-0.75%0.27%0.03%-0.75%0.27%Decrease (11)
Ages 61 - 1150.12%-100%2.07%0.12%-100%2.08%Decrease (11)
•Lapse rates:
Durations 1 - 100%-100%6.24%0.25%-100%6.30%Decrease (12)
Durations 11 - 200.50%-100%5.18%0.50%-100%5.22%Decrease (12)
Durations 21 - 1160.50%-100%5.18%0.50%-100%5.22%Decrease (12)
•Utilization rates0%-22%0.22%0%-22%0.22%Increase (13)
•Withdrawal rates0%-20%3.70%0%-20%3.72%(14)
•Long-term equity volatilities8.43%-25%18.60%7.69%-25%18.60%Increase (15)
•Nonperformance risk spread0.06%-1.55%0.35%0.04%-1.45%0.35%Decrease (16)
__________________
(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.
(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.
(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.
(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.
(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.
(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.
(8)Ranges represent the underlying interest rate volatility quoted in percentage points. Since this valuation methodology uses an equivalent of LIBOR for secured overnight financing rate volatility, presenting a range is more representative of the unobservable input used in the valuation.
(9)Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.
(10)At both March 31, 2022 and December 31, 2021, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.
(11)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(12)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(13)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(14)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(15)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(16)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.
Generally, all other classes of assets and liabilities classified within Level 3 that are not included in the preceding table use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table.
The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products		MunicipalsEquity
Securities		Unit-linked
and FVO
Securities
(In millions)
Three Months Ended March 31, 2022
Balance, beginning of period
$25,435 $91 $5,871 $— $151 $901 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(11)— 12 — 13 (36)
Total realized/unrealized gains (losses) included in AOCI
(2,026)1 (207)— — — 
Purchases (3)
1,266 19 806 29 27 8 
Sales (3)
(512)— (237)— — (3)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
564 137 110 — — 12 
Transfers out of Level 3 (4)(354)— (425)— (2)(14)
Balance, end of period
$24,362 $248 $5,930 $29 $189 $868 
Three Months Ended March 31, 2021
Balance, beginning of period
$24,101 $117 $5,289 $— $150 $701 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(1)— 9 — 4 18 
Total realized/unrealized gains (losses) included in AOCI
(1,182)— (46)— — — 
Purchases (3)
1,012 23 613 5 4 10 
Sales (3)
(274)(3)(356)— (4)(12)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
235 7 13 — — 101 
Transfers out of Level 3 (4)(472)(12)(15)— — (6)
Balance, end of period
$23,419 $132 $5,507 $5 $154 $812 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2022 (5)
$(11)$— $12 $— $13 $(36)
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2021 (5)
$(4)$— $7 $— $3 $19 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2022 (5)
$(2,033)$1 $(206)$— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2021 (5)
$(1,175)$— $(43)$— $— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Residential
Mortgage
Loans — FVO		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Three Months Ended March 31, 2022
Balance, beginning of period
$3 $127 $898 $(152)$(611)$2,131 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (3)46 310 42 18 
Total realized/unrealized gains (losses) included in AOCI
— — — (220)9 — 
Purchases (3)
4 — 126 90 — 289 
Sales (3)
(2)— (23)— — (316)
Issuances (3)
— — — (2)— 1 
Settlements (3)
— (5)— 5 (18)(2)
Transfers into Level 3 (4)
— — — — — 1 
Transfers out of Level 3 (4)— — — — — (4)
Balance, end of period
$5 $119 $1,047 $31 $(578)$2,118 
Three Months Ended March 31, 2021
Balance, beginning of period
$43 $165 $573 $594 $(1,141)$1,079 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (2)13 (251)673 (10)
Total realized/unrealized gains (losses) included in AOCI
(2)— — (604)21 — 
Purchases (3)
61 — 70 — — 79 
Sales (3)
(1)(9)— — — (13)
Issuances (3)
— — — — — (1)
Settlements (3)
— (5)— 96 (61)2 
Transfers into Level 3 (4)4 — — 1 — — 
Transfers out of Level 3 (4)(3)— — 2 — (3)
Balance, end of period
$102 $149 $656 $(162)$(508)$1,133 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2022 (5)
$— $(4)$46 $290 $42 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2021 (5)
$— $(5)$14 $(162)$671 $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2022 (5)
$— $— $— $(203)$9 $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2021 (5)
$(2)$— $— $(538)$21 $— 
__________________
(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 and residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.
Fair Value Option
The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The following table presents information for residential mortgage loans which are accounted for under the FVO and were initially measured at fair value.
March 31, 2022December 31, 2021
(In millions)
Unpaid principal balance$119 $130 
Difference between estimated fair value and unpaid principal balance— (3)
Carrying value at estimated fair value$119 $127 
Loans in nonaccrual status$27 $32 
Loans more than 90 days past due
$13 $14 
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance
$— $(7)
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three-level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The Company believes that due to the short-term nature of these excluded assets, which are primarily classified in Level 2, the estimated fair value approximates carrying value. All remaining balance sheet amounts excluded from the tables below are not considered financial instruments subject to this disclosure.
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
March 31, 2022 (1)
Fair Value Hierarchy 
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans (2)$79,849 $— $— $80,164 $80,164 
Policy loans
$9,036 $— $— $10,387 $10,387 
Other invested assets
$1,012 $— $791 $221 $1,012 
Premiums, reinsurance and other receivables
$2,383 $— $637 $1,895 $2,532 
Other assets
$282 $— $97 $185 $282 
Liabilities
Policyholder account balances
$127,693 $— $— $127,117 $127,117 
Long-term debt
$13,773 $— $15,084 $— $15,084 
Collateral financing arrangement
$754 $— $— $609 $609 
Junior subordinated debt securities
$3,156 $— $3,882 $— $3,882 
Other liabilities
$2,649 $— $1,053 $2,157 $3,210 
Separate account liabilities
$87,397 $— $87,397 $— $87,397 
December 31, 2021 (1)
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans (2)$79,226 $— $— $82,788 $82,788 
Policy loans$9,111 $— $— $10,751 $10,751 
Other invested assets$1,025 $— $769 $256 $1,025 
Premiums, reinsurance and other receivables
$2,262 $— $492 $1,962 $2,454 
Other assets$290 $— $101 $190 $291 
Liabilities
Policyholder account balances$123,865 $— $— $127,728 $127,728 
Long-term debt$13,852 $— $16,621 $— $16,621 
Collateral financing arrangement$766 $— $— $630 $630 
Junior subordinated debt securities$3,156 $— $4,447 $— $4,447 
Other liabilities$2,143 $— $514 $2,321 $2,835 
Separate account liabilities$95,619 $— $95,619 $— $95,619 
_________________
(1)Excludes amounts reclassified to assets held-for-sale or liabilities held-for-sale. See Note 3 for information on the Company’s business dispositions.
(2)Includes mortgage loans measured at estimated fair value on a nonrecurring basis and excludes mortgage loans measured at estimated fair value on a recurring basis.
v3.22.1
Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Equity 9. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both March 31, 2022 and December 31, 2021:
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 March 31,
20222021
SeriesPer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.250 $6 $0.250 $6 
C (1)$— — $9.479 5 
D$29.375 15 $29.375 15 
E$351.563 11 $351.563 11 
F$296.875 12 $296.875 12 
G$19.250 19 $19.785 19 
Total$63 $68 
__________________
(1)Dividends were paid through the dividend payment date of June 15, 2021, when all outstanding shares of MetLife, Inc.’s 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C were redeemed and eliminated. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report.
Common Stock
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Authorization Remaining at
Announcement DateAuthorization AmountMarch 31, 2022
(In millions)
August 4, 2021$3,000 $592 
December 11, 2020$3,000 $— 
Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”)), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.
See Note 15 for information on a subsequent common stock repurchase authorization.
For the three months ended March 31, 2022 and 2021, MetLife, Inc. repurchased 13,621,423 shares and 18,568,138 shares of its common stock, respectively, through open market purchases for $915 million and $999 million, respectively.
Stock-Based Compensation Plans
Performance Shares and Performance Units
Final Performance Shares are paid in shares of MetLife, Inc. common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2019 – December 31, 2021 performance period was 141.3%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,485,512 Performance Shares and 156,090 Performance Units associated with that performance period that vested on December 31, 2021. As a result, in the first quarter of 2022, MetLife, Inc. issued 2,099,028 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 220,555 Performance Units (less withholding for taxes and other items, as applicable).
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
March 31, 2022
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period
$16,042 $1,629 $(5,154)$(1,598)$10,919 
OCI before reclassifications(16,373)(312)(382)3 (17,064)
Deferred income tax benefit (expense)
3,833 55 (19)(1)3,868 
AOCI before reclassifications, net of income tax
3,502 1,372 (5,555)(1,596)(2,277)
Amounts reclassified from AOCI
321 112 — 24 457 
Deferred income tax benefit (expense)
(75)(20)— (3)(98)
Amounts reclassified from AOCI, net of income tax 246 92 — 21 359 
Sale of subsidiary, net of income tax (2)(30)— 38 (2)6 
Balance, end of period
$3,718 $1,464 $(5,517)$(1,577)$(1,912)
Three Months
Ended
March 31, 2021
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period
$22,217 $1,513 $(3,795)$(1,863)$18,072 
OCI before reclassifications(7,978)(1,442)(753)3 (10,170)
Deferred income tax benefit (expense)
1,946 310 (34)— 2,222 
AOCI before reclassifications, net of income tax
16,185 381 (4,582)(1,860)10,124 
Amounts reclassified from AOCI
30 174 — 14 218 
Deferred income tax benefit (expense)
(7)(37)— (2)(46)
Amounts reclassified from AOCI, net of income tax
23 137 — 12 172 
Sale of subsidiary, net of income tax(14)— 115 — 101 
Balance, end of period
$16,194 $518 $(4,467)$(1,848)$10,397 
__________________
(1)See Note 6 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.
(2)See Note 3 for information on the disposition of MetLife Greece.
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
March 31,
20222021
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)
$(350)$(49)Net investment gains (losses)
Net unrealized investment gains (losses)
2 (5)Net investment income
Net unrealized investment gains (losses)
27 24 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(321)(30)
Income tax (expense) benefit
75 7 
Net unrealized investment gains (losses), net of income tax
(246)(23)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
15 12 Net investment income
Interest rate derivatives
18 29 Net investment gains (losses)
Interest rate derivatives
1 1 Other expenses
Foreign currency exchange rate derivatives
2 3 Net investment income
Foreign currency exchange rate derivatives
(148)(219)Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(112)(174)
Income tax (expense) benefit
20 37 
Gains (losses) on cash flow hedges, net of income tax
(92)(137)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(27)(18)
Amortization of prior service (costs) credit
3 4 
Amortization of defined benefit plan items, before income tax
(24)(14)
Income tax (expense) benefit
3 2 
Amortization of defined benefit plan items, net of income tax
(21)(12)
Total reclassifications, net of income tax
$(359)$(172)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 11.
v3.22.1
Other Revenues and Other Expenses
 3 Months Ended
Mar. 31, 2022
Other Income and Expenses [Abstract]  
Other Revenues and Other Expenses Disclosure 10. 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
March 31,
20222021
(In millions)
Vision fee for service arrangements$154 $140 
Prepaid legal plans120 109 
Fee-based investment management102 85 
Recordkeeping and administrative services (1)47 53 
Administrative services-only contracts 59 61 
Other revenue from service contracts from customers68 67 
Total revenues from service contracts from customers
550 515 
Other110 116 
Total other revenues
$660 $631 
__________________
(1)Related to products and businesses no longer actively marketed by the Company.
Receivables related to revenues from service contracts from customers were $244 million and $235 million at March 31, 2022 and December 31, 2021, respectively.
Other Expenses
Information on other expenses was as follows:
Three Months
Ended
March 31,
20222021
(In millions)
Employee-related costs (1)$904 $974 
Third party staffing costs
383 312 
General and administrative expenses
121 108 
Pension, postretirement and postemployment benefit costs
25 25 
Premium taxes, other taxes, and licenses & fees
153 167 
Commissions and other variable expenses
1,331 1,530 
Capitalization of DAC
(650)(775)
Amortization of DAC and VOBA
537 590 
Amortization of negative VOBA
(9)(9)
Interest expense on debt
225 228 
Total other expenses
$3,020 $3,150 
__________________
(1)Includes $37 million and ($16) million for the three months ended March 31, 2022 and 2021, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
v3.22.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans 11. 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
March 31,
20222021
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$52 $1 $63 $1 
Interest costs
81 8 78 8 
Expected return on plan assets
(129)(13)(132)(14)
Amortization of net actuarial (gains) losses
31 (6)38 (20)
Amortization of prior service costs (credit)
(3)— (4)— 
Net periodic benefit costs (credit)
$32 $(10)$43 $(25)
v3.22.1
Income Tax
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Tax 12. Income Tax
For the three months ended March 31, 2022, the effective tax rate on income (loss) before provision for income tax was 6%. The Company’s effective tax rate for the three months ended March 31, 2022 differed from the U.S. statutory rate primarily due to tax benefits from tax credits, foreign earnings taxed at different rates than the U.S. statutory rate, the corporate tax deduction for stock compensation and non-taxable investment income.
For the three months ended March 31, 2021, the effective tax rate on income (loss) before provision for income tax was (25%), which reflects an income tax benefit despite having income before provision for income tax. The Company’s effective tax rate for the three months ended March 31, 2021 differed from the U.S. statutory rate primarily due to tax benefits from foreign earnings taxed at different rates than the U.S. statutory rate, tax credits, non-taxable investment income, and the corporate tax deduction for stock compensation.
v3.22.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share 13. 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
March 31,
20222021
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
823.8 885.4 
Incremental common shares from assumed exercise or issuance of stock-based awards
6.7 6.7 
Weighted average common stock outstanding - diluted
830.5 892.1 
Net Income (Loss):
Net income (loss)
$674 $363 
Less: Net income (loss) attributable to noncontrolling interests
5 5 
Less: Preferred stock dividends
63 68 
Net income (loss) available to MetLife, Inc.’s common shareholders
$606 $290 
Basic
$0.74 $0.33 
Diluted
$0.73 $0.33 
v3.22.1
Contingencies, Commitments and Guarantees
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Contingencies, Commitments and Guarantees 14. Contingencies, Commitments and Guarantees
Contingencies
Litigation
The Company is a defendant in a large number of litigation matters. Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed below and those otherwise provided for in the Company’s interim condensed consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor, broker-dealer, and taxpayer.
The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority, as well as from local and national regulators and government authorities in jurisdictions outside the United States where the Company conducts business. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.
It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. In certain circumstances where liabilities have been established there may be coverage under one or more corporate insurance policies, pursuant to which there may be an insurance recovery. Insurance recoveries are recognized as gains when any contingencies relating to the insurance claim have been resolved, which is the earlier of when the gains are realized or realizable. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at March 31, 2022. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.
Matters as to Which an Estimate Can Be Made
For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of March 31, 2022, 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 disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.
Asbestos-Related Claims
MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing 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 2021 Annual Report, MLIC received approximately 2,824 asbestos-related claims in 2021. For the three months ended March 31, 2022 and 2021, MLIC received approximately 721 and 678 new asbestos-related claims, respectively. See Note 21 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for historical information concerning asbestos claims and MLIC’s update in its recorded liability at December 31, 2021. The number of asbestos cases that may be brought, the aggregate amount of any liability that 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 March 31, 2022.
Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed February 9, 2017)
Plaintiffs filed this putative class and collective action on behalf of themselves and all current and former long-term disability (“LTD”) claims specialists between February 2011 and the present for alleged wage and hour violations under the Fair Labor Standards Act (“FLSA”), the New York Labor Law, and the Connecticut Minimum Wage Act. The suit alleges that MLIC improperly reclassified the plaintiffs and similarly situated LTD claims specialists from non-exempt to exempt from overtime pay in November 2013. As a result, they and members of the putative class were no longer eligible for overtime pay even though they allege they continued to work more than 40 hours per week. Plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. The court denied the plaintiffs’ motion to certify the class and the United States Circuit Court for the Second Circuit denied plaintiffs leave to appeal this ruling. The court granted MLIC’s motion for summary judgment as to the lead plaintiff’s FLSA claims and MLIC’s motion to de-certify the class as a collective action. Plaintiffs’ motion for interlocutory review of the de-certification ruling is still pending. MLIC intends to defend this action vigorously.
Total Asset Recovery Services, LLC. v. MetLife, Inc., et al. (Supreme Court of the State of New York, County of New York, filed December 27, 2017)
Total Asset Recovery Services (the “Relator”) brought an action under the qui tam provision of the New York False Claims Act (the “Act”) on behalf of itself and the State of New York. The Relator originally filed this action under seal in 2010, and the complaint was unsealed on December 19, 2017. The Relator alleges that MetLife, Inc., MLIC, and several other insurance companies violated the Act by filing false unclaimed property reports with the State of New York from 1986 to 2017, to avoid having to escheat the proceeds of more than 25,000 life insurance policies, including policies for which the defendants escheated funds as part of their demutualizations in the late 1990s. The Relator seeks treble damages and other relief. 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 and Assumed Variable Annuity Guarantee Reserves
In 2018, the Company announced that it identified two material weaknesses in its internal control over financial reporting related to the practices and procedures for estimating reserves for certain group annuity benefits and the calculation of reserves associated with certain variable annuity guarantees assumed from the former operating joint venture in Japan. Several regulators have made inquiries into these issues and it is possible that other jurisdictions may pursue similar investigations or inquiries. The Company is exposed to lawsuits, and could be exposed to additional legal actions relating to these issues. These may result in payments, including damages, fines, penalties, interest and other amounts assessed or awarded by courts or regulatory authorities under applicable escheat, tax, securities, Employee Retirement Income Security Act of 1974, or other laws or regulations. The Company could incur significant costs in connection with these actions.
Parchmann v. MetLife, Inc., et. al. (E.D.N.Y., filed February 5, 2018)
Plaintiff filed this putative class action seeking to represent a class of persons who purchased MetLife, Inc. common stock from February 27, 2013 through January 29, 2018. Plaintiff alleges that MetLife, Inc., its former Chief Executive Officer and Chairman of the Board, and its former Chief Financial Officer violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder by issuing materially false and/or misleading financial statements. Plaintiff alleges that MetLife’s practices and procedures for estimating reserves for certain group annuity benefits were inadequate, and that MetLife had inadequate internal control over financial reporting. Plaintiff seeks unspecified compensatory damages and other relief. On January 11, 2021, the court granted MetLife’s motion to dismiss and dismissed the complaint in its entirety. The United States Court of Appeals for the Second Circuit affirmed the dismissal.
Derivative Demands
The MetLife, Inc. Board of Directors received six letters, dated March 28, 2018, May 11, 2018, July 16, 2018, December 20, 2018, February 5, 2019, and April 7, 2020, written on behalf of individual stockholders, demanding that MetLife, Inc. take action against current and former directors and officers for alleged breaches of fiduciary duty and/or investigate, remediate, and recover damages allegedly suffered by the Company as a result of (i) the Company’s allegedly inadequate practices and procedures for estimating reserves for certain group annuity benefits, (ii) the Company’s allegedly inadequate internal controls over financial reporting and corporate governance practices and procedures, and (iii) the alleged dissemination of false or misleading information related to these issues. The MetLife, Inc. Board of Directors appointed a special committee to investigate the allegations set forth in these six letters.
Commitments
Mortgage Loan Commitments
The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $5.9 billion and $4.6 billion at March 31, 2022 and December 31, 2021, respectively.
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments
The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $9.3 billion and $9.1 billion at March 31, 2022 and December 31, 2021, respectively.
Guarantees
In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million, with a cumulative maximum of $631 million, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments.
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future.
The Company also has minimum fund yield requirements on certain pension funds. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.
The Company’s recorded liabilities were $20 million at both March 31, 2022 and December 31, 2021, for indemnities, guarantees and commitments.
v3.22.1
Subsequent Events
 3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events [Text Block] 15. Subsequent Events
Disposition of MetLife Poland
See Note 3 for information on the disposition of MetLife, Inc.’s wholly-owned subsidiaries in Poland.
Common Stock Repurchase Authorization
On May 4, 2022, MetLife, Inc. announced that its Board of Directors authorized an additional $3.0 billion of common stock repurchases.
v3.22.1
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain, including uncertainties associated with the COVID-19 pandemic. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation of Subsidiaries
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2021 Annual Report.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of 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 or the fair value option (“FVO”) for real estate joint ventures and other limited partnership interests (“investee”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings in net investment income on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period.
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.
Held-for-Sale
Held-for-Sale
The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The business classified as held-for-sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the business exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's interim condensed consolidated balance sheets in the period in which the business is classified as held-for-sale. See Note 3 for information on a held-for-sale business. If a component of the Company has either been disposed of or is classified as held-for-sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the results of the component are reported in discontinued operations.
New Accounting Pronouncements
Recent Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. The following tables provide a description of ASUs recently issued by the FASB and the impact of their adoption on the Company’s interim condensed consolidated financial statements.
Adopted Accounting Pronouncements
The table below describes the impacts of the ASUs recently adopted by the Company.
StandardDescriptionEffective Date and
Method of Adoption		Impact on Financial Statements
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting; as clarified and amended by ASU 2021-01, Reference Rate Reform (Topic 848): Scope
The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, with certain exceptions. ASU 2021-01 amends the scope of the recent reference rate reform guidance. New optional expedients allow derivative instruments impacted by changes in the interest rate used for margining, discounting, or contract price alignment to qualify for certain optional relief.
Effective for contract modifications made between March 12, 2020 and December 31, 2022.
The guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank Offered Rate (“LIBOR”), affected by reference rate reform.

Contract modifications for invested assets and derivative instruments occurred during 2021 and have continued into 2022. Based on actions taken to date, the adoption of the guidance has not had a material impact on the Company’s interim condensed consolidated financial statements. The Company does not expect the adoption of this guidance to have a material ongoing impact and will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships through December 31, 2022.
ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
The guidance requires entities to provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy and can include tax credits and other forms of government assistance. Entities are required to disclose information about (i) the nature of the transactions and the related accounting policy used to account for the transactions; (ii) the line items on the balance sheet and income statement that are affected by the transactions, including the associated amounts; and (iii) the significant terms and conditions of the transactions, including commitments and contingencies.Effective for annual periods beginning January 1, 2022, to be applied prospectively.
The Company is in the process of evaluating and preparing the required annual disclosures, as applicable, to be included in its 2022 consolidated financial statements.
Investments Maturities of Fixed Maturity Securities AFSActual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Products are shown separately, as they are not due at a single maturity.
Evaluation of Fixed Maturity Securities AFS for Credit Loss
Evaluation and Measurement Methodologies
Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (i) the extent to which the estimated fair value has been below amortized cost, (ii) adverse conditions specifically related to a security, an industry sector or sub-sector, or an economically depressed geographic area, adverse change in the financial condition of the issuer of the security, changes in technology, discontinuance of a segment of the business that may affect future earnings, and changes in the quality of credit enhancement, (iii) payment structure of the security and likelihood of the issuer being able to make payments, (iv) failure of the issuer to make scheduled interest and principal payments, (v) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (vi) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (vii) with respect to Structured Products, changes in forecasted cash flows after considering the changes in the financial condition of the underlying loan obligors and quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security, (viii) changes in the rating of the security by a rating agency, and (ix) other subjective factors, including concentrations and information obtained from regulators.
The methodology and significant inputs used to determine the amount of credit loss are as follows:
•The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security at the time of purchase for fixed-rate securities and the spot rate at the date of evaluation of credit loss for floating-rate securities.
•When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall credit loss evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s single best estimate, the most likely outcome in a range of possible outcomes, after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; any private and public sector programs to restructure foreign government securities and municipals; and changes to the rating of the security or the issuer by rating agencies.
•Additional considerations are made when assessing the unique features that apply to certain Structured Products including, but not limited to: the quality of underlying collateral, historical performance of the underlying loan obligors, historical rent and vacancy levels, changes in the financial condition of the underlying loan obligors, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, changes in the quality of credit enhancement and the payment priority within the tranche structure of the security.
With respect to securities that have attributes of debt and equity (“perpetual hybrid securities”), consideration is given in the credit loss analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities with an unrealized loss, regardless of credit rating, have deferred any dividend payments.
In periods subsequent to the recognition of an initial ACL on a security, the Company reassesses credit loss quarterly. Subsequent increases or decreases in the expected cash flow from the security result in corresponding decreases or increases in the ACL which are recognized in earnings and reported within net investment gains (losses); however, the previously recorded ACL is not reduced to an amount below zero. Full or partial write-offs are deducted from the ACL in the period the security, or a portion thereof, is considered uncollectible. Recoveries of amounts previously written off are recorded to the ACL in the period received. When the Company has the intent-to-sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, any ACL is written off and the amortized cost is written down to estimated fair value through a charge within net investment gains (losses), which becomes the new amortized cost of the security.
Allowance for Credit Loss Methodology
The Company records an allowance for expected lifetime credit loss in earnings within net investment gains (losses) in an amount that represents the portion of the amortized cost basis of mortgage loans that the Company does not expect to collect, resulting in mortgage loans being presented at the net amount expected to be collected. In determining the Company’s ACL, management applies significant judgment to estimate expected lifetime credit loss, including: (i) pooling mortgage loans that share similar risk characteristics, (ii) considering expected lifetime credit loss over the contractual term of its mortgage loans adjusted for expected prepayments and any extensions, and (iii) considering past events and current and forecasted economic conditions. Each of the Company’s commercial, agricultural and residential mortgage loan portfolio segments are evaluated separately. The ACL is calculated for each mortgage loan portfolio segment based on inputs unique to each loan portfolio segment. On a quarterly basis, mortgage loans within a portfolio segment that share similar risk characteristics, such as internal risk ratings or consumer credit scores, are pooled for calculation of ACL. On an ongoing basis, mortgage loans with dissimilar risk characteristics (i.e., loans with significant declines in credit quality), collateral dependent mortgage loans (i.e., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) and reasonably expected TDRs (i.e., the Company grants concessions to borrower that is experiencing financial difficulties) are evaluated individually for credit loss. The ACL for loans evaluated individually are established using the same methodologies for all three portfolio segments. For example, the ACL for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan’s underlying collateral, less selling cost when foreclosure is probable. Accordingly, the change in the estimated fair value of collateral dependent loans, which are evaluated individually for credit loss, is recorded as a change in the ACL which is recorded on a quarterly basis as a charge or credit to earnings in net investment gains (losses).
Commercial and Agricultural Mortgage Loan Portfolio Segments
Commercial and agricultural mortgage loan ACL are calculated in a similar manner. Within each loan portfolio segment, commercial and agricultural, loans are pooled by internal risk rating. Estimated lifetime loss rates, which vary by internal risk rating, are applied to the amortized cost of each loan, excluding accrued investment income, on a quarterly basis to develop the ACL. Internal risk ratings are based on an assessment of the loan’s credit quality, which can change over time. The estimated lifetime loss rates are based on several loan portfolio segment-specific factors, including (i) the Company’s experience with defaults and loss severity, (ii) expected default and loss severity over the forecast period, (iii) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, (iv) loan specific characteristics including loan-to-value (“LTV”) ratios, and (v) internal risk ratings. These evaluations are revised as conditions change and new information becomes available. The Company uses its several decades of historical default and loss severity experience which capture multiple economic cycles. The Company uses a forecast of economic assumptions for a two-year period for most of its commercial and agricultural mortgage loans, while a one-year period is used for loans originated in certain markets. After the applicable forecast period, the Company reverts to its historical loss experience using a straight-line basis over two years. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, recent loss and recovery trend experience as compared to historical loss and recovery experience, and loan specific characteristics including debt service coverage ratios (“DSCR”). In estimating expected lifetime credit loss over the term of its commercial mortgage loans, the Company adjusts for expected prepayment and extension experience during the forecast period using historical prepayment and extension experience considering the expected position in the economic cycle and the loan profile (i.e., floating rate, shorter-term fixed rate and longer-term fixed rate) and after the forecast period using long-term historical prepayment experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. In estimating expected lifetime credit loss over the term of its agricultural mortgage loans, the Company’s experience is much less sensitive to the position in the economic cycle and by loan profile; accordingly, historical prepayment experience is used, while extension terms are not prevalent with the Company’s agricultural mortgage loans.
Commercial mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios, DSCR and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher LTV ratios and lower DSCR. Agricultural mortgage loans are reviewed on an ongoing basis, which review includes, but is not limited to, property inspections, market analysis, estimated valuations of the underlying collateral, LTV ratios and borrower creditworthiness, as well as reviews on a geographic and property-type basis. The monitoring process for agricultural mortgage loans also focuses on higher risk loans.
For commercial mortgage loans, the primary credit quality indicator is the DSCR, which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the DSCR, the higher the risk of experiencing a credit loss. The Company also reviews the LTV ratio of its commercial mortgage loan portfolio. LTV ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the LTV ratio, the higher the risk of experiencing a credit loss. The DSCR and the values utilized in calculating the ratio are updated routinely. In addition, the LTV ratio is routinely updated for all but the lowest risk loans as part of the Company’s ongoing review of its commercial mortgage loan portfolio.
For agricultural mortgage loans, the Company’s primary credit quality indicator is the LTV ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated.
Commitments to lend: After loans are approved, the Company makes commitments to lend and, typically, borrowers draw down on some or all of the commitments. The timing of mortgage loan funding is based on the commitment expiration dates. A liability for credit loss for unfunded commercial and agricultural mortgage loan commitments that are not unconditionally cancellable is recognized in earnings and is reported within net investment gains (losses). The liability is based on estimated lifetime loss rates as described above and the amount of the outstanding commitments, which for lines of credit, considers estimated utilization rates. When the commitment is funded or expires, the liability is adjusted accordingly.
Residential Mortgage Loan Portfolio Segment
The Company’s residential mortgage loan portfolio is comprised primarily of purchased closed end, amortizing residential mortgage loans, including both performing loans purchased within 12 months of origination and reperforming loans purchased after they have been performing for at least 12 months post-modification. Residential mortgage loans are pooled by loan type (i.e., new origination and reperforming) and pooled by similar risk profiles (including consumer credit score and LTV ratios). Estimated lifetime loss rates, which vary by loan type and risk profile, are applied to the amortized cost of each loan excluding accrued investment income on a quarterly basis to develop the ACL. The estimated lifetime loss rates are based on several factors, including (i) industry historical experience and expected results over the forecast period for defaults, (ii) loss severity, (iii) prepayment rates, (iv) current and forecasted economic conditions including growth, inflation, interest rates and unemployment levels, and (v) loan pool specific characteristics including consumer credit scores, LTV ratios, payment history and home prices. These evaluations are revised as conditions change and new information becomes available. The Company uses industry historical experience which captures multiple economic cycles as the Company has purchased most of its residential mortgage loans in the last five years. The Company uses a forecast of economic assumptions for a two-year period for most of its residential mortgage loans. After the applicable forecast period, the Company immediately reverts to industry historical loss experience.
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in nonaccrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss.
Past Due and Nonaccrual Mortgage LoansThe Company defines delinquency consistent with industry practice, when mortgage loans are past due more than two or more months, as applicable, by portfolio segment.Leased Real Estate Investments - Operating LeasesThe Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as a single operating lease.Leveraged and Direct Financing LeasesThe payment periods for leveraged leases generally range from one to 10 years, but in certain circumstances can be over 10 years, while the payment periods for direct financing leases generally range from one to 25 years but in certain circumstances can be over 25 years.
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 is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities, (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.
Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearinghouses (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”).
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties in jurisdictions in which it understands that close-out netting should be enforceable and establishing and monitoring exposure limits. The Company’s OTC-bilateral derivative transactions are governed by International Swaps and Derivatives
Association, Inc. (“ISDA”) Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, close-out netting permits the Company (subject to financial regulations such as the Orderly Liquidation Authority under Title II of Dodd-Frank) to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions and to apply collateral to the obligations, without application of the automatic stay, upon the counterparty’s bankruptcy. All of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives as required by applicable law. Additionally, effective September 1, 2021, the Company is required to pledge initial margin for certain new OTC-bilateral derivative transactions to third party custodians.
The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by brokers and central clearinghouses to such derivatives.
See Note 8 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.
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.
Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.
v3.22.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting Information, by Segment
Three Months Ended March 31, 2022U.S.AsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustmentsTotal
Consolidated
(In millions)
Revenues
Premiums$7,164 $1,553 $732 $509 $776 $(4)$10,730 $41 $10,771 
Universal life and investment-type product policy fees297 448 290 88 269 — 1,392 26 1,418 
Net investment income1,874 1,242 322 41 1,409 104 4,992 (708)4,284 
Other revenues426 21 9 9 44 101 610 50 660 
Net investment gains (losses)— — — — — — — (518)(518)
Net derivative gains (losses)— — — — — — — (859)(859)
Total revenues9,761 3,264 1,353 647 2,498 201 17,724 (1,968)15,756 
Expenses
Policyholder benefits and claims and policyholder dividends7,566 1,228 769 282 1,518 (7)11,356 35 11,391 
Interest credited to policyholder account balances347 498 68 17 202 — 1,132 (502)630 
Capitalization of DAC(23)(392)(113)(101)(7)(3)(639)(11)(650)
Amortization of DAC and VOBA14 288 80 86 76 2 546 (9)537 
Amortization of negative VOBA— (8)— (1)— — (9)— (9)
Interest expense on debt2 — 3 — 1 219 225 — 225 
Other expenses979 837 354 296 236 136 2,838 79 2,917 
Total expenses8,885 2,451 1,161 579 2,026 347 15,449 (408)15,041 
Provision for income tax expense (benefit)183 233 50 16 95 (92)485 (444)41 
Adjusted earnings$693 $580 $142 $52 $377 $(54)1,790 
Adjustments to:
Total revenues(1,968)
Total expenses408 
Provision for income tax (expense) benefit444 
Net income (loss)$674 $674 
Three Months Ended March 31, 2021U.S.AsiaLatin
America		EMEAMetLife
Holdings		Corporate
& Other		TotalAdjustments
Total
Consolidated
(In millions)
Revenues
Premiums$5,699 $1,685 $595 $598 $827 $58 $9,462 $865 $10,327 
Universal life and investment-type product policy fees297 458 270 67 274 — 1,366 25 1,391 
Net investment income2,010 1,264 299 63 1,646 12 5,294 20 5,314 
Other revenues396 18 10 13 62 86 585 46 631 
Net investment gains (losses)— — — — — — — 134 134 
Net derivative gains (losses)— — — — — — — (2,235)(2,235)
Total revenues8,402 3,425 1,174 741 2,809 156 16,707 (1,145)15,562 
Expenses
Policyholder benefits and claims and policyholder dividends6,142 1,297 761 343 1,523 40 10,106 664 10,770 
Interest credited to policyholder account balances359 489 59 24 210 — 1,141 210 1,351 
Capitalization of DAC(18)(435)(95)(127)(8)(3)(686)(89)(775)
Amortization of DAC and VOBA16 314 60 62 54 2 508 82 590 
Amortization of negative VOBA— (7)— (2)— — (9)— (9)
Interest expense on debt1 — 1 — 1 224 227 1 228 
Other expenses911 899 335 349 253 107 2,854 262 3,116 
Total expenses7,411 2,557 1,121 649 2,033 370 14,141 1,130 15,271 
Provision for income tax expense (benefit)207 245 13 21 158 (111)533 (605)(72)
Adjusted earnings$784 $623 $40 $71 $618 $(103)2,033 
Adjustments to:
Total revenues(1,145)
Total expenses(1,130)
Provision for income tax (expense) benefit605 
Net income (loss)$363 $363 
The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:
March 31, 2022December 31, 2021
(In millions)
U.S.
$271,448 $282,741 
Asia
162,336 169,291 
Latin America
62,509 59,763 
EMEA
23,039 27,038 
MetLife Holdings
169,126 179,551 
Corporate & Other
35,826 41,324 
Total
$724,284 $759,708 
v3.22.1
Discontinued Operations and Disposal Groups (Tables)
 3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following table summarizes the assets and liabilities held-for-sale:
March 31, 2022 (1)December 31, 2021 (2)
(In millions)
Assets:
Fixed maturity securities available-for-sale$806 $2,043 
Contractholder-directed equity securities
286 1,114 
Other investments
8 118 
Total investments1,100 3,275 
Cash and cash equivalents23 69 
Deferred policy acquisition costs and value of business acquired
76 138 
Other178 259 
Separate account assets
3,205 3,497 
Total assets held-for-sale$4,582 $7,238 
Liabilities:
Future policy benefits$405 $916 
Policyholder account balances
619 2,005 
Other policy-related balances28 103 
Other40 113 
Separate account liabilities
3,205 3,497 
Total liabilities held-for-sale$4,297 $6,634 
__________________
(1)Includes MetLife Poland assets and liabilities.
(2)Includes MetLife Poland and Greece assets and liabilities.
v3.22.1
Insurance (Tables)
 3 Months Ended
Mar. 31, 2022
Insurance [Abstract]  
Guarantees related to Annuity, Universal and Variable Life Contracts
Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at:
March 31, 2022December 31, 2021
In the
Event of Death		At
Annuitization
In the
Event of Death
At
Annuitization
(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2), (3)
$56,925 $20,994 $62,281 $23,121 
Separate account value (1)
$37,883 $19,452 $42,043 $21,508 
Net amount at risk (2)
$2,562 (4)$549 (5)$1,490 (4)$500 (5)
Average attained age of contractholders
69 years68 years68 years66 years
Other Annuity Guarantees:
Total account value (1), (3)
N/A$4,750 N/A$5,002 
Net amount at risk
N/A$193 (6)N/A$196 (6)
Average attained age of contractholders
N/A56 yearsN/A56 years
March 31, 2022December 31, 2021
Secondary
Guarantees		Paid-Up
Guarantees
Secondary
Guarantees
Paid-Up
Guarantees
(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (3)
$13,068 $2,658 $13,678 $2,694 
Net amount at risk (7)
$78,887 $12,422 $78,762 $12,657 
Average attained age of policyholders
54 years66 years55 years66 years
__________________
(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.
(2)Includes amounts, which are not reported on the interim condensed consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan.
(3)Includes the contractholders’ investments in the general account and separate account, if applicable.
(4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.
(5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.
(6)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.
(7)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.
Liabilities for Unpaid Claims and Claim Expenses
Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
Three Months
Ended
March 31,
20222021
(In millions)
Balance, beginning of period$20,013 $18,591 
Less: Reinsurance recoverables3,121 2,417 
Net balance, beginning of period16,892 16,174 
Incurred related to:
Current period6,948 6,671 
Prior periods (1)388 613 
Total incurred7,336 7,284 
Paid related to:
Current period(3,197)(3,520)
Prior periods(3,677)(3,820)
Total paid(6,874)(7,340)
Reclassified to liabilities held-for-sale— (47)
Net balance, end of period17,354 16,071 
Add: Reinsurance recoverables3,152 3,095 
Balance, end of period (included in future policy benefits and other policy-related balances)$20,506 $19,166 

__________________
(1)The three months ended March 31, 2022 and 2021 include incurred claim activity and claim adjustment expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.
v3.22.1
Closed Block (Tables)
 3 Months Ended
Mar. 31, 2022
Closed Block Disclosure [Abstract]  
Closed block liabilities and assets
Information regarding the closed block liabilities and assets designated to the closed block was as follows at:
March 31, 2022December 31, 2021
(In millions)
Closed Block Liabilities
Future policy benefits
$37,787 $38,046 
Other policy-related balances
312 290 
Policyholder dividends payable
249 253 
Policyholder dividend obligation
— 1,682 
Deferred income tax liability146 210 
Other liabilities
337 263 
Total closed block liabilities
38,831 40,744 
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value
23,412 25,669 
Equity securities, at estimated fair value
14 21 
Mortgage loans
6,462 6,417 
Policy loans
4,149 4,191 
Real estate and real estate joint ventures
547 565 
Other invested assets
551 535 
Total investments
35,135 37,398 
Cash and cash equivalents
203 126 
Accrued investment income
389 384 
Premiums, reinsurance and other receivables
38 50 
Current income tax recoverable
89 81 
Total assets designated to the closed block
35,854 38,039 
Excess of closed block liabilities over assets designated to the closed block
2,977 2,705 
AOCI:
Unrealized investment gains (losses), net of income tax
970 2,562 
Unrealized gains (losses) on derivatives, net of income tax
123 107 
Allocated to policyholder dividend obligation, net of income tax
— (1,329)
Total amounts included in AOCI
1,093 1,340 
Maximum future earnings to be recognized from closed block assets and liabilities
$4,070 $4,045 
Closed block policyholder dividend obligation
Information regarding the closed block policyholder dividend obligation was as follows:
Three Months
Ended
March 31, 2022		Year
Ended
December 31, 2021
(In millions)
Balance, beginning of period
$1,682 $2,969 
Change in unrealized investment and derivative gains (losses)
(1,682)(1,287)
Balance, end of period
$— $1,682 
Closed block revenues and expenses
Information regarding the closed block revenues and expenses was as follows:
Three Months
Ended
March 31,
20222021
(In millions)
Revenues
Premiums
$275 $320 
Net investment income
361 393 
Net investment gains (losses)
(32)6 
Net derivative gains (losses)
3 1 
Total revenues
607 720 
Expenses
Policyholder benefits and claims
483 546 
Policyholder dividends
133 178 
Other expenses
23 25 
Total expenses
639 749 
Revenues, net of expenses before provision for income tax expense (benefit)
(32)(29)
Provision for income tax expense (benefit)
(7)(6)
Revenues, net of expenses and provision for income tax expense (benefit)
$(25)$(23)
v3.22.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities Available-for-Sale by Sector
The following table presents fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities and collateralized loan obligations (“ABS & CLO”), previously disclosed as ABS in the 2021 Annual Report, includes securities collateralized by consumer loans, corporate loans and broadly syndicated bank loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS & CLO and CMBS are, collectively, “Structured Products.”
March 31, 2022December 31, 2021
Amortized
Cost		Gross Unrealized (1)Estimated
Fair
Value		Amortized
Cost		Gross Unrealized (1)Estimated
Fair
Value
Sector
Allowance for
Credit Loss		GainsLossesAllowance for
Credit Loss		Gains
Losses
(In millions)
U.S. corporate$84,609 $(13)$4,622 $2,082 $87,136 $82,694 $(30)$10,651 $281 $93,034 
Foreign corporate
61,061 (102)2,345 2,175 61,129 59,124 (28)5,275 731 63,640 
Foreign government
55,741 (226)3,754 1,987 57,282 56,848 (19)5,603 823 61,609 
U.S. government and agency38,166 — 3,312 1,144 40,334 41,068 — 5,807 276 46,599 
RMBS30,541 — 663 1,124 30,080 29,152 — 1,440 188 30,404 
ABS & CLO
19,640 — 59 394 19,305 18,443 — 185 59 18,569 
Municipals12,109 — 1,247 398 12,958 11,761 — 2,464 13 14,212 
CMBS12,005 (14)143 279 11,855 11,794 (14)476 49 12,207 
Total fixed maturity securities AFS
$313,872 $(355)$16,145 $9,583 $320,079 $310,884 $(91)$31,901 $2,420 $340,274 
_________________
(1)Excludes gross unrealized gains (losses) related to assets held-for-sale; these unrealized gains (losses) are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.
Available-for-sale fixed maturity securities by contractual maturity date
The amortized cost, net of allowance for credit loss (“ACL”) and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2022:
Due in One
Year or Less		Due After
One Year
Through
Five Years		Due After
Five Years
Through
Ten Years		Due After
Ten Years		Structured
Products		Total Fixed
Maturity
Securities AFS
(In millions)
Amortized cost, net of ACL$8,804 $53,049 $57,391 $132,101 $62,172 $313,517 
Estimated fair value$8,866 $53,469 $58,818 $137,686 $61,240 $320,079 
Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-for-Sale
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position without an ACL by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position.
March 31, 2022December 31, 2021
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 (1)		Estimated
Fair
Value		Gross
Unrealized
Losses (1)		Estimated
Fair
Value		Gross
Unrealized
Losses (1)		Estimated
Fair
Value		Gross
Unrealized
Losses (1)
(Dollars in millions)
U.S. corporate$28,039 $1,726 $2,560 $355 $8,076 $165 $1,499 $116 
Foreign corporate24,694 1,679 3,465 487 10,011 404 2,834 327 
Foreign government14,173 886 6,360 1,071 7,812 319 5,377 502 
U.S. government and agency16,795 724 2,225 420 14,419 138 1,571 138 
RMBS16,253 889 2,143 235 10,363 158 417 30 
ABS & CLO14,605 347 1,127 47 8,150 39 804 20 
Municipals4,175 382 84 16 524 10 65 3 
CMBS6,447 240 757 39 2,664 31 657 18 
Total fixed maturity securities AFS
$125,181 $6,873 $18,721 $2,670 $62,019 $1,264 $13,224 $1,154 
Investment grade$118,393 $6,493 $17,480 $2,498 $58,358 $1,123 $12,022 $1,025 
Below investment grade6,788 380 1,241 172 3,661 141 1,202 129 
Total fixed maturity securities AFS
$125,181 $6,873 $18,721 $2,670 $62,019 $1,264 $13,224 $1,154 
Total number of securities in an unrealized loss position10,263 1,652 4,774 979 
________________
(1)Excludes gross unrealized losses related to assets held-for-sale; these unrealized losses are included in AOCI as no component of equity is held-for-sale. See Note 3 for information on the Company’s business dispositions.
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		CMBSTotal
Three Months Ended March 31, 2022(In millions)
Balance, at beginning of period$30 $28 $19 $14 $91 
Additions:
ACL not previously recorded
13 67 207 — 287 
Changes for securities with previously recorded ACL
— 7 — — 7 
Reductions:
Securities sold or exchanged(8)— — — (8)
Write-offs
(22)— — — (22)
Balance, at end of period$13 $102 $226 $14 $355 
Three Months Ended March 31, 2021
Balance, at beginning of period$44 $16 $21 $— $81 
Additions:
ACL not previously recorded
— 21 — 7 28 
Reductions:
Changes for securities with previously recorded ACL
(1)(4)— — (5)
Securities sold or exchanged— — — — — 
Write-offs
— — — — — 
Balance, at end of period$43 $33 $21 $7 $104 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents equity securities by security type. Common stock includes common stock, exchange traded funds, mutual funds and real estate investment trusts.
March 31, 2022December 31, 2021
CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value		CostNet Unrealized
Gains (Losses) (1)		Estimated
Fair Value
Security Type
(In millions)
Common stock$550 $272 $822 $784 $295 $1,079 
Non-redeemable preferred stock169 (3)166 189 1 190 
Total
$719 $269 $988 $973 $296 $1,269 
________________
(1)Represents cumulative changes in estimated fair value, recognized in earnings, and not in Other Comprehensive Income (Loss) (“OCI”).
The following table presents these investments by asset type. Contractholder-directed investments supporting unit-linked variable annuity type liabilities (“Unit-linked investments”) are primarily equity securities (including mutual funds) and, to a lesser extent, fixed income investments and cash and cash equivalents.
March 31, 2022December 31, 2021
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
(Dollars in millions)
Unit-linked investments
$8,509 $1,332 $9,841 $8,643 $1,897 $10,540 
FVO Securities
1,261 316 1,577 1,243 359 1,602 
Total
$9,770 $1,648 $11,418 $9,886 $2,256 $12,142 
________________
(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:
 March 31, 2022December 31, 2021
Portfolio SegmentCarrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$51,117 63.9 %$50,553 63.7 %
Agricultural17,882 22.4 18,111 22.8 
Residential11,465 14.4 11,196 14.1 
Total amortized cost
80,464 100.7 79,860 100.6 
Allowance for credit loss(615)(0.8)(634)(0.8)
Subtotal mortgage loans, net79,849 99.9 79,226 99.8 
Residential — FVO119 0.1 127 0.2 
Total mortgage loans, net
$79,968 100.0 %$79,353 100.0 %
Allowance for Loan and Lease Losses, Provision for Loss, Net
The rollforward of ACL for mortgage loans, by portfolio segment, is as follows:
Three Months
Ended
March 31,
20222021
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Balance, beginning of period
$340 $88 $206 $634 $252 $106 $232 $590 
Provision (release)(12)15 (21)(18)(5)(14)(30)(49)
Charge-offs, net of recoveries
— — (1)(1)— (13)— (13)
Balance, end of period
$328 $103 $184 $615 $247 $79 $202 $528 
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 March 31, 2022:
Credit Quality Indicator20222021202020192018PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$1,134 $5,671 $4,841 $5,306 $5,547 $14,767 $2,300 $39,566 77.4 %
65% to 75%
528 1,528 744 2,577 1,404 2,177 — 8,958 17.5 
76% to 80%
5 29 52 411 201 309 — 1,007 2.0 
Greater than 80%
8 — — 4 79 1,495 — 1,586 3.1 
Total
$1,675 $7,228 $5,637 $8,298 $7,231 $18,748 $2,300 $51,117 100.0 %
DSCR:
> 1.20x
$1,652 $6,503 $5,325 $7,582 $6,689 $15,547 $2,300 $45,598 89.2 %
1.00x - 1.20x
— 297 18 76 258 907 — 1,556 3.0 
<1.00x
23 428 294 640 284 2,294 — 3,963 7.8 
Total
$1,675 $7,228 $5,637 $8,298 $7,231 $18,748 $2,300 $51,117 100.0 %
The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2022:
Credit Quality Indicator20222021202020192018PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
LTV ratios:
Less than 65%
$437 $2,524 $2,765 $1,790 $2,497 $4,855 $1,045 $15,913 89.0 %
65% to 75%
100 328 377 233 116 602 82 1,838 10.3 
76% to 80%
— — — — — 11 — 11 — 
Greater than 80%
— — — 76 — 42 2 120 0.7 
Total
$537 $2,852 $3,142 $2,099 $2,613 $5,510 $1,129 $17,882 100.0 %
The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at March 31, 2022:
Credit Quality Indicator20222021202020192018PriorRevolving
Loans		Total% of
Total
(Dollars in millions)
Performance indicators:
Performing
$238 $1,296 $421 $1,125 $530 $7,305 $— $10,915 95.2 %
Nonperforming (1)
— 3 9 62 22 454 — 550 4.8 
Total
$238 $1,299 $430 $1,187 $552 $7,759 $— $11,465 100.0 %
__________________
(1)Includes residential mortgage loans in process of foreclosure of $80 million and $70 million at March 31, 2022 and December 31, 2021, respectively.
Schedule of Past Due and Non Accrual Mortgage Loans The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:
Past DueGreater than 90 Days Past Due
 and Still Accruing Interest		Nonaccrual
Portfolio SegmentMarch 31, 2022December 31, 2021March 31, 2022December 31, 2021March 31, 2022December 31, 2021
(In millions)
Commercial$3 $13 $3 $13 $155 $155 
Agricultural169 124 61 16 225 225 
Residential550 450 13 8 537 442 
Total$722 $587 $77 $37 $917 $822 
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:
 March 31, 2022December 31, 2021Three Months
Ended
March 31,
 20222021
Income TypeCarrying ValueIncome
(In millions)
Leased real estate investments$5,028 $5,146 $106 $111 
Other real estate investments473 474 32 42 
Real estate joint ventures6,878 6,596 190 23 
Total real estate and real estate joint ventures
$12,379 $12,216 $328 $176 
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)
The components of net unrealized investment gains (losses), included in AOCI, were as follows:
March 31, 2022December 31, 2021
(In millions)
Fixed maturity securities AFS
$6,413 $29,461 
Derivatives
1,861 2,061 
Other
337 389 
Subtotal
8,611 31,911 
Amounts allocated from:
Policyholder liabilities(427)(4,978)
DAC, VOBA and DSI
(743)(3,208)
Subtotal
(1,170)(8,186)
Deferred income tax benefit (expense)
(2,237)(6,031)
Net unrealized investment gains (losses)
5,204 17,694 
Net unrealized investment gains (losses) attributable to noncontrolling interests
(22)(23)
Net unrealized investment gains (losses) attributable to MetLife, Inc.
$5,182 $17,671 
The changes in net unrealized investment gains (losses) were as follows:
Three Months
Ended
March 31, 2022
(In millions)
Balance, beginning of period
$17,671 
Unrealized investment gains (losses) during the period
(23,300)
Unrealized investment gains (losses) relating to:
Policyholder liabilities4,551 
DAC, VOBA and DSI
2,465 
Deferred income tax benefit (expense)
3,794 
Net unrealized investment gains (losses)
5,181 
Net unrealized investment gains (losses) attributable to noncontrolling interests
1 
Balance, end of period
$5,182 
Change in net unrealized investment gains (losses)
$(12,490)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests
1 
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.
$(12,489)
Securities Lending and Repurchase Agreements ransactions and agreements accounted for as secured borrowings were as follows:
March 31, 2022December 31, 2021
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
$20,687 $21,077 $20,900 $20,654 $21,055 $21,319 
Repurchase agreements
$3,392 $3,325 $3,288 $3,416 $3,325 $3,357 
__________________
(1)These securities were included within fixed maturity securities AFS, short-term investments and cash equivalents at March 31, 2022 and within fixed maturity securities AFS at December 31, 2021.
(2)The liability for cash collateral is included within payables for collateral under securities loaned and other transactions.
Contractual maturities of these transactions and agreements accounted for as secured borrowings were as follows:
March 31, 2022December 31, 2021
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
$5,873 $6,392 $7,720 $— $19,985 $5,900 $7,052 $7,055 $— $20,007 
Foreign government
— 328 715 — 1,043 — 285 762 — 1,047 
Agency RMBS— — 49 — 49 — — — — — 
U.S. corporate
— — — — — 1 — — — 1 
Total
$5,873 $6,720 $8,484 $— $21,077 $5,901 $7,337 $7,817 $— $21,055 
Repurchase agreements:
U.S. government and agency
$— $3,325 $— $— $3,325 $— $3,325 $— $— $3,325 
__________________
(1)The related security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, 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:
March 31, 2022December 31, 2021
(In millions)
Invested assets on deposit (regulatory deposits)
$1,744 $1,872 
Invested assets held in trust (external reinsurance agreements) (1)1,008 1,114 
Invested assets pledged as collateral (2)26,267 24,261 
Total invested assets on deposit, held in trust and pledged as collateral
$29,019 $27,247 
__________________
(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 $2.0 billion and $2.1 billion at March 31, 2022 and December 31, 2021, respectively.
(2)     The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt and short-term debt related to repurchase agreements and a collateral financing arrangement (see Notes 4, 13 and 14 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report) and derivative transactions (see Note 7).
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:
March 31, 2022December 31, 2021
Asset TypeTotal
Assets		Total
Liabilities		Total
Assets		Total
Liabilities
(In millions)
Investment funds (primarily other invested assets)$293 $1 $292 $1 
Renewable energy partnership (primarily other invested assets)80 1 79 — 
Other investments (primarily other assets)1 — 1 — 
Total
$374 $2 $372 $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:
March 31, 2022December 31, 2021
Asset TypeCarrying
Amount		Maximum
Exposure
to Loss (1)		Carrying
Amount		Maximum
Exposure
to Loss (1)
(In millions)
Fixed maturity securities AFS (2)$61,959 $61,959 $62,654 $62,654 
Other limited partnership interests
13,285 19,396 13,287 20,720 
Other invested assets
1,456 1,510 1,257 1,314 
Other investments
910 932 776 926 
Total
$77,610 $83,797 $77,974 $85,614 
__________________
(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $6 million and $5 million at March 31, 2022 and December 31, 2021, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
(2)For variable interests in Structured Products included within fixed maturity securities AFS, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.
Components of Net Investment Income
The composition of net investment income by asset type was as follows:
Three Months
Ended
March 31,
Asset Type20222021
(In millions)
Fixed maturity securities AFS
$2,714 $2,753 
Equity securities
7 11 
FVO Securities(65)36 
Mortgage loans
824 863 
Policy loans
116 121 
Real estate and real estate joint ventures
328 176 
Other limited partnership interests
926 1,282 
Cash, cash equivalents and short-term investments
31 25 
Operating joint ventures
18 23 
Other
126 54 
Subtotal investment income5,025 5,344 
Less: Investment expenses
242 237 
Subtotal, net
4,783 5,107 
Unit-linked investments(499)207 
Net investment income
$4,284 $5,314 
Components of Net Investment Gains (Losses)
The composition of net investment gains (losses) by asset type and transaction type was as follows:
Three Months
Ended
March 31,
Asset Type20222021
(In millions)
Fixed maturity securities AFS$(598)$(67)
Equity securities
(50)75 
Mortgage loans44 60 
Real estate and real estate joint ventures (excluding changes in estimated fair value)
4 48 
Other limited partnership interests (excluding changes in estimated fair value)
18 (5)
Other gains (losses)
66 23 
Subtotal
(516)134 
Change in estimated fair value of other limited partnership interests and real estate joint ventures7 9 
Non-investment portfolio gains (losses)
(9)(9)
Subtotal
(2)— 
Net investment gains (losses)$(518)$134 
Transaction Type
Realized gains (losses) on investments sold or disposed$(211)$3 
Impairments(40)— 
Recognized gains (losses):
Change in allowance for credit loss recognized in earnings(243)22 
Unrealized net gains (losses) recognized in earnings(15)118 
Total recognized gains (losses)(258)140 
Non-investment portfolio gains (losses)(9)(9)
Net investment gains (losses)$(518)$134 
Schedule of Realized Gain (Loss)
The composition of net investment gains (losses) for these securities is as follows:
Three Months
Ended
March 31,
Fixed Maturity Securities AFS20222021
(In millions)
Proceeds
$14,024 $15,640 
Gross investment gains
$109 $218 
Gross investment (losses)(403)(259)
Realized gains (losses) on sales and disposals(294)(41)
Net credit loss (provision) release (change in ACL recognized in earnings)(264)(26)
Impairment (loss)
(40)— 
Net credit loss (provision) release and impairment (loss)(304)(26)
Net investment gains (losses)$(598)$(67)
Equity Securities
Realized gains (losses) on sales and disposals$(30)$(32)
Unrealized net gains (losses) recognized in earnings(20)107 
Net investment gains (losses)$(50)$75 
v3.22.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Primary Risks Managed by Derivatives
The following table presents the primary underlying risk exposure, gross notional amount and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at:
March 31, 2022December 31, 2021
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$4,347 $1,875 $124 $3,550 $2,164 $6 
Foreign currency swapsForeign currency exchange rate740 25 6 801 11 23 
Foreign currency forwardsForeign currency exchange rate1,536 1 93 1,636 — 58 
Subtotal6,623 1,901 223 5,987 2,175 87 
Cash flow hedges:
Interest rate swapsInterest rate3,778 26 — 4,117 6 1 
Interest rate forwardsInterest rate7,425 6 460 6,889 89 119 
Foreign currency swapsForeign currency exchange rate42,334 1,852 1,339 41,095 1,600 1,557 
Subtotal53,537 1,884 1,799 52,101 1,695 1,677 
Net investment in a foreign operation (“NIFO”) hedges:
Foreign currency forwardsForeign currency exchange rate292 7 2 — — — 
Currency optionsForeign currency exchange rate3,000 177 — 3,000 139 — 
Subtotal3,292 184 2 3,000 139 — 
Total qualifying hedges63,452 3,969 2,024 61,088 4,009 1,764 
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swapsInterest rate34,867 2,850 502 38,860 3,644 115 
Interest rate floorsInterest rate7,451 66 — 7,701 145 — 
Interest rate capsInterest rate66,410 567 — 65,559 124 — 
Interest rate futuresInterest rate1,225 — 6 1,615 4 — 
Interest rate optionsInterest rate13,054 490 16 11,754 493 10 
Interest rate forwardsInterest rate439 — 63 374 — 26 
Interest rate total return swapsInterest rate1,048 — 118 1,048 9 4 
Synthetic GICsInterest rate43,485 — — 40,121 — — 
Foreign currency swapsForeign currency exchange rate12,893 866 394 12,787 768 614 
Foreign currency forwardsForeign currency exchange rate17,537 117 913 16,230 36 666 
Currency futuresForeign currency exchange rate828 7 — 839 — 2 
Currency optionsForeign currency exchange rate450 2 — 900 — — 
Credit default swaps — purchasedCredit3,064 50 106 3,042 13 113 
Credit default swaps — writtenCredit10,518 146 17 8,626 177 12 
Equity futuresEquity market3,944 32 4 4,204 12 5 
Equity index optionsEquity market28,067 945 444 29,743 1,004 458 
Equity variance swapsEquity market699 18 13 699 17 13 
Equity total return swapsEquity market3,060 23 11 3,025 11 50 
Total non-designated or nonqualifying derivatives249,039 6,179 2,607 247,127 6,457 2,088 
Total$312,491 $10,148 $4,631 $308,215 $10,466 $3,852 
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, NIFO, nonqualifying hedging relationships and embedded derivatives:
Three Months Ended March 31, 2022
Net
Investment
Income		Net
Investment
Gains
(Losses)		Net
Derivative
Gains
(Losses)		Policyholder
Benefits and
Claims		Interest
Credited to
Policyholder
Account
Balances		Other
Expenses		OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$4 $— $— $(452)$— $— N/A
Hedged items
(4)— — 435 — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
32 (81)— — — — N/A
Hedged items
(30)80 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— 33 — — — — N/A
Subtotal
2 32 — (17)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(764)
Amount of gains (losses) reclassified from AOCI into income
15 18 — — — 1 (34)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A452 
Amount of gains (losses) reclassified from AOCI into income
2 (148)— — — — 146 
Foreign currency transaction gains (losses) on hedged items
— 146 — — — — — 
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
— — — — — — — 
Subtotal
17 16 — — — 1 (200)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A43 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A19 
Subtotal
N/AN/AN/AN/AN/AN/A62 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
1 — (1,337)(29)— — N/A
Foreign currency exchange rate derivatives (1)
1 — (74)(1)— — N/A
Credit derivatives — purchased (1)
— — 46 — — — N/A
Credit derivatives — written (1)
— — (50)— — — N/A
Equity derivatives (1)
9 — 161 82 — — N/A
Foreign currency transaction gains (losses) on hedged items
— — 118 — — — N/A
Subtotal
11 — (1,136)52 — — N/A
Earned income on derivatives
83 — 235 52 (35)— — 
Embedded derivatives (2)
N/AN/A42 — N/AN/AN/A
Total
$113 $48 $(859)$87 $(35)$1 $(138)
Three Months Ended March 31, 2021
Net
Investment
Income
Net
Investment
Gains
(Losses)
Net
Derivative
Gains
(Losses)
Policyholder
Benefits and
Claims
Interest
Credited to
Policyholder
Account
Balances
Other
Expenses
OCI
(In millions)
Gain (Loss) on Fair Value Hedges:
Interest rate derivatives:
Derivatives designated as hedging instruments (1)
$3 $— $— $(602)$— $— N/A
Hedged items
(3)— — 573 — — N/A
Foreign currency exchange rate derivatives:
Derivatives designated as hedging instruments (1)
13 (128)— — — — N/A
Hedged items
(12)123 — — — — N/A
Amount excluded from the assessment of hedge effectiveness
— (2)— — — — N/A
Subtotal
1 (7)— (29)— — N/A
Gain (Loss) on Cash Flow Hedges:
Interest rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A$(1,221)
Amount of gains (losses) reclassified from AOCI into income
12 29 — — — 1 (42)
Foreign currency exchange rate derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(153)
Amount of gains (losses) reclassified from AOCI into income
3 (219)— — — — 216 
Foreign currency transaction gains (losses) on hedged items
— 211 — — — — — 
Credit derivatives: (1)
Amount of gains (losses) deferred in AOCI
N/AN/AN/AN/AN/AN/A(68)
Amount of gains (losses) reclassified from AOCI into income
— — — — — — — 
Subtotal
15 21 — — — 1 (1,268)
Gain (Loss) on NIFO Hedges:
Foreign currency exchange rate derivatives (1)N/AN/AN/AN/AN/AN/A29 
Non-derivative hedging instrumentsN/AN/AN/AN/AN/AN/A27 
Subtotal
N/AN/AN/AN/AN/AN/A56 
Gain (Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate derivatives (1)
2 — (2,250)(47)— — N/A
Foreign currency exchange rate derivatives (1)
— — (483)3 — — N/A
Credit derivatives — purchased (1)
— — 19 — — — N/A
Credit derivatives — written (1)
— — 5 — — — N/A
Equity derivatives (1)
(17)— (676)(104)— — N/A
Foreign currency transaction gains (losses) on hedged items
— — 225 — — — N/A
Subtotal
(15)— (3,160)(148)— — N/A
Earned income on derivatives
39 — 252 53 (39)— — 
Embedded derivatives (2)
N/AN/A673 — N/AN/AN/A
Total
$40 $14 $(2,235)$(124)$(39)$1 $(1,212)
__________________
(1)Excludes earned income on derivatives.
(2)The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($14) million and ($43) million for the three months ended March 31, 2022 and 2021, respectively.
Fair Value Hedges
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges:
Balance Sheet Line ItemCarrying Amount
 of the Hedged
Assets/(Liabilities)		Cumulative Amount
of Fair Value Hedging Adjustments
Included in the Carrying Amount of Hedged
Assets/(Liabilities) (1)
March 31, 2022December 31, 2021March 31, 2022December 31, 2021
(In millions)
Fixed maturity securities AFS$1,941 $2,164 $— $(1)
Mortgage loans$530 $634 $(3)$3 
Future policy benefits$(4,423)$(4,735)$(434)$(877)
__________________
(1)Includes ($154) million and ($161) million of hedging adjustments on discontinued hedging relationships at March 31, 2022 and December 31, 2021, 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:
March 31, 2022December 31, 2021
Rating Agency Designation of Referenced
Credit Obligations (1)		Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
Estimated
Fair Value
of Credit
Default
Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps
Weighted
Average
Years to
Maturity (2)
(Dollars in millions)
Aaa/Aa/A
Single name credit default swaps (3)
$3 $159 2.9$4 $159 3.1
Credit default swaps referencing indices
22 1,918 3.217 1,191 2.5
Subtotal
25 2,077 3.221 1,350 2.6
Baa
Single name credit default swaps (3)
2 146 1.92 101 3.4
Credit default swaps referencing indices
107 8,148 5.7146 6,988 5.0
Subtotal
109 8,294 5.6148 7,089 5.0
Ba
Single name credit default swaps (3)
— 17 3.91 82 1.2
Credit default swaps referencing indices
1 45 4.7(1)20 5.0
Subtotal
1 62 4.5— 102 2.0
B
Credit default swaps referencing indices
3 55 3.75 55 4.0
Subtotal
3 55 3.75 55 4.0
Caa3
Credit default swaps referencing indices
(9)30 4.2(9)30 4.5
Subtotal
(9)30 4.2(9)30 4.5
Total
$129 $10,518 5.1$165 $8,626 4.6
_________________
(1)The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
(3)Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or municipals.
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:
March 31, 2022December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$9,920 $4,546 $10,132 $3,798 
OTC-cleared (1)
342 77 448 24 
Exchange-traded
39 10 16 7 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
10,301 4,633 10,596 3,829 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,909)(2,909)(2,204)(2,204)
OTC-cleared
(47)(47)(6)(6)
Exchange-traded
(3)(3)(2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(5,726)— (6,948)— 
OTC-cleared
(167)(24)(421)(13)
Exchange-traded
— (6)— (3)
Securities collateral: (5)
OTC-bilateral
(1,075)(1,628)(891)(1,473)
OTC-cleared
— (6)— (5)
Exchange-traded
— (1)— (2)
Net amount after application of master netting agreements and collateral
$374 $9 $124 $121 
__________________
(1)At March 31, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $153 million and $130 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $2 million and ($23) million, respectively.
(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. 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 March 31, 2022 and December 31, 2021, the Company received excess cash collateral of $185 million and $172 million, respectively, and provided excess cash collateral of $111 million and $126 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 March 31, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $60 million and $160 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $911 million and $243 million, respectively, for its OTC-bilateral derivatives, $1.1 billion and $1.2 billion, respectively, for its OTC-cleared derivatives. At both March 31, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $185 million 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:
March 31, 2022December 31, 2021
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement AssetsLiabilitiesAssetsLiabilities
(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)
$9,920 $4,546 $10,132 $3,798 
OTC-cleared (1)
342 77 448 24 
Exchange-traded
39 10 16 7 
Total gross estimated fair value of derivatives presented on the interim condensed consolidated balance sheets (1)
10,301 4,633 10,596 3,829 
Gross amounts not offset on the interim condensed consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral
(2,909)(2,909)(2,204)(2,204)
OTC-cleared
(47)(47)(6)(6)
Exchange-traded
(3)(3)(2)(2)
Cash collateral: (3), (4)
OTC-bilateral
(5,726)— (6,948)— 
OTC-cleared
(167)(24)(421)(13)
Exchange-traded
— (6)— (3)
Securities collateral: (5)
OTC-bilateral
(1,075)(1,628)(891)(1,473)
OTC-cleared
— (6)— (5)
Exchange-traded
— (1)— (2)
Net amount after application of master netting agreements and collateral
$374 $9 $124 $121 
__________________
(1)At March 31, 2022 and December 31, 2021, derivative assets included income (expense) accruals reported in accrued investment income or in other liabilities of $153 million and $130 million, respectively, and derivative liabilities included (income) expense accruals reported in accrued investment income or in other liabilities of $2 million and ($23) million, respectively.
(2)Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
(3)Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives, where the centralized clearinghouse treats variation margin as collateral, is included in cash and cash equivalents, short-term investments or in fixed maturity securities AFS, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. 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 March 31, 2022 and December 31, 2021, the Company received excess cash collateral of $185 million and $172 million, respectively, and provided excess cash collateral of $111 million and $126 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 March 31, 2022, none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities AFS on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2022 and December 31, 2021, the Company received excess securities collateral with an estimated fair value of $60 million and $160 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $911 million and $243 million, respectively, for its OTC-bilateral derivatives, $1.1 billion and $1.2 billion, respectively, for its OTC-cleared derivatives. At both March 31, 2022 and December 31, 2021, the Company provided excess securities collateral with an estimated fair value of $185 million 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.
March 31, 2022December 31, 2021
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)$1,624 $13 $1,637 $1,386 $209 $1,595 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$2,057 $12 $2,069 $1,370 $221 $1,591 
__________________
(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 LocationMarch 31, 2022December 31, 2021
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$37 $38 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$220 $324 
Assumed guaranteed minimum benefitsPolicyholder account balances98 98 
Funds withheld and guarantees on reinsurance
Other liabilities142 57 
Fixed annuities with equity indexed returnsPolicyholder account balances154 165 
Other guaranteesPolicyholder account balances1 5 
Embedded derivatives within liability host contracts
$615 $649 
Embedded Derivatives [Table Text Block]
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.
March 31, 2022December 31, 2021
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)$1,624 $13 $1,637 $1,386 $209 $1,595 
Estimated fair value of collateral provided:
Fixed maturity securities AFS
$2,057 $12 $2,069 $1,370 $221 $1,591 
__________________
(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 LocationMarch 31, 2022December 31, 2021
(In millions)
Embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefitsPremiums, reinsurance and other receivables$37 $38 
Embedded derivatives within liability host contracts:
Direct guaranteed minimum benefitsPolicyholder account balances$220 $324 
Assumed guaranteed minimum benefitsPolicyholder account balances98 98 
Funds withheld and guarantees on reinsurance
Other liabilities142 57 
Fixed annuities with equity indexed returnsPolicyholder account balances154 165 
Other guaranteesPolicyholder account balances1 5 
Embedded derivatives within liability host contracts
$615 $649 
v3.22.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
March 31, 2022 (1)
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $75,901 $11,235 $87,136 
Foreign corporate— 48,002 13,127 61,129 
Foreign government— 57,034 248 57,282 
U.S. government and agency
20,894 19,440 — 40,334 
RMBS
106 26,813 3,161 30,080 
ABS & CLO— 17,302 2,003 19,305 
Municipals
— 12,929 29 12,958 
CMBS
— 11,089 766 11,855 
Total fixed maturity securities AFS
21,000 268,510 30,569 320,079 
Equity securities
641 158 189 988 
Unit-linked and FVO Securities (2)8,554 1,996 868 11,418 
Short-term investments (3)1,983 632 5 2,620 
Residential mortgage loans — FVO
— — 119 119 
Other investments
— 68 1,047 1,115 
Derivative assets: (4)
Interest rate
— 5,665 215 5,880 
Foreign currency exchange rate
7 2,977 70 3,054 
Credit
— 173 23 196 
Equity market
32 979 7 1,018 
Total derivative assets
39 9,794 315 10,148 
Embedded derivatives within asset host contracts (5)— — 37 37 
Separate account assets (6)69,777 93,150 2,129 165,056 
Total assets (7)$101,994 $374,308 $35,278 $511,580 
Liabilities
Derivative liabilities: (4)
Interest rate
$6 $1,091 $192 $1,289 
Foreign currency exchange rate
— 2,669 78 2,747 
Credit
— 109 14 123 
Equity market
4 468 — 472 
Total derivative liabilities
10 4,337 284 4,631 
Embedded derivatives within liability host contracts (5)— — 615 615 
Separate account liabilities (6)6 25 11 42 
Total liabilities
$16 $4,362 $910 $5,288 
December 31, 2021 (1)
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $81,266 $11,768 $93,034 
Foreign corporate— 49,973 13,667 63,640 
Foreign government— 61,518 91 61,609 
U.S. government and agency
25,482 21,117 — 46,599 
RMBS
7 27,270 3,127 30,404 
ABS & CLO— 16,707 1,862 18,569 
Municipals
— 14,212 — 14,212 
CMBS
— 11,325 882 12,207 
Total fixed maturity securities AFS
25,489 283,388 31,397 340,274 
Equity securities
931 187 151 1,269 
Unit-linked and FVO Securities (2)9,173 2,068 901 12,142 
Short-term investments (3)5,607 950 3 6,560 
Residential mortgage loans — FVO
— — 127 127 
Other investments
— 61 898 959 
Derivative assets: (4)
Interest rate
4 6,577 97 6,678 
Foreign currency exchange rate
— 2,551 3 2,554 
Credit
— 173 17 190 
Equity market
12 1,025 7 1,044 
Total derivative assets
16 10,326 124 10,466 
Embedded derivatives within asset host contracts (5)— — 38 38 
Separate account assets (6)76,312 101,424 2,137 179,873 
Total assets (7)$117,528 $398,404 $35,776 $551,708 
Liabilities
Derivative liabilities: (4)
Interest rate
$— $259 $22 $281 
Foreign currency exchange rate
2 2,676 242 2,920 
Credit
— 113 12 125 
Equity market
5 521 — 526 
Total derivative liabilities
7 3,569 276 3,852 
Embedded derivatives within liability host contracts (5)— — 649 649 
Separate account liabilities (6)7 12 6 25 
Total liabilities
$14 $3,581 $931 $4,526 
__________________
(1)Excludes amounts reclassified to assets held-for-sale or liabilities held-for-sale. Assets held-for-sale and liabilities held-for-sale are valued on a basis consistent with similar assets and liabilities described herein. See Note 3 for information on the Company’s business dispositions.
(2)Contractholder-directed equity securities and FVO Securities (collectively, “Unit-linked and FVO Securities”) were primarily comprised of Unit-linked investments at both March 31, 2022 and December 31, 2021.
(3)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.
(4)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.
(5)Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the interim condensed consolidated balance sheets.
(6)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.
(7)Total assets included in the fair value hierarchy exclude other limited partnership interests that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. At March 31, 2022 and December 31, 2021, the estimated fair value of such investments was $104 million and $99 million, respectively.
Fair Value Inputs, Quantitative Information
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
March 31, 2022December 31, 2021Impact 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)—-1471001-165109Increase
•Market pricing•Quoted prices (4)—-10796—-117100Increase
•Consensus pricing•Offered quotes (4)98-1039999-104100Increase
RMBS•Market pricing•Quoted prices (4)—-11996—-12199Increase (5)
ABS & CLO•Market pricing•Quoted prices (4)3-104973-110102Increase (5)
Derivatives
Interest rate•Present value techniques•Swap yield (6)233-246242151-200188Increase (7)
•Volatility (8)1%-2%1%1%-1%1%Increase (7)
Foreign currency exchange rate•Present value techniques•Swap yield (6)8-1,9381862-305134Increase (7)
Credit•Present value techniques•Credit spreads (9)95-13710896-133109Decrease (7)
•Consensus pricing•Offered quotes (10)
Embedded derivatives
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques•Mortality rates:
Ages 0 - 400%-0.17%0.08%0%-0.17%0.08%Decrease (11)
Ages 41 - 600.03%-0.75%0.27%0.03%-0.75%0.27%Decrease (11)
Ages 61 - 1150.12%-100%2.07%0.12%-100%2.08%Decrease (11)
•Lapse rates:
Durations 1 - 100%-100%6.24%0.25%-100%6.30%Decrease (12)
Durations 11 - 200.50%-100%5.18%0.50%-100%5.22%Decrease (12)
Durations 21 - 1160.50%-100%5.18%0.50%-100%5.22%Decrease (12)
•Utilization rates0%-22%0.22%0%-22%0.22%Increase (13)
•Withdrawal rates0%-20%3.70%0%-20%3.72%(14)
•Long-term equity volatilities8.43%-25%18.60%7.69%-25%18.60%Increase (15)
•Nonperformance risk spread0.06%-1.55%0.35%0.04%-1.45%0.35%Decrease (16)
__________________
(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for embedded derivatives is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.
(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.
(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.
(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.
(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.
(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.
(8)Ranges represent the underlying interest rate volatility quoted in percentage points. Since this valuation methodology uses an equivalent of LIBOR for secured overnight financing rate volatility, presenting a range is more representative of the unobservable input used in the valuation.
(9)Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.
(10)At both March 31, 2022 and December 31, 2021, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.
(11)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(12)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(13)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(14)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(15)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
(16)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Fixed Maturity Securities AFS
Corporate (6)Foreign
Government		Structured
Products		MunicipalsEquity
Securities		Unit-linked
and FVO
Securities
(In millions)
Three Months Ended March 31, 2022
Balance, beginning of period
$25,435 $91 $5,871 $— $151 $901 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(11)— 12 — 13 (36)
Total realized/unrealized gains (losses) included in AOCI
(2,026)1 (207)— — — 
Purchases (3)
1,266 19 806 29 27 8 
Sales (3)
(512)— (237)— — (3)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
564 137 110 — — 12 
Transfers out of Level 3 (4)(354)— (425)— (2)(14)
Balance, end of period
$24,362 $248 $5,930 $29 $189 $868 
Three Months Ended March 31, 2021
Balance, beginning of period
$24,101 $117 $5,289 $— $150 $701 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(1)— 9 — 4 18 
Total realized/unrealized gains (losses) included in AOCI
(1,182)— (46)— — — 
Purchases (3)
1,012 23 613 5 4 10 
Sales (3)
(274)(3)(356)— (4)(12)
Issuances (3)
— — — — — — 
Settlements (3)
— — — — — — 
Transfers into Level 3 (4)
235 7 13 — — 101 
Transfers out of Level 3 (4)(472)(12)(15)— — (6)
Balance, end of period
$23,419 $132 $5,507 $5 $154 $812 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2022 (5)
$(11)$— $12 $— $13 $(36)
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2021 (5)
$(4)$— $7 $— $3 $19 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2022 (5)
$(2,033)$1 $(206)$— $— $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2021 (5)
$(1,175)$— $(43)$— $— $— 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Short-term
Investments		Residential
Mortgage
Loans — FVO		Other
Investments		Net
Derivatives (7)		Net Embedded
Derivatives (8)		Separate
Accounts (9)
(In millions)
Three Months Ended March 31, 2022
Balance, beginning of period
$3 $127 $898 $(152)$(611)$2,131 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (3)46 310 42 18 
Total realized/unrealized gains (losses) included in AOCI
— — — (220)9 — 
Purchases (3)
4 — 126 90 — 289 
Sales (3)
(2)— (23)— — (316)
Issuances (3)
— — — (2)— 1 
Settlements (3)
— (5)— 5 (18)(2)
Transfers into Level 3 (4)
— — — — — 1 
Transfers out of Level 3 (4)— — — — — (4)
Balance, end of period
$5 $119 $1,047 $31 $(578)$2,118 
Three Months Ended March 31, 2021
Balance, beginning of period
$43 $165 $573 $594 $(1,141)$1,079 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
— (2)13 (251)673 (10)
Total realized/unrealized gains (losses) included in AOCI
(2)— — (604)21 — 
Purchases (3)
61 — 70 — — 79 
Sales (3)
(1)(9)— — — (13)
Issuances (3)
— — — — — (1)
Settlements (3)
— (5)— 96 (61)2 
Transfers into Level 3 (4)4 — — 1 — — 
Transfers out of Level 3 (4)(3)— — 2 — (3)
Balance, end of period
$102 $149 $656 $(162)$(508)$1,133 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2022 (5)
$— $(4)$46 $290 $42 $— 
Changes in unrealized gains (losses) included in
net income (loss) for the instruments still held
at March 31, 2021 (5)
$— $(5)$14 $(162)$671 $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2022 (5)
$— $— $— $(203)$9 $— 
Changes in unrealized gains (losses) included in
AOCI for the instruments still held
at March 31, 2021 (5)
$(2)$— $— $(538)$21 $— 
__________________
(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 and residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.
Fair Value Option The following table presents information for residential mortgage loans which are accounted for under the FVO and were initially measured at fair value.
March 31, 2022December 31, 2021
(In millions)
Unpaid principal balance$119 $130 
Difference between estimated fair value and unpaid principal balance— (3)
Carrying value at estimated fair value$119 $127 
Loans in nonaccrual status$27 $32 
Loans more than 90 days past due
$13 $14 
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance
$— $(7)
Fair Value of Financial Instruments Carried at Other Than Fair Value
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
March 31, 2022 (1)
Fair Value Hierarchy 
Carrying
Value
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans (2)$79,849 $— $— $80,164 $80,164 
Policy loans
$9,036 $— $— $10,387 $10,387 
Other invested assets
$1,012 $— $791 $221 $1,012 
Premiums, reinsurance and other receivables
$2,383 $— $637 $1,895 $2,532 
Other assets
$282 $— $97 $185 $282 
Liabilities
Policyholder account balances
$127,693 $— $— $127,117 $127,117 
Long-term debt
$13,773 $— $15,084 $— $15,084 
Collateral financing arrangement
$754 $— $— $609 $609 
Junior subordinated debt securities
$3,156 $— $3,882 $— $3,882 
Other liabilities
$2,649 $— $1,053 $2,157 $3,210 
Separate account liabilities
$87,397 $— $87,397 $— $87,397 
December 31, 2021 (1)
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans (2)$79,226 $— $— $82,788 $82,788 
Policy loans$9,111 $— $— $10,751 $10,751 
Other invested assets$1,025 $— $769 $256 $1,025 
Premiums, reinsurance and other receivables
$2,262 $— $492 $1,962 $2,454 
Other assets$290 $— $101 $190 $291 
Liabilities
Policyholder account balances$123,865 $— $— $127,728 $127,728 
Long-term debt$13,852 $— $16,621 $— $16,621 
Collateral financing arrangement$766 $— $— $630 $630 
Junior subordinated debt securities$3,156 $— $4,447 $— $4,447 
Other liabilities$2,143 $— $514 $2,321 $2,835 
Separate account liabilities$95,619 $— $95,619 $— $95,619 
_________________
(1)Excludes amounts reclassified to assets held-for-sale or liabilities held-for-sale. See Note 3 for information on the Company’s business dispositions.
(2)Includes mortgage loans measured at estimated fair value on a nonrecurring basis and excludes mortgage loans measured at estimated fair value on a recurring basis.
v3.22.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of Stock by Class
Preferred stock authorized, issued and outstanding was as follows at both March 31, 2022 and December 31, 2021:
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 [Table Text Block]
The per share and aggregate dividends declared for MetLife, Inc.’s preferred stock were as follows:
Three Months Ended March 31,
20222021
SeriesPer ShareAggregatePer ShareAggregate
(In millions, except per share data)
A$0.250 $6 $0.250 $6 
C (1)$— — $9.479 5 
D$29.375 15 $29.375 15 
E$351.563 11 $351.563 11 
F$296.875 12 $296.875 12 
G$19.250 19 $19.785 19 
Total$63 $68 
__________________
(1)Dividends were paid through the dividend payment date of June 15, 2021, when all outstanding shares of MetLife, Inc.’s 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C were redeemed and eliminated. See Note 16 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report.
Class of Treasury Stock [Table Text Block]
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
Authorization Remaining at
Announcement DateAuthorization AmountMarch 31, 2022
(In millions)
August 4, 2021$3,000 $592 
December 11, 2020$3,000 $— 
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
March 31, 2022
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period
$16,042 $1,629 $(5,154)$(1,598)$10,919 
OCI before reclassifications(16,373)(312)(382)3 (17,064)
Deferred income tax benefit (expense)
3,833 55 (19)(1)3,868 
AOCI before reclassifications, net of income tax
3,502 1,372 (5,555)(1,596)(2,277)
Amounts reclassified from AOCI
321 112 — 24 457 
Deferred income tax benefit (expense)
(75)(20)— (3)(98)
Amounts reclassified from AOCI, net of income tax 246 92 — 21 359 
Sale of subsidiary, net of income tax (2)(30)— 38 (2)6 
Balance, end of period
$3,718 $1,464 $(5,517)$(1,577)$(1,912)
Three Months
Ended
March 31, 2021
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined
Benefit
Plans
Adjustment		Total
(In millions)
Balance, beginning of period
$22,217 $1,513 $(3,795)$(1,863)$18,072 
OCI before reclassifications(7,978)(1,442)(753)3 (10,170)
Deferred income tax benefit (expense)
1,946 310 (34)— 2,222 
AOCI before reclassifications, net of income tax
16,185 381 (4,582)(1,860)10,124 
Amounts reclassified from AOCI
30 174 — 14 218 
Deferred income tax benefit (expense)
(7)(37)— (2)(46)
Amounts reclassified from AOCI, net of income tax
23 137 — 12 172 
Sale of subsidiary, net of income tax(14)— 115 — 101 
Balance, end of period
$16,194 $518 $(4,467)$(1,848)$10,397 
__________________
(1)See Note 6 for information on offsets to investments related to policyholder liabilities, DAC, VOBA and DSI.
(2)See Note 3 for information on the disposition of MetLife Greece.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Information regarding amounts reclassified out of each component of AOCI was as follows:
Three Months
Ended
March 31,
20222021
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)
$(350)$(49)Net investment gains (losses)
Net unrealized investment gains (losses)
2 (5)Net investment income
Net unrealized investment gains (losses)
27 24 Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
(321)(30)
Income tax (expense) benefit
75 7 
Net unrealized investment gains (losses), net of income tax
(246)(23)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate derivatives
15 12 Net investment income
Interest rate derivatives
18 29 Net investment gains (losses)
Interest rate derivatives
1 1 Other expenses
Foreign currency exchange rate derivatives
2 3 Net investment income
Foreign currency exchange rate derivatives
(148)(219)Net investment gains (losses)
Gains (losses) on cash flow hedges, before income tax
(112)(174)
Income tax (expense) benefit
20 37 
Gains (losses) on cash flow hedges, net of income tax
(92)(137)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)
(27)(18)
Amortization of prior service (costs) credit
3 4 
Amortization of defined benefit plan items, before income tax
(24)(14)
Income tax (expense) benefit
3 2 
Amortization of defined benefit plan items, net of income tax
(21)(12)
Total reclassifications, net of income tax
$(359)$(172)
__________________
(1)These AOCI components are included in the computation of net periodic benefit costs. See Note 11.
v3.22.1
Other Revenues and Other Expenses (Tables)
 3 Months Ended
Mar. 31, 2022
Other Income and Expenses [Abstract]  
Disaggregation of Revenue
Information on other revenues, which primarily includes fees related to service contracts from customers, was as follows:
Three Months
Ended
March 31,
20222021
(In millions)
Vision fee for service arrangements$154 $140 
Prepaid legal plans120 109 
Fee-based investment management102 85 
Recordkeeping and administrative services (1)47 53 
Administrative services-only contracts 59 61 
Other revenue from service contracts from customers68 67 
Total revenues from service contracts from customers
550 515 
Other110 116 
Total other revenues
$660 $631 
__________________
(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
March 31,
20222021
(In millions)
Employee-related costs (1)$904 $974 
Third party staffing costs
383 312 
General and administrative expenses
121 108 
Pension, postretirement and postemployment benefit costs
25 25 
Premium taxes, other taxes, and licenses & fees
153 167 
Commissions and other variable expenses
1,331 1,530 
Capitalization of DAC
(650)(775)
Amortization of DAC and VOBA
537 590 
Amortization of negative VOBA
(9)(9)
Interest expense on debt
225 228 
Total other expenses
$3,020 $3,150 
__________________
(1)Includes $37 million and ($16) million for the three months ended March 31, 2022 and 2021, respectively, for the net change in cash surrender value of investments in certain life insurance policies, net of premiums paid.
v3.22.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Net periodic benefit costs
The components of net periodic benefit costs, reported in other expenses, were as follows:
Three Months
Ended
March 31,
20222021
Pension
Benefits		Other
Postretirement
Benefits		Pension
Benefits		Other
Postretirement
Benefits
(In millions)
Service costs
$52 $1 $63 $1 
Interest costs
81 8 78 8 
Expected return on plan assets
(129)(13)(132)(14)
Amortization of net actuarial (gains) losses
31 (6)38 (20)
Amortization of prior service costs (credit)
(3)— (4)— 
Net periodic benefit costs (credit)
$32 $(10)$43 $(25)
v3.22.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2022
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
March 31,
20222021
(In millions, except per share data)
Weighted Average Shares:
Weighted average common stock outstanding - basic
823.8 885.4 
Incremental common shares from assumed exercise or issuance of stock-based awards
6.7 6.7 
Weighted average common stock outstanding - diluted
830.5 892.1 
Net Income (Loss):
Net income (loss)
$674 $363 
Less: Net income (loss) attributable to noncontrolling interests
5 5 
Less: Preferred stock dividends
63 68 
Net income (loss) available to MetLife, Inc.’s common shareholders
$606 $290 
Basic
$0.74 $0.33 
Diluted
$0.73 $0.33 
v3.22.1
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)
 3 Months Ended
Mar. 31, 2022
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of segments 5
v3.22.1
Segment Information (Earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Premiums $ 10,771 $ 10,327
Universal life and investment-type product policy fees 1,418 1,391
Net investment income 4,284 5,314
Other revenues 660 631
Net investment gains (losses) (518) 134
Net derivative gains (losses) (859) (2,235)
Total revenues 15,756 15,562
Expenses    
Policyholder benefits and claims and policyholder dividends 11,391 10,770
Interest credited to policyholder account balances 630 1,351
Capitalization of DAC (650) (775)
Amortization of DAC and VOBA 537 590
Amortization of negative VOBA (9) (9)
Interest expense on debt 225 228
Other expenses 2,917 3,116
Total expenses 15,041 15,271
Provision for income tax expense (benefit) 41 (72)
Net income (loss) 674 363
Operating Segments [Member]    
Revenues    
Premiums 10,730 9,462
Universal life and investment-type product policy fees 1,392 1,366
Net investment income 4,992 5,294
Other revenues 610 585
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 17,724 16,707
Expenses    
Policyholder benefits and claims and policyholder dividends 11,356 10,106
Interest credited to policyholder account balances 1,132 1,141
Capitalization of DAC (639) (686)
Amortization of DAC and VOBA 546 508
Amortization of negative VOBA (9) (9)
Interest expense on debt 225 227
Other expenses 2,838 2,854
Total expenses 15,449 14,141
Provision for income tax expense (benefit) 485 533
Adjusted earnings 1,790 2,033
Segment Reconciling Items [Member]    
Revenues    
Premiums 41 865
Universal life and investment-type product policy fees 26 25
Net investment income (708) 20
Other revenues 50 46
Net investment gains (losses) (518) 134
Net derivative gains (losses) (859) (2,235)
Total revenues (1,968) (1,145)
Expenses    
Policyholder benefits and claims and policyholder dividends 35 664
Interest credited to policyholder account balances (502) 210
Capitalization of DAC (11) (89)
Amortization of DAC and VOBA (9) 82
Amortization of negative VOBA 0 0
Interest expense on debt 0 1
Other expenses 79 262
Total expenses (408) 1,130
Provision for income tax expense (benefit) (444) (605)
U.S. | Operating Segments [Member]    
Revenues    
Premiums 7,164 5,699
Universal life and investment-type product policy fees 297 297
Net investment income 1,874 2,010
Other revenues 426 396
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 9,761 8,402
Expenses    
Policyholder benefits and claims and policyholder dividends 7,566 6,142
Interest credited to policyholder account balances 347 359
Capitalization of DAC (23) (18)
Amortization of DAC and VOBA 14 16
Amortization of negative VOBA 0 0
Interest expense on debt 2 1
Other expenses 979 911
Total expenses 8,885 7,411
Provision for income tax expense (benefit) 183 207
Adjusted earnings 693 784
Asia | Operating Segments [Member]    
Revenues    
Premiums 1,553 1,685
Universal life and investment-type product policy fees 448 458
Net investment income 1,242 1,264
Other revenues 21 18
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 3,264 3,425
Expenses    
Policyholder benefits and claims and policyholder dividends 1,228 1,297
Interest credited to policyholder account balances 498 489
Capitalization of DAC (392) (435)
Amortization of DAC and VOBA 288 314
Amortization of negative VOBA (8) (7)
Interest expense on debt 0 0
Other expenses 837 899
Total expenses 2,451 2,557
Provision for income tax expense (benefit) 233 245
Adjusted earnings 580 623
Latin America | Operating Segments [Member]    
Revenues    
Premiums 732 595
Universal life and investment-type product policy fees 290 270
Net investment income 322 299
Other revenues 9 10
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 1,353 1,174
Expenses    
Policyholder benefits and claims and policyholder dividends 769 761
Interest credited to policyholder account balances 68 59
Capitalization of DAC (113) (95)
Amortization of DAC and VOBA 80 60
Amortization of negative VOBA 0 0
Interest expense on debt 3 1
Other expenses 354 335
Total expenses 1,161 1,121
Provision for income tax expense (benefit) 50 13
Adjusted earnings 142 40
EMEA | Operating Segments [Member]    
Revenues    
Premiums 509 598
Universal life and investment-type product policy fees 88 67
Net investment income 41 63
Other revenues 9 13
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 647 741
Expenses    
Policyholder benefits and claims and policyholder dividends 282 343
Interest credited to policyholder account balances 17 24
Capitalization of DAC (101) (127)
Amortization of DAC and VOBA 86 62
Amortization of negative VOBA (1) (2)
Interest expense on debt 0 0
Other expenses 296 349
Total expenses 579 649
Provision for income tax expense (benefit) 16 21
Adjusted earnings 52 71
MetLife Holdings | Operating Segments [Member]    
Revenues    
Premiums 776 827
Universal life and investment-type product policy fees 269 274
Net investment income 1,409 1,646
Other revenues 44 62
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 2,498 2,809
Expenses    
Policyholder benefits and claims and policyholder dividends 1,518 1,523
Interest credited to policyholder account balances 202 210
Capitalization of DAC (7) (8)
Amortization of DAC and VOBA 76 54
Amortization of negative VOBA 0 0
Interest expense on debt 1 1
Other expenses 236 253
Total expenses 2,026 2,033
Provision for income tax expense (benefit) 95 158
Adjusted earnings 377 618
Corporate & Other | Operating Segments [Member]    
Revenues    
Premiums (4) 58
Universal life and investment-type product policy fees 0 0
Net investment income 104 12
Other revenues 101 86
Net investment gains (losses) 0 0
Net derivative gains (losses) 0 0
Total revenues 201 156
Expenses    
Policyholder benefits and claims and policyholder dividends (7) 40
Interest credited to policyholder account balances 0 0
Capitalization of DAC (3) (3)
Amortization of DAC and VOBA 2 2
Amortization of negative VOBA 0 0
Interest expense on debt 219 224
Other expenses 136 107
Total expenses 347 370
Provision for income tax expense (benefit) (92) (111)
Adjusted earnings $ (54) $ (103)
v3.22.1
Segment Information (Total Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]    
Total assets $ 724,284 $ 759,708
U.S.    
Segment Reporting Information [Line Items]    
Total assets 271,448 282,741
Asia    
Segment Reporting Information [Line Items]    
Total assets 162,336 169,291
Latin America    
Segment Reporting Information [Line Items]    
Total assets 62,509 59,763
EMEA    
Segment Reporting Information [Line Items]    
Total assets 23,039 27,038
MetLife Holdings    
Segment Reporting Information [Line Items]    
Total assets 169,126 179,551
Corporate & Other    
Segment Reporting Information [Line Items]    
Total assets $ 35,826 $ 41,324
v3.22.1
Segment Information (Narrative) (Details)
 3 Months Ended
Mar. 31, 2022
Segment
Segment Reporting [Abstract]  
Number of segments 5
v3.22.1
Pending Disposition of MetLife Poland and Greece - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 31, 2021
Mar. 31, 2022
Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net investment gains (losses)   $ (518) $ 134
Income (loss) from continuing operations before provision for income tax   715 291
MetLife Poland and Greece      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Agreed upon proceeds from divestiture of business. $ 738    
Dividends Receivable $ 43    
Net investment gains (losses)   (32)  
Gain (Loss) on Disposition of Business   (246)  
Income (loss) from continuing operations before provision for income tax   $ 19 $ 15
v3.22.1
Pending Disposition of MetLife Poland and Greece (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Cash and cash equivalents $ 23 $ 69 $ 611 $ 765
Liabilities held-for-sale 4,297 6,634    
MetLife Poland and Greece        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   7,238    
Cash and cash equivalents   69    
Other   259    
Liabilities held-for-sale   6,634    
Other   113    
MetLife Poland and Greece | Fixed Maturities [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   2,043    
MetLife Poland and Greece | Contractholder-directed equity securities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   1,114    
MetLife Poland and Greece | Other Investments        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   118    
MetLife Poland and Greece | Investments        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   3,275    
MetLife Poland and Greece | Deferred policy acquisition costs and value of business acquired        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   138    
MetLife Poland and Greece | Separate Accounts        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets   3,497    
MetLife Poland and Greece | Future policy benefits [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale   916    
MetLife Poland and Greece | Policyholder Account Balances [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale   2,005    
MetLife Poland and Greece | Other Policy-Related Balances        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale   103    
MetLife Poland and Greece | Separate account liabilities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale   $ 3,497    
MetLife Poland        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 4,582      
Cash and cash equivalents 23      
Other 178      
Liabilities held-for-sale 4,297      
Other 40      
MetLife Poland | Fixed Maturities [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 806      
MetLife Poland | Contractholder-directed equity securities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 286      
MetLife Poland | Other Investments        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 8      
MetLife Poland | Investments        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 1,100      
MetLife Poland | Deferred policy acquisition costs and value of business acquired        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 76      
MetLife Poland | Separate Accounts        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Including Discontinued Operation, Assets 3,205      
MetLife Poland | Future policy benefits [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale 405      
MetLife Poland | Policyholder Account Balances [Member]        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale 619      
MetLife Poland | Other Policy-Related Balances        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale 28      
MetLife Poland | Separate account liabilities        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Liabilities held-for-sale $ 3,205      
v3.22.1
Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Variable Annuity Guarantees: | Guaranteed Death Benefits    
Net Amount at Risk by Product and Guarantee [Line Items]    
Total account value $ 56,925 $ 62,281
Separate account value (1) 37,883 42,043
Net amount at risk $ 2,562 $ 1,490
Average attained age of contractholders 69 years 68 years
Variable Annuity Guarantees: | Guaranteed Annuitization Benefits    
Net Amount at Risk by Product and Guarantee [Line Items]    
Total account value $ 20,994 $ 23,121
Separate account value (1) 19,452 21,508
Net amount at risk $ 549 $ 500
Average attained age of contractholders 68 years 66 years
Other Annuity Guarantees: | Guaranteed Annuitization Benefits    
Net Amount at Risk by Product and Guarantee [Line Items]    
Total account value $ 4,750 $ 5,002
Net amount at risk $ 193 $ 196
Average attained age of contractholders 56 years 56 years
v3.22.1
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Secondary Guarantees    
Net Amount at Risk by Product and Guarantee [Line Items]    
Total account value (1), (3) $ 13,068 $ 13,678
Net amount at risk (7) $ 78,887 $ 78,762
Average attained age of policyholders 54 years 55 years
Paid-Up Guarantees    
Net Amount at Risk by Product and Guarantee [Line Items]    
Total account value (1), (3) $ 2,658 $ 2,694
Net amount at risk (7) $ 12,422 $ 12,657
Average attained age of policyholders 66 years 66 years
v3.22.1
Insurance (Rollforward of Unpaid Claims) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]    
Balance, beginning of period $ 20,013 $ 18,591
Less: Reinsurance recoverables 3,121 2,417
Net balance, beginning of period 16,892 16,174
Incurred related to:    
Current period 6,948 6,671
Prior periods (1) 388 613
Total incurred 7,336 7,284
Paid related to:    
Current period (3,197) (3,520)
Prior periods (3,677) (3,820)
Total paid (6,874) (7,340)
Net balance, end of period 17,354 16,071
Add: Reinsurance recoverables 3,152 3,095
Balance, end of period (included in future policy benefits and other policy-related balances) 20,506 19,166
Disposal Group, Held-for-Sale or Disposed of by Sale    
Paid related to:    
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments $ 0 $ (47)
v3.22.1
Closed Block (Liabilities and Assets) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Closed Block Liabilities      
Future policy benefits $ 37,787 $ 38,046  
Other policy-related balances 312 290  
Policyholder dividends payable 249 253  
Policyholder dividend obligation 0 1,682 $ 2,969
Deferred income tax liability 146 210  
Other liabilities 337 263  
Total closed block liabilities 38,831 40,744  
Assets Designated to the Closed Block      
Fixed maturity securities available-for-sale, at estimated fair value 23,412 25,669  
Equity securities, at estimated fair value 14 21  
Mortgage loans 6,462 6,417  
Policy loans 4,149 4,191  
Real estate and real estate joint ventures 547 565  
Other invested assets 551 535  
Total investments 35,135 37,398  
Cash and cash equivalents 203 126  
Accrued investment income 389 384  
Premiums, reinsurance and other receivables 38 50  
Current income tax recoverable 89 81  
Total assets designated to the closed block 35,854 38,039  
Excess of closed block liabilities over assets designated to the closed block 2,977 2,705  
AOCI:      
Unrealized investment gains (losses), net of income tax 970 2,562  
Unrealized gains (losses) on derivatives, net of income tax 123 107  
Allocated to policyholder dividend obligation, net of income tax 0 (1,329)  
Total amounts included in AOCI 1,093 1,340  
Maximum future earnings to be recognized from closed block assets and liabilities $ 4,070 $ 4,045  
v3.22.1
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Closed block policyholder dividend obligation    
Balance, beginning of period $ 1,682 $ 2,969
Change in unrealized investment and derivative gains (losses) (1,682) (1,287)
Balance, end of period $ 0 $ 1,682
v3.22.1
Closed Block (Revenues and Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Premiums $ 275 $ 320
Net investment income 361 393
Net investment gains (losses) (32) 6
Net derivative gains (losses) 3 1
Total revenues 607 720
Expenses    
Policyholder benefits and claims 483 546
Policyholder dividends 133 178
Other expenses 23 25
Total expenses 639 749
Revenues, net of expenses before provision for income tax expense (benefit) (32) (29)
Provision for income tax expense (benefit) (7) (6)
Revenues, net of expenses and provision for income tax expense (benefit) $ (25) $ (23)
v3.22.1
Investments (Fixed Maturity Securities Available-For-Sale by Sector) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost $ 313,872 $ 310,884    
Allowance for Credit Loss for Debt Securities (355) (91) $ (104) $ (81)
Gross Unrealized Gains 16,145 31,901    
Gross Unrealized Losses 9,583 2,420    
Estimated Fair Value of Fixed Maturity Securities AFS 320,079 340,274    
U.S. corporate        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 84,609 82,694    
Allowance for Credit Loss for Debt Securities (13) (30) (43) (44)
Gross Unrealized Gains 4,622 10,651    
Gross Unrealized Losses 2,082 281    
Estimated Fair Value of Fixed Maturity Securities AFS 87,136 93,034    
Foreign corporate        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 61,061 59,124    
Allowance for Credit Loss for Debt Securities (102) (28) (33) (16)
Gross Unrealized Gains 2,345 5,275    
Gross Unrealized Losses 2,175 731    
Estimated Fair Value of Fixed Maturity Securities AFS 61,129 63,640    
Foreign government        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 55,741 56,848    
Allowance for Credit Loss for Debt Securities (226) (19) (21) (21)
Gross Unrealized Gains 3,754 5,603    
Gross Unrealized Losses 1,987 823    
Estimated Fair Value of Fixed Maturity Securities AFS 57,282 61,609    
U.S. government and agency        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 38,166 41,068    
Allowance for Credit Loss for Debt Securities 0 0    
Gross Unrealized Gains 3,312 5,807    
Gross Unrealized Losses 1,144 276    
Estimated Fair Value of Fixed Maturity Securities AFS 40,334 46,599    
RMBS        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 30,541 29,152    
Allowance for Credit Loss for Debt Securities 0 0    
Gross Unrealized Gains 663 1,440    
Gross Unrealized Losses 1,124 188    
Estimated Fair Value of Fixed Maturity Securities AFS 30,080 30,404    
ABS & CLO        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 19,640 18,443    
Allowance for Credit Loss for Debt Securities 0 0    
Gross Unrealized Gains 59 185    
Gross Unrealized Losses 394 59    
Estimated Fair Value of Fixed Maturity Securities AFS 19,305 18,569    
Municipals        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 12,109 11,761    
Allowance for Credit Loss for Debt Securities 0 0    
Gross Unrealized Gains 1,247 2,464    
Gross Unrealized Losses 398 13    
Estimated Fair Value of Fixed Maturity Securities AFS 12,958 14,212    
CMBS        
Debt Securities, Available-for-sale [Line Items]        
Amortized Cost 12,005 11,794    
Allowance for Credit Loss for Debt Securities (14) (14) $ (7) $ 0
Gross Unrealized Gains 143 476    
Gross Unrealized Losses 279 49    
Estimated Fair Value of Fixed Maturity Securities AFS $ 11,855 $ 12,207    
v3.22.1
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Available-for-sale Securities, Debt Maturities [Abstract]    
Amortized Cost, Due in one year or less $ 8,804  
Amortized Cost, Due after one year through five years 53,049  
Amortized Cost, Due after five years through ten years 57,391  
Amortized Cost, Due after ten years 132,101  
Amortized Cost, Structured Securities 62,172  
Amortized Cost, net of ACL 313,517  
Estimated Fair Value, Due in one year or less 8,866  
Estimated Fair Value, Due after one year through five years 53,469  
Estimated Fair Value, Due after five years through ten years 58,818  
Estimated Fair Value, Due after ten years 137,686  
Estimated Fair Value, Structured Securities 61,240  
Estimated Fair Value of Fixed Maturity Securities AFS $ 320,079 $ 340,274
v3.22.1
Investments (Continuous Gross Unrealized Losses for Fixed Maturity Securities Available-For-Sale) (Details)
$ in Millions
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value $ 125,181 $ 62,019
Less than 12 months Gross Unrealized Loss $ 6,873 $ 1,264
Total number of securities in an unrealized loss position less than 12 months 10,263 4,774
Equal to or Greater than 12 Months Estimated Fair Value $ 18,721 $ 13,224
Equal to or Greater than 12 Months Gross Unrealized Loss $ 2,670 $ 1,154
Total number of securities in an unrealized loss position equal or greater than 12 months 1,652 979
U.S. corporate    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value $ 28,039 $ 8,076
Less than 12 months Gross Unrealized Loss 1,726 165
Equal to or Greater than 12 Months Estimated Fair Value 2,560 1,499
Equal to or Greater than 12 Months Gross Unrealized Loss 355 116
Foreign corporate    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 24,694 10,011
Less than 12 months Gross Unrealized Loss 1,679 404
Equal to or Greater than 12 Months Estimated Fair Value 3,465 2,834
Equal to or Greater than 12 Months Gross Unrealized Loss 487 327
Foreign government    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 14,173 7,812
Less than 12 months Gross Unrealized Loss 886 319
Equal to or Greater than 12 Months Estimated Fair Value 6,360 5,377
Equal to or Greater than 12 Months Gross Unrealized Loss 1,071 502
U.S. government and agency    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 16,795 14,419
Less than 12 months Gross Unrealized Loss 724 138
Equal to or Greater than 12 Months Estimated Fair Value 2,225 1,571
Equal to or Greater than 12 Months Gross Unrealized Loss 420 138
RMBS    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 16,253 10,363
Less than 12 months Gross Unrealized Loss 889 158
Equal to or Greater than 12 Months Estimated Fair Value 2,143 417
Equal to or Greater than 12 Months Gross Unrealized Loss 235 30
ABS & CLO    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 14,605 8,150
Less than 12 months Gross Unrealized Loss 347 39
Equal to or Greater than 12 Months Estimated Fair Value 1,127 804
Equal to or Greater than 12 Months Gross Unrealized Loss 47 20
Municipals    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 4,175 524
Less than 12 months Gross Unrealized Loss 382 10
Equal to or Greater than 12 Months Estimated Fair Value 84 65
Equal to or Greater than 12 Months Gross Unrealized Loss 16 3
CMBS    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 6,447 2,664
Less than 12 months Gross Unrealized Loss 240 31
Equal to or Greater than 12 Months Estimated Fair Value 757 657
Equal to or Greater than 12 Months Gross Unrealized Loss 39 18
Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value 118,393 58,358
Less than 12 months Gross Unrealized Loss 6,493 1,123
Equal to or Greater than 12 Months Estimated Fair Value 17,480 12,022
Equal to or Greater than 12 Months Gross Unrealized Loss $ 2,498 1,025
Total number of securities in an unrealized loss position equal or greater than 12 months 1,462  
Below Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months Estimated Fair Value $ 6,788 3,661
Less than 12 months Gross Unrealized Loss 380 141
Equal to or Greater than 12 Months Estimated Fair Value 1,241 1,202
Equal to or Greater than 12 Months Gross Unrealized Loss $ 172 $ 129
Total number of securities in an unrealized loss position equal or greater than 12 months 190  
v3.22.1
Investments (ACL for Fixed Maturity Securities AFS By Sector) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Allowance, beginning of period $ 91 $ 81
ACL not previously recorded 287 28
Changes for securities with previously recorded ACL 7 (5)
Securities sold or exchanged (8) 0
Write-offs (22) 0
Allowance, end of period 355 104
U.S. corporate    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Allowance, beginning of period 30 44
ACL not previously recorded 13 0
Changes for securities with previously recorded ACL 0 (1)
Securities sold or exchanged (8) 0
Write-offs (22) 0
Allowance, end of period 13 43
Foreign corporate    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Allowance, beginning of period 28 16
ACL not previously recorded 67 21
Changes for securities with previously recorded ACL 7 (4)
Securities sold or exchanged 0 0
Write-offs 0 0
Allowance, end of period 102 33
Foreign government    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Allowance, beginning of period 19 21
ACL not previously recorded 207 0
Changes for securities with previously recorded ACL 0 0
Securities sold or exchanged 0 0
Write-offs 0 0
Allowance, end of period 226 21
CMBS    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Allowance, beginning of period 14 0
ACL not previously recorded 0 7
Changes for securities with previously recorded ACL 0 0
Securities sold or exchanged 0 0
Write-offs 0 0
Allowance, end of period $ 14 $ 7
v3.22.1
Investments (Equity Securities) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Unrealized Gains (Losses) $ 1,648 $ 2,256
Equity securities 988 1,269
Common Stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Cost 550 784
Equity Securities, FV-NI, Unrealized Gains (Losses) 272 295
Equity securities 822 1,079
Non-redeemable Preferred Stock    
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Cost 169 189
Equity Securities, FV-NI, Unrealized Gains (Losses) (3) 1
Equity securities 166 190
Equity Securities    
Debt and Equity Securities, FV-NI [Line Items]    
Equity Securities, FV-NI, Cost 719 973
Equity Securities, FV-NI, Unrealized Gains (Losses) 269 296
Equity securities $ 988 $ 1,269
v3.22.1
Investments (Contractholder-Directed Equity Securities and FVO Securities) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]    
Debt Securities, Trading, and Equity Securities, FV-NI, Cost $ 9,770 $ 9,886
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) 1,648 2,256
Contractholder-directed equity securities and fair value option securities, at estimated fair value 11,418 12,142
Unit-linked investments    
Debt and Equity Securities, FV-NI [Line Items]    
Debt Securities, Trading, and Equity Securities, FV-NI, Cost 8,509 8,643
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) 1,332 1,897
Contractholder-directed equity securities and fair value option securities, at estimated fair value 9,841 10,540
FVO Securities    
Debt and Equity Securities, FV-NI [Line Items]    
Debt Securities, Trading, and Equity Securities, FV-NI, Cost 1,261 1,243
Contracted-Directed Equity Securities and FVO Securities, FV-NI, Unrealized Gains (Losses) 316 359
Contractholder-directed equity securities and fair value option securities, at estimated fair value $ 1,577 $ 1,602
v3.22.1
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Mortgage Loans, Gross $ 80,464 $ 79,860    
Allowance for Credit Loss (615) (634) $ (528) $ (590)
Subtotal mortgage loans, net $ 79,849 $ 79,226    
Percentage Of mortgage total recorded investment To Mortgage Loans On Real Estate Commercial And Consumer Net 100.70% 100.60%    
Percentage of Allowance for Credit Losses for Financing Receivables (0.80%) (0.80%)    
Percentage Of Mortgage Loans Held For Investment Net To Mortgage Loans On Real Estate Commercial And Consumer Net 99.90% 99.80%    
Total mortgage loans held-for-investment, net $ 79,968 $ 79,353    
Percentage Of Loans And Leases Receivable Consumer Other To Mortgage Loans On Real Estate Commercial And Consumer Net 0.10% 0.20%    
Percentage Of Mortgage Loans On Real Estate To Mortgage Loans On Real Estate Commercial And Consumer Net 100.00% 100.00%    
Residential mortgage loans - FVO        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total mortgage loans held-for-investment, net $ 119 $ 127    
Commercial Mortgage Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Mortgage Loans, Gross 51,117 50,553    
Allowance for Credit Loss $ (328) $ (340) (247) (252)
Percentage Of Mortgage Loans, Gross 63.90% 63.70%    
Residential Mortgage Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Mortgage Loans, Gross $ 11,465 $ 11,196    
Allowance for Credit Loss $ (184) $ (206) (202) (232)
Percentage Of Mortgage Loans, Gross 14.40% 14.10%    
Agricultural Mortgage Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Mortgage Loans, Gross $ 17,882 $ 18,111    
Allowance for Credit Loss $ (103) $ (88) $ (79) $ (106)
Percentage Of Mortgage Loans, Gross 22.40% 22.80%    
v3.22.1
Investments (Mortgage Loans Allowance for Credit Loss Rollforward by Portfolio Segment) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period $ 634 $ 590
Provision (release) (18) (49)
Charge-offs, net of recoveries (1) (13)
Balance, end of period 615 528
Commercial Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period 340 252
Provision (release) (12) (5)
Charge-offs, net of recoveries 0 0
Balance, end of period 328 247
Residential Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period 206 232
Provision (release) (21) (30)
Charge-offs, net of recoveries (1) 0
Balance, end of period 184 202
Agricultural Mortgage Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Balance, beginning of period 88 106
Provision (release) 15 (14)
Charge-offs, net of recoveries 0 (13)
Balance, end of period $ 103 $ 79
v3.22.1
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Mortgage Loans, Gross $ 80,464 $ 79,860
Commercial Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year 1,675  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 7,228  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 5,637  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 8,298  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 7,231  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 18,748  
Financing Receivable, Revolving 2,300  
Mortgage Loans, Gross $ 51,117 $ 50,553
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 $ 1,652  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 6,503  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 5,325  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 7,582  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 6,689  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 15,547  
Financing Receivable, Revolving 2,300  
Mortgage Loans, Gross $ 45,598  
Loans Receivable Commercial Mortgage Percentage 89.20%  
Commercial Mortgage Loans | 1.00x - 1.20x    
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 297  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 18  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 76  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 258  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 907  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 1,556  
Loans Receivable Commercial Mortgage Percentage 3.00%  
Commercial Mortgage Loans | Less than 1.00x    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 23  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 428  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 294  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 640  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 284  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 2,294  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 3,963  
Loans Receivable Commercial Mortgage Percentage 7.80%  
Commercial Mortgage Loans | Less than 65%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 1,134  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 5,671  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 4,841  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 5,306  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 5,547  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 14,767  
Financing Receivable, Revolving 2,300  
Mortgage Loans, Gross $ 39,566  
Loans Receivable Commercial Mortgage Percentage 77.40%  
Commercial Mortgage Loans | 65% to 75%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 528  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,528  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 744  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,577  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 1,404  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 2,177  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 8,958  
Loans Receivable Commercial Mortgage Percentage 17.50%  
Commercial Mortgage Loans | 76% to 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 5  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 29  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 52  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 411  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 201  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 309  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 1,007  
Loans Receivable Commercial Mortgage Percentage 2.00%  
Commercial Mortgage Loans | Greater than 80%    
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 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 4  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 79  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 1,495  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 1,586  
Loans Receivable Commercial Mortgage Percentage 3.10%  
v3.22.1
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Mortgage Loans, Gross $ 80,464 $ 79,860
Mortgage Loans in Process of Foreclosure, Amount 80 70
Residential Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year 238  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,299  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 430  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,187  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 552  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,759  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 11,465 11,196
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 $ 238  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 1,296  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 421  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,125  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 530  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 7,305  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 10,915  
Loans Receivable Residential Mortgage Percentage 95.20%  
Residential Mortgage Loans | Nonperforming    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 3  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 9  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 62  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 22  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 454  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 550  
Loans Receivable Residential Mortgage Percentage 4.80%  
Agricultural Mortgage Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 537  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,852  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 3,142  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 2,099  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 2,613  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 5,510  
Financing Receivable, Revolving 1,129  
Mortgage Loans, Gross $ 17,882 $ 18,111
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 $ 437  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 2,524  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 2,765  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 1,790  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 2,497  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 4,855  
Financing Receivable, Revolving 1,045  
Mortgage Loans, Gross $ 15,913  
Loans Receivable Agricultural Mortgage Percentage 89.00%  
Agricultural Mortgage Loans | 65% to 75%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 100  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 328  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 377  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 233  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 116  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 602  
Financing Receivable, Revolving 82  
Mortgage Loans, Gross $ 1,838  
Loans Receivable Agricultural Mortgage Percentage 10.30%  
Agricultural Mortgage Loans | 76% to 80%    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Year One, Originated, Current Fiscal Year $ 0  
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year 0  
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year 0  
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year 0  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 11  
Financing Receivable, Revolving 0  
Mortgage Loans, Gross $ 11  
Loans Receivable Agricultural Mortgage Percentage 0.00%  
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 76  
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year 0  
Financing Receivable, Originated, More than Five Years before Current Fiscal Year 42  
Financing Receivable, Revolving 2  
Mortgage Loans, Gross $ 120  
Loans Receivable Agricultural Mortgage Percentage 0.70%  
v3.22.1
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross $ 80,464 $ 79,860  
Greater than 90 Days Past Due and Still Accruing Interest 77 37  
Financing Receivable, Nonaccrual 917 822  
Financial Asset, Past Due      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross 722 587  
Commercial Mortgage Loans      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross 51,117 50,553  
Greater than 90 Days Past Due and Still Accruing Interest 3 13  
Financing Receivable, Nonaccrual 155 155 $ 317
Commercial Mortgage Loans | Financial Asset, Past Due      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross 3 13  
Residential Mortgage Loans      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross 11,465 11,196  
Greater than 90 Days Past Due and Still Accruing Interest 13 8  
Financing Receivable, Nonaccrual 537 442 534
Residential Mortgage Loans | Financial Asset, Past Due      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross 550 450  
Agricultural Mortgage Loans      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross 17,882 18,111  
Greater than 90 Days Past Due and Still Accruing Interest 61 16  
Financing Receivable, Nonaccrual 225 225 $ 266
Agricultural Mortgage Loans | Financial Asset, Past Due      
Financing Receivable, Nonaccrual [Line Items]      
Mortgage Loans, Gross $ 169 $ 124  
v3.22.1
Investments (Real Estate and Real Estate Joint Ventures) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Real Estate [Line Items]      
Leased real estate investments, Carrying Value $ 5,028   $ 5,146
Other real estate investments, Carrying Value 473   474
Real estate joint ventures, Carrying Value 6,878   6,596
Real Estate Investments, Net 12,379   $ 12,216
Income (Loss) from Equity Method Investments 1,100 $ 1,300  
Real Estate and Real Estate Joint Ventures      
Real Estate [Line Items]      
Gross Investment Income, Operating 328 176  
Leased real estate investments      
Real Estate [Line Items]      
Operating Lease, Lease Income 106 111  
Other real estate investments      
Real Estate [Line Items]      
Operating Lease, Lease Income 32 42  
Real estate joint ventures      
Real Estate [Line Items]      
Income (Loss) from Equity Method Investments $ 190 $ 23  
v3.22.1
Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income    
Fixed maturity securities AFS $ 6,413 $ 29,461
Derivatives 1,861 2,061
Other 337 389
Subtotal 8,611 31,911
Policyholder liabilities (427) (4,978)
DAC, VOBA and DSI (743) (3,208)
Subtotal (1,170) (8,186)
Deferred income tax benefit (expense) (2,237) (6,031)
Net unrealized investment gains (losses) 5,204 17,694
Net unrealized investment gains (losses) attributable to noncontrolling interests (22) (23)
Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 5,182 $ 17,671
v3.22.1
Investments (Changes in Net Unrealized Investment Gains Losses) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]  
Balance, beginning of period $ 17,671
Unrealized investment gains (losses) during the period (23,300)
Unrealized investment gains (losses) relating to:  
Policyholder liabilities 4,551
DAC, VOBA and DSI 2,465
Deferred income tax benefit (expense) 3,794
Net unrealized investment gains (losses) 5,181
Net unrealized investment gains (losses) attributable to noncontrolling interests 1
Balance, end of period 5,182
Change in net unrealized investment gains (losses) (12,490)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests 1
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ (12,489)
v3.22.1
Investments (Securities Lending and Repurchase Agreements) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties $ 21,077 $ 21,055
Reinvestment portfolio - estimated fair value 20,900 21,319
Estimated fair value    
Securities Financing Transaction [Line Items]    
Securities loaned 20,687 20,654
Repurchase Agreements    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,325 3,325
Reinvestment portfolio - estimated fair value 3,288 3,357
Repurchase Agreements | Estimated fair value    
Securities Financing Transaction [Line Items]    
Securities Sold under Agreements to Repurchase $ 3,392 $ 3,416
v3.22.1
Investments (Securities Lending and Repurchase Agreements Remaining Tenor) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties $ 21,077 $ 21,055
U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 19,985 20,007
Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 1,043 1,047
RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 49 0
U.S. corporate    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 1
Open (1)    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 5,873 5,901
Open (1) | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 5,873 5,900
Open (1) | Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Open (1) | RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Open (1) | U.S. corporate    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 1
1 Month or Less    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 6,720 7,337
1 Month or Less | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 6,392 7,052
1 Month or Less | Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 328 285
1 Month or Less | RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
1 Month or Less | U.S. corporate    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Over 1 Month to 6 Months    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 8,484 7,817
Over 1 Month to 6 Months | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 7,720 7,055
Over 1 Month to 6 Months | Foreign government    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 715 762
Over 1 Month to 6 Months | RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 49 0
Over 1 Month to 6 Months | U.S. corporate    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
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 | RMBS    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Over 6 Months to 1 Year | U.S. corporate    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Repurchase Agreements    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,325 3,325
Repurchase Agreements | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,325 3,325
Repurchase Agreements | Open (1) | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 0 0
Repurchase Agreements | 1 Month or Less | U.S. government and agency    
Securities Financing Transaction [Line Items]    
Cash collateral on deposit from counterparties 3,325 3,325
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
v3.22.1
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Investment Holdings, Other than Securities [Line Items]    
Invested assets on deposit (regulatory deposits) $ 1,744 $ 1,872
Invested assets held in trust (external reinsurance agreements) (1) 1,008 1,114
Invested assets pledged as collateral 26,267 24,261
Total invested assets on deposit, held in trust and pledged as collateral 29,019 27,247
Affiliated Entity    
Investment Holdings, Other than Securities [Line Items]    
Invested assets held in trust (external reinsurance agreements) (1) $ 2,000 $ 2,100
v3.22.1
Investments (Consolidated Variable Interest Entities) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]    
Total Assets $ 724,284 $ 759,708
Total Liabilities 670,047 691,959
Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 374 372
Total Liabilities 2 1
Investment funds (primarily other invested assets) | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 293 292
Total Liabilities 1 1
Renewable energy partnership (primarily other invested assets) | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 80 79
Total Liabilities 1 0
Other Investments | Consolidated Entities [Member] | Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 1 1
Total Liabilities $ 0 $ 0
v3.22.1
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]    
Total Assets $ 724,284 $ 759,708
Tax Credits Guaranteed By Third Parties Amount That Reduces Maximum Exposure To Loss Related To Other Invested Assets 6 5
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 77,610 77,974
Maximum Exposure to Loss 83,797 85,614
Variable Interest Entity, Not Primary Beneficiary | Fixed Maturity Securities    
Variable Interest Entity [Line Items]    
Total Assets 61,959 62,654
Maximum Exposure to Loss 61,959 62,654
Variable Interest Entity, Not Primary Beneficiary | Other limited partnership interests    
Variable Interest Entity [Line Items]    
Total Assets 13,285 13,287
Maximum Exposure to Loss 19,396 20,720
Variable Interest Entity, Not Primary Beneficiary | Other invested assets    
Variable Interest Entity [Line Items]    
Total Assets 1,456 1,257
Maximum Exposure to Loss 1,510 1,314
Variable Interest Entity, Not Primary Beneficiary | Other Investments    
Variable Interest Entity [Line Items]    
Total Assets 910 776
Maximum Exposure to Loss $ 932 $ 926
v3.22.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net Investment Income [Line Items]    
Less: Investment expenses $ 242 $ 237
Net investment income 4,284 5,314
Securities Investment    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 5,025 5,344
Net investment income 4,783 5,107
Fixed maturity securities AFS    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 2,714 2,753
Equity Securities    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 7 11
FVO Securities    
Net Investment Income [Line Items]    
Net investment income (65) 36
Mortgage loans    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 824 863
Policy loans    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 116 121
Real Estate and Real Estate Joint Ventures    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 328 176
Other limited partnership interests    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 926 1,282
Cash, cash equivalents and short-term investments    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 31 25
Operating joint ventures    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 18 23
Other Investments    
Net Investment Income [Line Items]    
Gross Investment Income, Operating 126 54
Unit-linked investments    
Net Investment Income [Line Items]    
Net investment income $ (499) $ 207
v3.22.1
Investments (Components of Net Investment Gains Losses - Asset Type) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Marketable Securities, Gain (Loss) [Abstract]    
Fixed maturity securities AFS $ (598) $ (67)
Equity Securities, FV-NI, Gain (Loss) (50) 75
Other net investment gains (losses):    
Mortgage loans 44 60
Real estate and real estate joint ventures (excluding changes in estimated fair value) 4 48
Other limited partnership interests (excluding changes in estimated fair value) 18 (5)
Other gains (losses) 66 23
Subtotal - investment portfolio gains (losses) (516) 134
Change In Estimated Fair Value Of Other Limited Partnership Interests And Real Estate Joint Ventures 7 9
Non-investment portfolio gains (losses) (9) (9)
Subtotal (2) 0
Net investment gains (losses) $ (518) $ 134
v3.22.1
Investments (Components of Net Investment Gains Losses - Transaction Type) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Realized gains (losses) on investments sold or disposed $ (211) $ 3
Impairments (40) 0
Change in allowance for credit loss recognized in earnings (243) 22
Unrealized net gains (losses) recognized in earnings (15) 118
Total recognized gains (losses) (258) 140
Non-investment portfolio gains (losses) (9) (9)
Net investment gains (losses) $ (518) $ 134
v3.22.1
Investments (Fixed Maturity Securities AFS - Sales and Disposals and Credit Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Proceeds $ 14,024 $ 15,640
Gross investment gains 109 218
Gross investment (losses) (403) (259)
Realized gains (losses) on sales and disposals (294) (41)
Net credit loss (provision) release (change in ACL recognized in earnings) (264) (26)
Impairment (loss) (40) 0
Net credit loss (provision) release and impairment (loss) (304) (26)
Net investment gains (losses) (211) 3
Equity securities (30) (32)
Equity Securities, FV-NI, Unrealized Gain (Loss) (20) 107
Equity Securities, FV-NI, Gain (Loss) (50) 75
Fixed Maturity Securities    
Debt Securities, Available-for-sale [Line Items]    
Net investment gains (losses) $ (598) $ (67)
v3.22.1
Investments (Fixed Maturity Securities AFS - Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value of Fixed Maturity Securities AFS $ 320,079 $ 340,274
Gross Unrealized Gains 16,145 31,901
Nonperforming    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value of Fixed Maturity Securities AFS 176 22
Gross Unrealized Gains $ 8 $ 8
v3.22.1
Investments (Evaluation of Fixed Maturity Securities AFS in an Unrealized Loss Position- Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ 9,500  
Equal to or Greater than 12 Months Gross Unrealized Loss $ 2,670 $ 1,154
Percentage of Gross Unrealized Loss for 12 months or greater 28.00%  
Total number of securities in an unrealized loss position equal or greater than 12 months 1,652 979
Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Equal to or Greater than 12 Months Gross Unrealized Loss $ 2,498 $ 1,025
Percentage of Gross Unrealized Loss for 12 months or greater 93.00%  
Total number of securities in an unrealized loss position equal or greater than 12 months 1,462  
Below Investment Grade    
Debt Securities, Available-for-sale [Line Items]    
Equal to or Greater than 12 Months Gross Unrealized Loss $ 172 $ 129
Percentage of Gross Unrealized Loss for 12 months or greater 7.00%  
Total number of securities in an unrealized loss position equal or greater than 12 months 190  
Fixed maturity securities without an allowance for credit loss    
Debt Securities, Available-for-sale [Line Items]    
Change in Gross Unrealized Temporary Loss $ 7,100  
v3.22.1
Investments (Mortgage Loans - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums $ (717)   $ (759)  
Financing Receivable, Purchase 841 $ 454    
Mortgage Loans, Gross $ 80,464   $ 79,860  
Percentage of Mortgage Loans Classified as Performing 99.00%   99.00%  
Financing Receivable, Nonaccrual $ 917   $ 822  
Commercial Mortgage Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Interest Receivable 184   180  
Mortgage Loans, Gross 51,117   50,553  
Financing Receivable, Nonaccrual 155   155 $ 317
Financing Receivable, Nonaccrual, No Allowance 0   0  
Residential Mortgage Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Interest Receivable 84   86  
Mortgage Loans, Gross 11,465   11,196  
Financing Receivable, Nonaccrual 537   442 534
Financing Receivable, Nonaccrual, No Allowance 0   0  
Agricultural Mortgage Loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Interest Receivable 124   161  
Mortgage Loans, Gross 17,882   18,111  
Financing Receivable, Nonaccrual 225   $ 225 $ 266
Financing Receivable, Nonaccrual, No Allowance $ 134 $ 134    
Maximum        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Percentage of mortgage loans with LTV ratio in excess of 100% 1.00%      
Mortgage Loans with LTV ratio in excess of 100% [Member]        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Mortgage Loans, Gross $ 808      
v3.22.1
Investments (Real Estate and Real Estate Joint ventures - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Real Estate [Line Items]      
Real Estate Acquired Through Foreclosure $ 181   $ 181
Real Estate Investment Property, Net 901   $ 883
Real Estate and Real Estate Joint Ventures      
Real Estate [Line Items]      
Depreciation $ 28 $ 30  
v3.22.1
Investments (Leveraged and Direct Financing Leases - Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Investments, All Other Investments [Abstract]    
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net $ 776 $ 787
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss 1,200 1,100
Net Investment in Lease, Allowance for Credit Loss $ 37 $ 40
v3.22.1
Investments (Cash Equivalents - Narrative) (Details) - USD ($)
$ in Billions
Mar. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Cash equivalents $ 13.4 $ 9.0
v3.22.1
Investments (Concentrations of Credit Risk - Narrative) (Details) - Foreign government - USD ($)
$ in Billions
Mar. 31, 2022
Dec. 31, 2021
Japan    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Government and agency fixed maturity securities $ 30.1 $ 32.7
Republic of Korea    
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]    
Government and agency fixed maturity securities $ 6.5 $ 7.1
v3.22.1
Investments (Invested Assets on Deposit, Held in Trust and Pledged as Collateral - Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Federal Home Loan Bank Stock $ 791 $ 769
v3.22.1
Investments (Net Investment Income - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net Investment Income [Line Items]    
Debt and Equity Securities, Realized Gain (Loss) $ (142) $ 170
Equity Securities, FV-NI, Unrealized Gain (Loss) (20) 107
Income (Loss) from Equity Method Investments 1,100 1,300
Net investment income    
Net Investment Income [Line Items]    
Debt and Equity Securities, Gain (Loss) (523) 261
Debt and Equity Securities, Realized Gain (Loss) 69 167
Debt and Equity Securities, Unrealized Gain (Loss) (592) 94
Unit-linked investments    
Net Investment Income [Line Items]    
Equity Securities, FV-NI, Unrealized Gain (Loss) $ (507) $ 197
v3.22.1
Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Debt and Equity Securities, Realized Gain (Loss) $ (142) $ 170
Equity Securities, FV-NI, Unrealized Gain (Loss) (20) 107
Net investment gains (losses) (518) 134
Foreign Currency Transaction Gain (Loss), Realized 123 9
Equity Securities    
Debt Securities, Available-for-sale [Line Items]    
Equity Securities, FV-NI, Unrealized Gain (Loss) (24) 71
Cash Flow Hedging [Member]    
Debt Securities, Available-for-sale [Line Items]    
Net investment gains (losses) 16 21
Foreign Currency Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedging [Member]    
Debt Securities, Available-for-sale [Line Items]    
Net investment gains (losses) $ 18 $ 29
v3.22.1
Derivatives (Primary Risks) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount $ 312,491   $ 308,215
Estimated Fair Value Assets 10,148   10,466
Estimated Fair Value Liabilities 4,631   $ 3,852
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net $ (2) $ (2)  
Maximum Length of Time Hedged in Cash Flow Hedge 7 years   7 years
Accumulated Other Comprehensive Income Loss $ 1,900   $ 2,100
Derivatives Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 63,452   61,088
Estimated Fair Value Assets 3,969   4,009
Estimated Fair Value Liabilities 2,024   1,764
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 6,623   5,987
Estimated Fair Value Assets 1,901   2,175
Estimated Fair Value Liabilities 223   87
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 4,347   3,550
Estimated Fair Value Assets 1,875   2,164
Estimated Fair Value Liabilities 124   6
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 740   801
Estimated Fair Value Assets 25   11
Estimated Fair Value Liabilities 6   23
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency forwards      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 1,536   1,636
Estimated Fair Value Assets 1   0
Estimated Fair Value Liabilities 93   58
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 53,537   52,101
Estimated Fair Value Assets 1,884   1,695
Estimated Fair Value Liabilities 1,799   1,677
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 3,778   4,117
Estimated Fair Value Assets 26   6
Estimated Fair Value Liabilities 0   1
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 7,425   6,889
Estimated Fair Value Assets 6   89
Estimated Fair Value Liabilities 460   119
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 42,334   41,095
Estimated Fair Value Assets 1,852   1,600
Estimated Fair Value Liabilities 1,339   1,557
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member]      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 3,292   3,000
Estimated Fair Value Assets 184   139
Estimated Fair Value Liabilities 2   0
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Foreign currency forwards      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 292   0
Estimated Fair Value Assets 7   0
Estimated Fair Value Liabilities 2   0
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Currency options      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 3,000   3,000
Estimated Fair Value Assets 177   139
Estimated Fair Value Liabilities 0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 249,039   247,127
Estimated Fair Value Assets 6,179   6,457
Estimated Fair Value Liabilities 2,607   2,088
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 34,867   38,860
Estimated Fair Value Assets 2,850   3,644
Estimated Fair Value Liabilities 502   115
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate forwards      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 439   374
Estimated Fair Value Assets 0   0
Estimated Fair Value Liabilities 63   26
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 7,451   7,701
Estimated Fair Value Assets 66   145
Estimated Fair Value Liabilities 0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 66,410   65,559
Estimated Fair Value Assets 567   124
Estimated Fair Value Liabilities 0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 1,225   1,615
Estimated Fair Value Assets 0   4
Estimated Fair Value Liabilities 6   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 13,054   11,754
Estimated Fair Value Assets 490   493
Estimated Fair Value Liabilities 16   10
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 1,048   1,048
Estimated Fair Value Assets 0   9
Estimated Fair Value Liabilities 118   4
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 43,485   40,121
Estimated Fair Value Assets 0   0
Estimated Fair Value Liabilities 0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 12,893   12,787
Estimated Fair Value Assets 866   768
Estimated Fair Value Liabilities 394   614
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 17,537   16,230
Estimated Fair Value Assets 117   36
Estimated Fair Value Liabilities 913   666
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency futures      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 828   839
Estimated Fair Value Assets 7   0
Estimated Fair Value Liabilities 0   2
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency options      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 450   900
Estimated Fair Value Assets 2   0
Estimated Fair Value Liabilities 0   0
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 3,064   3,042
Estimated Fair Value Assets 50   13
Estimated Fair Value Liabilities 106   113
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 10,518   8,626
Estimated Fair Value Assets 146   177
Estimated Fair Value Liabilities 17   12
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 3,944   4,204
Estimated Fair Value Assets 32   12
Estimated Fair Value Liabilities 4   5
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 28,067   29,743
Estimated Fair Value Assets 945   1,004
Estimated Fair Value Liabilities 444   458
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 699   699
Estimated Fair Value Assets 18   17
Estimated Fair Value Liabilities 13   13
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps      
Derivatives, Fair Value [Line Items]      
Derivative, Notional Amount 3,060   3,025
Estimated Fair Value Assets 23   11
Estimated Fair Value Liabilities $ 11   $ 50
v3.22.1
Derivatives (Effects on the Consolidated Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income $ 4,284 $ 5,314
Net investment gains (losses) (518) 134
Derivative, Gain (Loss) on Derivative, Net (859) (2,235)
Policyholder Benefits and Claims Incurred, Net (11,193) (10,523)
Policyholder Account Balance, Interest Expense (630) (1,351)
Operating Expenses 3,020 3,150
Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 11 (15)
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net (1,136) (3,160)
Policyholder Benefits and Claims Incurred, Net (52) (148)
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Fair Value Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 2 1
Net investment gains (losses) 32 (7)
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net (17) (29)
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 17 15
Net investment gains (losses) 16 21
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 1 1
Other Comprehensive Income (Loss), before Tax (200) (1,268)
Net Investment Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax 62 56
Nonperformance Risk [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net (14) (43)
Foreign Exchange Forward [Member] | Net Investment Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax   29
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax 43  
Interest Rate Contract | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 15 12
Net investment gains (losses) 18 29
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 1 1
Other Comprehensive Income (Loss), before Tax (34) (42)
Credit forwards [Member] | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 0 0
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Other Comprehensive Income (Loss), before Tax 0 0
Currency Swap [Member] | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 2 3
Net investment gains (losses) (148) (219)
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Other Comprehensive Income (Loss), before Tax 146 216
Derivative [Member] | Fair Value Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 0 0
Net investment gains (losses) 33 (2)
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Derivative [Member] | Interest rate swaps | Fair Value Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 4 3
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 452 602
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Derivative [Member] | Currency Swap [Member] | Fair Value Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 32 13
Net investment gains (losses) (81) (128)
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Debt Securities [Member] | Interest rate swaps | Fair Value Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income (4) (3)
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 435 573
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Debt Securities [Member] | Currency Swap [Member] | Fair Value Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income (30) (12)
Net investment gains (losses) 80 123
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Non-derivative [Domain] [Member] | Net Investment Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax 19 27
Foreign Currency Gain (Loss) [Member] | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 0 0
Net investment gains (losses) 146 211
Derivative, Gain (Loss) on Derivative, Net 0 0
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Other Comprehensive Income (Loss), before Tax 0 0
Accumulated Other Comprehensive Income (Loss) | Credit forwards [Member] | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax 0 (68)
Accumulated Other Comprehensive Income (Loss) | Currency Swap [Member] | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax 452 (153)
Accumulated Other Comprehensive Income (Loss) | Interest rate swaps | Cash Flow Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Other Comprehensive Income (Loss), before Tax (764) (1,221)
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 1 0
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net (74) (483)
Policyholder Benefits and Claims Incurred, Net (1) 3
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Credit derivatives — purchased | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 0 0
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 46 19
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Credit derivatives — written | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 0 0
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net (50) 5
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Equity Market Risk [Member] | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 9 (17)
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 161 (676)
Policyholder Benefits and Claims Incurred, Net (82) (104)
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Interest Rate Risk [Member] | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 1 2
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net (1,337) (2,250)
Policyholder Benefits and Claims Incurred, Net 29 47
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Foreign Currency Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 0 0
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 118 225
Policyholder Benefits and Claims Incurred, Net 0 0
Policyholder Account Balance, Interest Expense 0 0
Operating Expenses 0 0
Net Derivative Gain (Loss) [Member] | Not Designated as Hedging Instrument [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 83 39
Net investment gains (losses) 0 0
Derivative, Gain (Loss) on Derivative, Net 235 252
Policyholder Benefits and Claims Incurred, Net (52) (53)
Policyholder Account Balance, Interest Expense (35) (39)
Operating Expenses 0 0
Other Comprehensive Income (Loss), before Tax 0 0
Net Embedded Derivatives    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss) on Derivative, Net 42 673
Policyholder Benefits and Claims Incurred, Net 0 0
Effects of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income 113 40
Net investment gains (losses) 48 14
Policyholder Benefits and Claims Incurred, Net (87) 124
Policyholder Account Balance, Interest Expense 35 39
Operating Expenses 1 1
Other Comprehensive Income (Loss), before Tax $ (138) $ (1,212)
v3.22.1
Derivatives (Fair Value Hedges) (Details) - Designated as Hedging Instrument [Member] - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Fixed maturity securities AFS    
Derivative Instruments, Gain (Loss) [Line Items]    
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) $ (154,000,000) $ (161,000,000)
Debt Instruments, Carrying Amount 1,941,000,000 2,164,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) 0 (1,000,000)
Mortgages [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instruments, Carrying Amount 530,000,000 634,000,000
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) (3,000,000) 3,000,000
Future policy benefits [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instruments, Carrying Amount (4,423,000,000) (4,735,000,000)
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) $ (434,000,000) $ (877,000,000)
v3.22.1
Derivatives (Cash Flow Hedges) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net $ (2) $ (2)  
Maximum Length of Time Hedged in Cash Flow Hedge 7 years   7 years
Accumulated Other Comprehensive Income Loss $ 1,900   $ 2,100
v3.22.1
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Debt Designated as Non-derivative Hedging Instrument $ 346 $ 365
Derivatives used in Net Investment Hedge, Net of Tax $ 365 $ 303
v3.22.1
Derivatives (Credit Derivatives) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 129 $ 165
Maximum Amount of Future Payments under Credit Default Swaps $ 10,518 $ 8,626
Weighted Average Years to Maturity 5 years 1 month 6 days 4 years 7 months 6 days
Aaa/Aa/A    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 25 $ 21
Maximum Amount of Future Payments under Credit Default Swaps $ 2,077 $ 1,350
Weighted Average Years to Maturity 3 years 2 months 12 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 $ 3 $ 4
Maximum Amount of Future Payments under Credit Default Swaps $ 159 $ 159
Weighted Average Years to Maturity 2 years 10 months 24 days 3 years 1 month 6 days
Aaa/Aa/A | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 22 $ 17
Maximum Amount of Future Payments under Credit Default Swaps $ 1,918 $ 1,191
Weighted Average Years to Maturity 3 years 2 months 12 days 2 years 6 months
Baa [Member]    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 109 $ 148
Maximum Amount of Future Payments under Credit Default Swaps $ 8,294 $ 7,089
Weighted Average Years to Maturity 5 years 7 months 6 days 5 years
Baa [Member] | Single name credit default swaps (3)    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 2 $ 2
Maximum Amount of Future Payments under Credit Default Swaps $ 146 $ 101
Weighted Average Years to Maturity 1 year 10 months 24 days 3 years 4 months 24 days
Baa [Member] | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 107 $ 146
Maximum Amount of Future Payments under Credit Default Swaps $ 8,148 $ 6,988
Weighted Average Years to Maturity 5 years 8 months 12 days 5 years
B    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 3 $ 5
Maximum Amount of Future Payments under Credit Default Swaps $ 55 $ 55
Weighted Average Years to Maturity 3 years 8 months 12 days 4 years
B | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 3 $ 5
Maximum Amount of Future Payments under Credit Default Swaps $ 55 $ 55
Weighted Average Years to Maturity 3 years 8 months 12 days 4 years
Ba    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 1 $ 0
Maximum Amount of Future Payments under Credit Default Swaps $ 62 $ 102
Weighted Average Years to Maturity 4 years 6 months 2 years
Ba | Single name credit default swaps (3)    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 0 $ 1
Maximum Amount of Future Payments under Credit Default Swaps $ 17 $ 82
Weighted Average Years to Maturity 3 years 10 months 24 days 1 year 2 months 12 days
Ba | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ 1 $ (1)
Maximum Amount of Future Payments under Credit Default Swaps $ 45 $ 20
Weighted Average Years to Maturity 4 years 8 months 12 days 5 years
Caa3    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ (9) $ (9)
Maximum Amount of Future Payments under Credit Default Swaps $ 30 $ 30
Weighted Average Years to Maturity 4 years 2 months 12 days 4 years 6 months
Caa3 | Credit default swaps referencing indices    
Credit Derivatives [Line Items]    
Estimated Fair Value of Credit Default Swaps $ (9) $ (9)
Maximum Amount of Future Payments under Credit Default Swaps $ 30 $ 30
Weighted Average Years to Maturity 4 years 2 months 12 days 4 years 6 months
v3.22.1
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Offsetting Assets [Line Items]    
Estimated fair value of derivative assets presented in the consolidated balance sheets $ 10,301 $ 10,596
Estimated fair value of derivative liabilities presented in the consolidated balance sheets 4,633 3,829
Net amount of derivative assets after application of master netting agreements and cash collateral 374 124
Net amount of derivative liabilities after application of master netting agreements and cash collateral 9 121
Over the Counter [Member]    
Offsetting Assets [Line Items]    
Gross estimated fair value of derivative assets 9,920 10,132
Gross estimated fair value of derivative liabilities 4,546 3,798
Gross estimated fair value of derivative assets (2,909) (2,204)
Gross estimated fair value of derivative liabilities (2,909) (2,204)
Cash collateral on derivative assets (5,726) (6,948)
Cash collateral on derivative liabilities 0 0
Securities collateral on derivative assets (1,075) (891)
Securities collateral on derivative liabilities (1,628) (1,473)
Cleared [Member]    
Offsetting Assets [Line Items]    
Gross estimated fair value of derivative assets 342 448
Gross estimated fair value of derivative liabilities 77 24
Gross estimated fair value of derivative assets (47) (6)
Gross estimated fair value of derivative liabilities (47) (6)
Cash collateral on derivative assets (167) (421)
Cash collateral on derivative liabilities (24) (13)
Securities collateral on derivative assets 0 0
Securities collateral on derivative liabilities (6) (5)
Exchange-traded    
Offsetting Assets [Line Items]    
Gross estimated fair value of derivative assets 39 16
Gross estimated fair value of derivative liabilities 10 7
Gross estimated fair value of derivative assets (3) (2)
Gross estimated fair value of derivative liabilities (3) (2)
Cash collateral on derivative assets 0 0
Cash collateral on derivative liabilities (6) (3)
Securities collateral on derivative assets 0 0
Securities collateral on derivative liabilities $ (1) $ (2)
v3.22.1
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Credit Derivatives [Line Items]    
Estimated fair value of derivatives in a net liability position (1) $ 1,637 $ 1,595
Derivative, Collateral, Right to Reclaim Cash 111 126
Exchange Traded [Member]    
Credit Derivatives [Line Items]    
Derivative, Collateral, Right to Reclaim Securities 185 185
Fixed maturity securities AFS    
Credit Derivatives [Line Items]    
Estimated fair value of collateral provided: 2,069 1,591
Derivatives Subject to Credit- Contingent Provisions    
Credit Derivatives [Line Items]    
Estimated fair value of derivatives in a net liability position (1) 1,624 1,386
Derivatives Subject to Credit- Contingent Provisions | Fixed maturity securities AFS    
Credit Derivatives [Line Items]    
Estimated fair value of collateral provided: 2,057 1,370
Derivatives Not Subject to Credit- Contingent Provisions    
Credit Derivatives [Line Items]    
Estimated fair value of derivatives in a net liability position (1) 13 209
Derivatives Not Subject to Credit- Contingent Provisions | Fixed maturity securities AFS    
Credit Derivatives [Line Items]    
Estimated fair value of collateral provided: $ 12 $ 221
v3.22.1
Derivatives (Embedded Derivatives) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts $ 615 $ 649
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within asset host contracts 37 38
Direct guaranteed minimum benefits | Policyholder account balances    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts 220 324
Assumed guaranteed minimum benefits | Policyholder account balances    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts 98 98
Funds withheld and guarantees on reinsurance | Other liabilities    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts   57
Fixed annuities with equity indexed returns [Member] | Policyholder account balances    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts 154 165
Other guarantees | Policyholder account balances    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts 1 $ 5
Funds withheld and guarantees on reinsurance | Other liabilities    
Derivatives, Fair Value [Line Items]    
Embedded derivatives within liability host contracts $ 142  
v3.22.1
Derivatives (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Derivatives, Fair Value [Line Items]      
Maximum Amount of Future Payments under Credit Default Swaps $ 10,518   $ 8,626
Estimated Fair Value Assets 10,148   10,466
Estimated Fair Value Liabilities 4,631   3,852
Excess securities collateral received on derivatives 185   $ 172
Collateral Amount Not Provided Due to Downgrade Threshold 15    
Derivative Instrument Detail [Abstract]      
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges $ (2) $ (2)  
Hedging exposure to variability in future cash flows for specific length of time 7 years   7 years
Accumulated Other Comprehensive Income Loss $ 1,900   $ 2,100
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges 365   303
Excess securities collateral provided on derivatives 111   126
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged 0    
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 192    
Nonperformance Risk [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Net derivatives gains (losses) (14) $ (43)  
Over the Counter [Member]      
Derivatives, Fair Value [Line Items]      
Excess securities collateral received on derivatives (60)   (160)
Excess securities collateral provided on derivatives (911)   (243)
Cash collateral on derivative assets (5,726)   (6,948)
Exchange-traded      
Derivatives, Fair Value [Line Items]      
Excess securities collateral received on derivatives (1,100)   (1,200)
Excess securities collateral provided on derivatives (185)   (185)
Cash collateral on derivative assets 0   0
Accrued Liabilities [Member]      
Derivatives, Fair Value [Line Items]      
Estimated Fair Value Assets 153   130
Estimated Fair Value Liabilities $ 2   $ (23)
v3.22.1
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS $ 320,079 $ 340,274
Equity securities 988 1,269
Unit-linked and FVO Securities (2) 11,418 12,142
Short-term investments (3) 3,146 7,176
Residential mortgage loans — FVO 79,968 79,353
Derivative assets 10,148 10,466
Separate account assets 165,056 179,873
Liabilities [Abstract]    
Derivative liabilities 4,631 3,852
Embedded derivatives within liability host contracts 615 649
Separate account liabilities 165,056 179,873
Residential mortgage loans - FVO    
Assets [Abstract]    
Residential mortgage loans — FVO 119 127
Recurring    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 320,079 340,274
Equity securities 988 1,269
Unit-linked and FVO Securities (2) 11,418 12,142
Short-term investments (3) 2,620 6,560
Other investments 1,115 959
Derivative assets 10,148 10,466
Embedded derivatives within asset host contracts 37 38
Separate account assets 165,056 179,873
Total assets (7) 511,580 551,708
Liabilities [Abstract]    
Derivative liabilities 4,631 3,852
Embedded derivatives within liability host contracts 615 649
Total liabilities 5,288 4,526
Recurring | Interest rate    
Assets [Abstract]    
Derivative assets 5,880 6,678
Liabilities [Abstract]    
Derivative liabilities 1,289 281
Recurring | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 3,054 2,554
Liabilities [Abstract]    
Derivative liabilities 2,747 2,920
Recurring | Credit    
Assets [Abstract]    
Derivative assets 196 190
Liabilities [Abstract]    
Derivative liabilities 123 125
Recurring | Equity market contracts    
Assets [Abstract]    
Derivative assets 1,018 1,044
Liabilities [Abstract]    
Derivative liabilities 472 526
Recurring | Derivative Liabilities Within Separate Accounts    
Liabilities [Abstract]    
Separate account liabilities 42 25
Recurring | Residential mortgage loans - FVO    
Assets [Abstract]    
Residential mortgage loans — FVO 119 127
Recurring | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 87,136 93,034
Recurring | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 61,129 63,640
Recurring | Foreign government    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 57,282 61,609
Recurring | U.S. government and agency    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 40,334 46,599
Recurring | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 30,080 30,404
Recurring | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 19,305 18,569
Recurring | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 12,958 14,212
Recurring | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 11,855 12,207
Recurring | Level 1    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 21,000 25,489
Equity securities 641 931
Unit-linked and FVO Securities (2) 8,554 9,173
Short-term investments (3) 1,983 5,607
Other investments 0 0
Derivative assets 39 16
Embedded derivatives within asset host contracts 0 0
Separate account assets 69,777 76,312
Total assets (7) 101,994 117,528
Liabilities [Abstract]    
Derivative liabilities 10 7
Embedded derivatives within liability host contracts 0 0
Total liabilities 16 14
Recurring | Level 1 | Interest rate    
Assets [Abstract]    
Derivative assets 0 4
Liabilities [Abstract]    
Derivative liabilities 6 0
Recurring | Level 1 | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 7 0
Liabilities [Abstract]    
Derivative liabilities 0 2
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 32 12
Liabilities [Abstract]    
Derivative liabilities 4 5
Recurring | Level 1 | Derivative Liabilities Within Separate Accounts    
Liabilities [Abstract]    
Separate account liabilities 6 7
Recurring | Level 1 | Residential mortgage loans - FVO    
Assets [Abstract]    
Residential mortgage loans — FVO 0 0
Recurring | Level 1 | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | 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 20,894 25,482
Recurring | Level 1 | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 106 7
Recurring | Level 1 | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 1 | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 2    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 268,510 283,388
Equity securities 158 187
Unit-linked and FVO Securities (2) 1,996 2,068
Short-term investments (3) 632 950
Other investments 68 61
Derivative assets 9,794 10,326
Embedded derivatives within asset host contracts 0 0
Separate account assets 93,150 101,424
Total assets (7) 374,308 398,404
Liabilities [Abstract]    
Derivative liabilities 4,337 3,569
Embedded derivatives within liability host contracts 0 0
Total liabilities 4,362 3,581
Recurring | Level 2 | Interest rate    
Assets [Abstract]    
Derivative assets 5,665 6,577
Liabilities [Abstract]    
Derivative liabilities 1,091 259
Recurring | Level 2 | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 2,977 2,551
Liabilities [Abstract]    
Derivative liabilities 2,669 2,676
Recurring | Level 2 | Credit    
Assets [Abstract]    
Derivative assets 173 173
Liabilities [Abstract]    
Derivative liabilities 109 113
Recurring | Level 2 | Equity market contracts    
Assets [Abstract]    
Derivative assets 979 1,025
Liabilities [Abstract]    
Derivative liabilities 468 521
Recurring | Level 2 | Derivative Liabilities Within Separate Accounts    
Liabilities [Abstract]    
Separate account liabilities 25 12
Recurring | Level 2 | Residential mortgage loans - FVO    
Assets [Abstract]    
Residential mortgage loans — FVO 0 0
Recurring | Level 2 | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 75,901 81,266
Recurring | Level 2 | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 48,002 49,973
Recurring | Level 2 | Foreign government    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 57,034 61,518
Recurring | Level 2 | U.S. government and agency    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 19,440 21,117
Recurring | Level 2 | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 26,813 27,270
Recurring | Level 2 | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 17,302 16,707
Recurring | Level 2 | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 12,929 14,212
Recurring | Level 2 | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 11,089 11,325
Recurring | Level 3    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 30,569 31,397
Equity securities 189 151
Unit-linked and FVO Securities (2) 868 901
Short-term investments (3) 5 3
Other investments 1,047 898
Derivative assets 315 124
Embedded derivatives within asset host contracts 37 38
Separate account assets 2,129 2,137
Total assets (7) 35,278 35,776
Liabilities [Abstract]    
Derivative liabilities 284 276
Embedded derivatives within liability host contracts 615 649
Total liabilities 910 931
Recurring | Level 3 | Interest rate    
Assets [Abstract]    
Derivative assets 215 97
Liabilities [Abstract]    
Derivative liabilities 192 22
Recurring | Level 3 | Foreign currency exchange rate contracts    
Assets [Abstract]    
Derivative assets 70 3
Liabilities [Abstract]    
Derivative liabilities 78 242
Recurring | Level 3 | Credit    
Assets [Abstract]    
Derivative assets 23 17
Liabilities [Abstract]    
Derivative liabilities 14 12
Recurring | Level 3 | Equity market contracts    
Assets [Abstract]    
Derivative assets 7 7
Liabilities [Abstract]    
Derivative liabilities 0 0
Recurring | Level 3 | Derivative Liabilities Within Separate Accounts    
Liabilities [Abstract]    
Separate account liabilities 11 6
Recurring | Level 3 | Residential mortgage loans - FVO    
Assets [Abstract]    
Residential mortgage loans — FVO 119 127
Recurring | Level 3 | U.S. corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 11,235 11,768
Recurring | Level 3 | Foreign corporate    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 13,127 13,667
Recurring | Level 3 | Foreign government    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 248 91
Recurring | Level 3 | U.S. government and agency    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 0 0
Recurring | Level 3 | RMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 3,161 3,127
Recurring | Level 3 | ABS & CLO    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 2,003 1,862
Recurring | Level 3 | Municipals    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 29 0
Recurring | Level 3 | CMBS    
Assets [Abstract]    
Estimated Fair Value of Fixed Maturity Securities AFS 766 882
Other limited partnership interests | Recurring    
Assets [Abstract]    
Investments, Fair Value Disclosure $ 104 $ 99
v3.22.1
Fair Value (Quantitative Information) (Details)
Mar. 31, 2022
Dec. 31, 2021
Minimum | Interest rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 233 151
Minimum | Interest rate | Measurement Input, Price Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 0.01 0.01
Minimum | Foreign currency exchange rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 8 2
Minimum | Credit | Measurement Input, Credit Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 95 96
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0 0
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0003 0.0003
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0012 0.0012
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0 0.0025
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0050 0.0050
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0050 0.0050
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0 0
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0 0
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0843 0.0769
Minimum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0006 0.0004
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 0 1
Minimum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 0 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 98 99
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 246 200
Maximum | Interest rate | Measurement Input, Price Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 0.02 0.01
Maximum | Foreign currency exchange rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 1,938 305
Maximum | Credit | Measurement Input, Credit Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 137 133
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0017 0.0017
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0075 0.0075
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 1 1
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 1 1
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 1 1
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 1 1
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.22 0.22
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.20 0.20
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.25 0.25
Maximum | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0155 0.0145
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 147 165
Maximum | U.S. corporate and foreign corporate | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 107 117
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 103 104
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 119 121
Maximum | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 104 110
Weighted Average | Interest rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 242 188
Weighted Average | Interest rate | Measurement Input, Price Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 0.01 0.01
Weighted Average | Foreign currency exchange rate | Measurement Input, Swap Yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 186 134
Weighted Average | Credit | Measurement Input, Credit Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative Asset (Liability) Net, Measurement Input 108 109
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 0 - 40    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0008 0.0008
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 41 - 60    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0027 0.0027
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Mortality rates: Ages 61 - 115    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0207 0.0208
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 1 - 10    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0624 0.0630
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 11 - 20    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0518 0.0522
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Lapse rates: Durations 21 - 116    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0518 0.0522
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Utilization Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0022 0.0022
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0370 0.0372
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Measurement Input, Long-Term Equity Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.1860 0.1860
Weighted Average | Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Nonperformance risk spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits 0.0035 0.0035
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Matrix Pricing | Measurement Input, Offered Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 100 109
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 96 100
Weighted Average | U.S. corporate and foreign corporate | Valuation Technique, Consensus Pricing Model | Measurement Input, Offered Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 99 100
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 96 99
Weighted Average | ABS & CLO | Valuation Technique, Market Approach | Measurement Input, Quoted Price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-sale, Measurement Input 97 102
v3.22.1
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Residential mortgage loans - FVO    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period $ 127 $ 165
Total realized/unrealized gains (losses) included in net income (loss) (3) (2)
Total realized/unrealized gains (losses) included in AOCI 0 0
Purchases 0 0
Sales 0 (9)
Issuances 0 0
Settlements (5) (5)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, end of period 119 149
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (4) (5)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 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 (4) (5)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0
Net Derivatives    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 290 (162)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (203) (538)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Balance, beginning of period (152) 594
Total realized/unrealized gains (losses) included in net income (loss) 310 (251)
Total realized/unrealized gains (losses) included in AOCI (220) (604)
Purchases 90 0
Sales 0 0
Issuances (2) 0
Settlements 5 96
Transfers into Level 3 0 1
Transfers out of Level 3 0 2
Balance, end of period 31 (162)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 290 (162)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (203) (538)
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 42 671
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 9 21
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Balance, beginning of period (611) (1,141)
Total realized/unrealized gains (losses) included in net income (loss) 42 673
Total realized/unrealized gains (losses) included in AOCI 9 21
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (18) (61)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, end of period (578) (508)
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 42 671
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 9 21
Corporate fixed maturity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 25,435 24,101
Total realized/unrealized gains (losses) included in net income (loss) (11) (1)
Total realized/unrealized gains (losses) included in AOCI (2,026) (1,182)
Purchases 1,266 1,012
Sales (512) (274)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 564 235
Transfers out of Level 3 (354) (472)
Balance, end of period 24,362 23,419
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (11) (4)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (2,033) (1,175)
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)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (2,033) (1,175)
Foreign government    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 91 117
Total realized/unrealized gains (losses) included in net income (loss) 0 0
Total realized/unrealized gains (losses) included in AOCI 1 0
Purchases 19 23
Sales 0 (3)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 137 7
Transfers out of Level 3 0 (12)
Balance, end of period 248 132
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 1 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 1 0
Structured Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 5,871 5,289
Total realized/unrealized gains (losses) included in net income (loss) 12 9
Total realized/unrealized gains (losses) included in AOCI (207) (46)
Purchases 806 613
Sales (237) (356)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 110 13
Transfers out of Level 3 (425) (15)
Balance, end of period 5,930 5,507
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 12 7
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (206) (43)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 12 7
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period (206) (43)
Municipals    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 0 0
Total realized/unrealized gains (losses) included in net income (loss) 0 0
Total realized/unrealized gains (losses) included in AOCI 0 0
Purchases 29 5
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, end of period 29 5
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 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
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0
Equity Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 151 150
Total realized/unrealized gains (losses) included in net income (loss) 13 4
Total realized/unrealized gains (losses) included in AOCI 0 0
Purchases 27 4
Sales 0 (4)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 (2) 0
Balance, end of period 189 154
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 13 3
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 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 13 3
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0
Unit-linked and FVO Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 901 701
Total realized/unrealized gains (losses) included in net income (loss) (36) 18
Total realized/unrealized gains (losses) included in AOCI 0 0
Purchases 8 10
Sales (3) (12)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 12 101
Transfers out of Level 3 (14) (6)
Balance, end of period 868 812
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period (36) 19
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 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) 19
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0
Short-term Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 3 43
Total realized/unrealized gains (losses) included in net income (loss) 0 0
Total realized/unrealized gains (losses) included in AOCI 0 (2)
Purchases 4 61
Sales (2) (1)
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 4
Transfers out of Level 3 0 (3)
Balance, end of period 5 102
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 (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 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 (2)
Other Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 898 573
Total realized/unrealized gains (losses) included in net income (loss) 46 13
Total realized/unrealized gains (losses) included in AOCI 0 0
Purchases 126 70
Sales (23) 0
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Balance, end of period 1,047 656
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 46 14
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 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 46 14
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 0 0
Separate Accounts    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of period 2,131 1,079
Total realized/unrealized gains (losses) included in net income (loss) 18 (10)
Total realized/unrealized gains (losses) included in AOCI 0 0
Purchases 289 79
Sales (316) (13)
Issuances 1 (1)
Settlements (2) 2
Transfers into Level 3 1 0
Transfers out of Level 3 (4) (3)
Balance, end of period 2,118 1,133
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period 0 0
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period 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
Changes in unrealized gains (losses) included in AOCI for the instruments still held at end of period $ 0 $ 0
v3.22.1
Fair Value (Fair Value Option for Residential Mortgage Loans) (Details) - Residential mortgage loans - FVO - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unpaid principal balance $ 119 $ 130
Difference between estimated fair value and unpaid principal balance 0 (3)
Carrying value at estimated fair value 119 127
Loans in nonaccrual status 27 32
Loans more than 90 days past due 13 14
Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance $ 0 $ (7)
v3.22.1
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Assets    
Policy loans $ 9,036 $ 9,111
Liabilities    
Collateral financing arrangement 754 766
Junior subordinated debt securities 3,156 3,156
Separate account liabilities 165,056 179,873
Carrying Value    
Assets    
Mortgage loans (2) 79,849 79,226
Policy loans 9,036 9,111
Other invested assets 1,012 1,025
Premiums, reinsurance and other receivables 2,383 2,262
Other assets 282 290
Liabilities    
Policyholder account balances 127,693 123,865
Long-term debt 13,773 13,852
Collateral financing arrangement 754 766
Junior subordinated debt securities 3,156 3,156
Other liabilities 2,649 2,143
Separate account liabilities 87,397 95,619
Estimated Fair Value    
Assets    
Mortgage loans (2) 80,164 82,788
Policy loans 10,387 10,751
Other invested assets 1,012 1,025
Premiums, reinsurance and other receivables 2,532 2,454
Other assets 282 291
Liabilities    
Policyholder account balances 127,117 127,728
Long-term debt 15,084 16,621
Collateral financing arrangement 609 630
Junior subordinated debt securities 3,882 4,447
Other liabilities 3,210 2,835
Separate account liabilities 87,397 95,619
Estimated Fair Value | Level 1    
Assets    
Mortgage loans (2) 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 (2) 0 0
Policy loans 0 0
Other invested assets 791 769
Premiums, reinsurance and other receivables 637 492
Other assets 97 101
Liabilities    
Policyholder account balances 0 0
Long-term debt 15,084 16,621
Collateral financing arrangement 0 0
Junior subordinated debt securities 3,882 4,447
Other liabilities 1,053 514
Separate account liabilities 87,397 95,619
Estimated Fair Value | Level 3    
Assets    
Mortgage loans (2) 80,164 82,788
Policy loans 10,387 10,751
Other invested assets 221 256
Premiums, reinsurance and other receivables 1,895 1,962
Other assets 185 190
Liabilities    
Policyholder account balances 127,117 127,728
Long-term debt 0 0
Collateral financing arrangement 609 630
Junior subordinated debt securities 0 0
Other liabilities 2,157 2,321
Separate account liabilities $ 0 $ 0
v3.22.1
Equity Equity (Preferred Stock Classification) (Details) - shares
Mar. 31, 2022
Dec. 31, 2021
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
Series A Preferred Stock    
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
v3.22.1
Equity Equity (Preferred Stock Dividends) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dividends Payable [Line Items]    
Dividends, Preferred Stock, Cash $ 63 $ 68
Series A Preferred Stock    
Dividends Payable [Line Items]    
Preferred Stock, Dividends Per Share, Declared $ 0.250 $ 0.250
Dividends, Preferred Stock, Cash $ 6 $ 6
Series C Preferred Stock    
Dividends Payable [Line Items]    
Preferred Stock, Dividends Per Share, Declared $ 0 $ 9.479
Dividends, Preferred Stock, Cash $ 0 $ 5
Series D Preferred Stock    
Dividends Payable [Line Items]    
Preferred Stock, Dividends Per Share, Declared $ 29.375 $ 29.375
Dividends, Preferred Stock, Cash $ 15 $ 15
Series E Preferred Stock    
Dividends Payable [Line Items]    
Preferred Stock, Dividends Per Share, Declared $ 351.563 $ 351.563
Dividends, Preferred Stock, Cash $ 11 $ 11
Series F Preferred Stock [Member]    
Dividends Payable [Line Items]    
Preferred Stock, Dividends Per Share, Declared $ 296.875 $ 296.875
Dividends, Preferred Stock, Cash $ 12 $ 12
Series G Preferred Stock    
Dividends Payable [Line Items]    
Preferred Stock, Dividends Per Share, Declared $ 19.250 $ 19.785
Dividends, Preferred Stock, Cash $ 19 $ 19
v3.22.1
Equity (Common Stock Repurchase Authorization) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Aug. 04, 2021
Dec. 11, 2020
Equity, Class of Treasury Stock [Line Items]      
Stock Repurchase Program, Authorized Amount   $ 3,000 $ 3,000
August2021Authorization      
Equity, Class of Treasury Stock [Line Items]      
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 592    
December2020Authorization      
Equity, Class of Treasury Stock [Line Items]      
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 0    
v3.22.1
Equity (Common Stock - Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Equity [Abstract]    
Treasury Stock, Shares, Acquired 13,621,423 18,568,138
Treasury Stock, Value, Acquired, Cost Method $ 915 $ 999
v3.22.1
Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
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   141.30%
Vested in period   1,485,512
Issued in period 2,099,028  
Performance Units    
Equity - Stock-based Compensation Plans [Line Items]    
Vested in period   156,090
Paid in period 220,555  
v3.22.1
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance, beginning of period $ 10,919 $ 18,072
OCI before reclassifications (17,064) (10,170)
Deferred income tax benefit (expense) 3,868 2,222
AOCI before reclassifications, net of income tax (2,277) 10,124
Amounts reclassified from AOCI 457 218
Deferred income tax benefit (expense) (98) (46)
Amounts reclassified from AOCI, net of income tax 359 172
Balance, end of period (1,912) 10,397
Unrealized Investment Gains (Losses), Net of Related Offsets    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance, beginning of period 16,042 22,217
OCI before reclassifications (16,373) (7,978)
Deferred income tax benefit (expense) 3,833 1,946
AOCI before reclassifications, net of income tax 3,502 16,185
Amounts reclassified from AOCI 321 30
Deferred income tax benefit (expense) (75) (7)
Amounts reclassified from AOCI, net of income tax 246 23
Balance, end of period 3,718 16,194
Unrealized Gains (Losses) on Derivatives    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance, beginning of period 1,629 1,513
OCI before reclassifications (312) (1,442)
Deferred income tax benefit (expense) 55 310
AOCI before reclassifications, net of income tax 1,372 381
Amounts reclassified from AOCI 112 174
Deferred income tax benefit (expense) (20) (37)
Amounts reclassified from AOCI, net of income tax 92 137
Balance, end of period 1,464 518
Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance, beginning of period (5,154) (3,795)
OCI before reclassifications (382) (753)
Deferred income tax benefit (expense) (19) (34)
AOCI before reclassifications, net of income tax (5,555) (4,582)
Amounts reclassified from AOCI 0 0
Deferred income tax benefit (expense) 0 0
Amounts reclassified from AOCI, net of income tax 0 0
Balance, end of period (5,517) (4,467)
Defined Benefit Plans Adjustment    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance, beginning of period (1,598) (1,863)
OCI before reclassifications 3 3
Deferred income tax benefit (expense) (1) 0
AOCI before reclassifications, net of income tax (1,596) (1,860)
Amounts reclassified from AOCI 24 14
Deferred income tax benefit (expense) (3) (2)
Amounts reclassified from AOCI, net of income tax 21 12
Balance, end of period (1,577) (1,848)
Disposal Group, Held-for-Sale or Disposed of by Sale    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of income tax 6 101
Disposal Group, Held-for-Sale or Disposed of by Sale | Unrealized Investment Gains (Losses), Net of Related Offsets    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of income tax (30) (14)
Disposal Group, Held-for-Sale or Disposed of by Sale | Unrealized Gains (Losses) on Derivatives    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of income tax 0 0
Disposal Group, Held-for-Sale or Disposed of by Sale | Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of income tax 38 115
Disposal Group, Held-for-Sale or Disposed of by Sale | Defined Benefit Plans Adjustment    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, net of income tax $ (2) $ 0
v3.22.1
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net investment gains (losses) $ (518) $ 134
Net investment income 4,284 5,314
Net derivative gains (losses) (859) (2,235)
Other expenses 3,020 3,150
Income (loss) from continuing operations before provision for income tax 715 291
Income tax (expense) benefit (41) 72
Net income (loss) 674 363
Reclassification out of Accumulated Other Comprehensive Income    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net income (loss) (359) (172)
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) (350) (49)
Net investment income 2 (5)
Net derivative gains (losses) 27 24
Income (loss) from continuing operations before provision for income tax (321) (30)
Income tax (expense) benefit 75 7
Net income (loss) (246) (23)
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 (112) (174)
Income tax (expense) benefit 20 37
Net income (loss) (92) (137)
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) 18 29
Net investment income 15 12
Other expenses 1 1
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net investment gains (losses) (148) (219)
Net investment income 2 3
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) (27) (18)
Amortization of prior service (costs) credit 3 4
Income (loss) from continuing operations before provision for income tax (24) (14)
Income tax (expense) benefit 3 2
Net income (loss) $ (21) $ (12)
v3.22.1
Other Revenues and Other Expenses Other Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 550 $ 515
Other revenues 660 631
Vision fee for service arrangements    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 154 140
Prepaid legal plans    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 120 109
Fee-based investment management    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 102 85
Recordkeeping and administrative services (1)    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 47 53
Administrative services-only contracts    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 59 61
Other revenue from service contracts from customers    
Disaggregation of Revenue [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 68 67
Other Income    
Disaggregation of Revenue [Line Items]    
Other revenues $ 110 $ 116
v3.22.1
Other Revenues and Other Expenses Other Revenues (Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Receivables related to revenues from service contracts from customers $ 244 $ 235
v3.22.1
Other Expenses (Other Expenses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Other Income and Expenses [Abstract]    
Employee-related costs (1) $ 904 $ 974
Third party staffing costs 383 312
General and administrative expenses 121 108
Pension, postretirement and postemployment benefit costs 25 25
Premium taxes, other taxes, and licenses & fees 153 167
Commissions and other variable expenses 1,331 1,530
Capitalization of DAC (650) (775)
Amortization of DAC and VOBA 537 590
Amortization of negative VOBA (9) (9)
Interest expense on debt 225 228
Total other expenses 3,020 3,150
Net change in cash surrender value of investments, net of premiums paid $ 37 $ (16)
v3.22.1
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Pension Benefits    
Net periodic benefit costs [Abstract]    
Service costs $ 52 $ 63
Interest costs 81 78
Expected return on plan assets (129) (132)
Amortization of net actuarial (gains) losses 31 38
Amortization of prior service costs (credit) (3) (4)
Net periodic benefit costs (credit) 32 43
Other Postretirement Benefits    
Net periodic benefit costs [Abstract]    
Service costs 1 1
Interest costs 8 8
Expected return on plan assets (13) (14)
Amortization of net actuarial (gains) losses (6) (20)
Amortization of prior service costs (credit) 0 0
Net periodic benefit costs (credit) $ (10) $ (25)
v3.22.1
Income Tax (Narrative) (Details)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Tax Disclosure [Abstract]    
Effective Income Tax Rate Reconciliation, Percent 6.00% (25.00%)
v3.22.1
Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Weighted Average Shares:    
Weighted average common stock outstanding - basic 823.8 885.4
Incremental common shares from assumed exercise or issuance of stock-based awards 6.7 6.7
Weighted average common stock outstanding - diluted 830.5 892.1
Net Income (Loss):    
Net income (loss) $ 674 $ 363
Less: Net income (loss) attributable to noncontrolling interests 5 5
Less: Preferred stock dividends 63 68
Net income (loss) available to MetLife, Inc.’s common shareholders $ 606 $ 290
Basic $ 0.74 $ 0.33
Diluted $ 0.73 $ 0.33
v3.22.1
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Claims
Mar. 31, 2021
Claims
Dec. 31, 2021
Claims
Minimum      
Loss Contingencies      
Loss Contingency, Range of Possible Loss, Portion Not Accrued $ 0    
Maximum      
Loss Contingencies      
Loss Contingency, Range of Possible Loss, Portion Not Accrued $ 125    
Asbestos Related Claims      
Loss Contingencies      
Asbestos-Related Claims | Claims 721 678 2,824
v3.22.1
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Contingencies, Commitments and Guarantees [Abstract]    
Liabilities for indemnities, guarantees and commitments $ 20 $ 20
Cumulative maximum indemnities and guarantees contractual limitation 631  
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 5,900 4,600
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 $ 9,300 $ 9,100
v3.22.1
Subsequent Events (Details) - USD ($)
$ in Millions
May 04, 2022
Aug. 04, 2021
Dec. 11, 2020
Subsequent Event [Line Items]      
Stock Repurchase Program, Authorized Amount   $ 3,000 $ 3,000
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Stock Repurchase Program, Authorized Amount $ 3,000