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Condensed Financial Information (Parent Company) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information (Parent Company) | MetLife, Inc. Schedule II Condensed Financial Information (Parent Company Only) December 31, 2022 and 2021 (In millions, except share and per share data)
| 2022 |  | 2021
Condensed Balance Sheets |  |  |
Assets |  |  |
Investments: |  |  |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,877 and $2,742, respectively) | $ | 3,729 |  |  | $ | 2,745 |
Other invested assets, at estimated fair value | 376 |  |  | 314 |
Total investments | 4,105 |  |  | 3,059 |
Cash and cash equivalents | 1,290 |  |  | 1,961 |
Accrued investment income | 20 |  |  | 4 |
Investment in subsidiaries | 39,895 |  |  | 80,165 |
Loans to subsidiaries | 95 |  |  | 35 |
Other assets | 724 |  |  | 798 |
Total assets | $ | 46,129 |  |  | $ | 86,022 |
Liabilities and Stockholders’ Equity |  |  |
Liabilities |  |  |
Payables for collateral under derivatives transactions | $ | 154 |  |  | $ | 153 |
Long-term debt — unaffiliated | 13,588 |  |  | 12,814 |
Long-term debt — affiliated | 1,676 |  |  | 1,884 |
Junior subordinated debt securities | 2,465 |  |  | 2,463 |
Other liabilities | 1,206 |  |  | 1,226 |
Total liabilities | 19,089 |  |  | 18,540 |
Stockholders’ Equity |  |  |
Preferred stock, par value $0.01 per share; $3,905 aggregate liquidation preference | — |  |  | — |
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,189,831,471 and 1,186,540,473 shares issued, respectively; 779,098,414 and 825,540,267 shares outstanding, respectively | 12 |  |  | 12 |
Additional paid-in capital | 33,616 |  |  | 33,511 |
Retained earnings | 41,953 |  |  | 41,197 |
Treasury stock, at cost; 410,733,057 and 361,000,206 shares, respectively | (21,458) |  |  | (18,157) |
Accumulated other comprehensive income (loss) | (27,083) |  |  | 10,919 |
Total stockholders’ equity | 27,040 |  |  | 67,482 |
Total liabilities and stockholders’ equity | $ | 46,129 |  |  | $ | 86,022 |
See accompanying notes to the condensed financial information. MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) Years Ended December 31, 2022, 2021 and 2020 (In millions)
| 2022 |  | 2021 |  | 2020
Condensed Statements of Operations |  |  |  |  |
Revenues |  |  |  |  |
Net investment income | $ | 58 |  |  | $ | 25 |  |  | $ | 50 |
Other revenues | 17 |  |  | 19 |  |  | 29 |
Net investment gains (losses) | 332 |  |  | 1,655 |  |  | (154) |
Net derivative gains (losses) | 129 |  |  | 116 |  |  | (61) |
Total revenues | 536 |  |  | 1,815 |  |  | (136) |
Expenses |  |  |  |  |
Interest expense | 829 |  |  | 847 |  |  | 833 |
Other expenses | 79 |  |  | 207 |  |  | 154 |
Total expenses | 908 |  |  | 1,054 |  |  | 987 |
Income (loss) before provision for income tax and equity in earnings of subsidiaries | (372) |  |  | 761 |  |  | (1,123) |
Provision for income tax (expense) benefit | 37 |  |  | (202) |  |  | 267 |
Equity in earnings of subsidiaries | 2,874 |  |  | 5,995 |  |  | 6,263 |
Net income (loss) | 2,539 |  |  | 6,554 |  |  | 5,407 |
Less: Preferred stock dividends | 185 |  |  | 195 |  |  | 202 |
Preferred stock redemption premium | — |  |  | 6 |  |  | 14 |
Net income (loss) available to common shareholders | $ | 2,354 |  |  | $ | 6,353 |  |  | $ | 5,191 |
Comprehensive income (loss) | $ | (35,463) |  |  | $ | (599) |  |  | $ | 10,427 |
See accompanying notes to the condensed financial information. MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) Years Ended December 31, 2022, 2021 and 2020 (In millions)
| 2022 |  | 2021 |  | 2020
Condensed Statements of Cash Flows |  |  |  |  |
Cash flows from operating activities |  |  |  |  |
Net income (loss) | $ | 2,539 |  |  | $ | 6,554 |  |  | $ | 5,407 |
Earnings of subsidiaries | (2,874) |  |  | (5,995) |  |  | (6,263) |
Dividends from subsidiaries | 5,168 |  |  | 4,830 |  |  | 3,970 |
(Gains) losses on investments and from sales of businesses, net | (332) |  |  | (1,655) |  |  | 154 |
Other, net | (73) |  |  | 23 |  |  | 211 |
Net cash provided by (used in) operating activities | 4,428 |  |  | 3,757 |  |  | 3,479 |
Cash flows from investing activities |  |  |  |  |
Sales and maturities of fixed maturity securities available-for-sale | 1,609 |  |  | 5,078 |  |  | 3,693 |
Purchases of fixed maturity securities available-for-sale | (2,757) |  |  | (4,371) |  |  | (3,858) |
Cash received in connection with freestanding derivatives | 296 |  |  | 111 |  |  | 71 |
Cash paid in connection with freestanding derivatives | (103) |  |  | (27) |  |  | (100) |
Sales of businesses | — |  |  | 3,902 |  |  | — |
Purchases of businesses | — |  |  | — |  |  | (1,875) |
Expense paid on behalf of subsidiaries | (10) |  |  | (15) |  |  | (15) |
Receipts on loans to subsidiaries | 150 |  |  | 195 |  |  | 100 |
Issuances of loans to subsidiaries | (210) |  |  | (230) |  |  | — |
Returns of capital from subsidiaries | 8 |  |  | 13 |  |  | 16 |
Capital contributions to subsidiaries | (5) |  |  | (88) |  |  | (422) |
Net change in short-term investments | — |  |  | 156 |  |  | 4 |
Other, net | 15 |  |  | 9 |  |  | (2) |
Net cash provided by (used in) investing activities | (1,007) |  |  | 4,733 |  |  | (2,388) |
Cash flows from financing activities |  |  |  |  |
Net change in payables for collateral under derivative transactions | 1 |  |  | 88 |  |  | 49 |
Long-term debt issued | 1,000 |  |  | 496 |  |  | 1,246 |
Long-term debt repaid | — |  |  | (996) |  |  | (251) |
Treasury stock acquired in connection with share repurchases | (3,326) |  |  | (4,303) |  |  | (1,151) |
Preferred stock issued, net of issuance costs | — |  |  | — |  |  | 1,961 |
Redemption of preferred stock | — |  |  | (494) |  |  | (989) |
Preferred stock redemption premium | — |  |  | (6) |  |  | (14) |
Dividends on preferred stock | (185) |  |  | (195) |  |  | (202) |
Dividends on common stock | (1,598) |  |  | (1,647) |  |  | (1,657) |
Other, net | 16 |  |  | 87 |  |  | (19) |
Net cash provided by (used in) financing activities | (4,092) |  |  | (6,970) |  |  | (1,027) |
Change in cash and cash equivalents | (671) |  |  | 1,520 |  |  | 64 |
Cash and cash equivalents, beginning of year | 1,961 |  |  | 441 |  |  | 377 |
Cash and cash equivalents, end of year | $ | 1,290 |  |  | $ | 1,961 |  |  | $ | 441 |
MetLife, Inc. Schedule II Condensed Financial Information — (continued) (Parent Company Only) Years Ended December 31, 2022, 2021 and 2020 (In millions)
| 2022 |  | 2021 |  | 2020
Supplemental disclosures of cash flow information |  |  |  |  |
Net cash paid (received) for: |  |  |  |  |
Interest | $ | 800 |  |  | $ | 853 |  |  | $ | 815 |
Income tax: |  |  |  |  |
Amounts paid to (received from) subsidiaries, net | $ | (214) |  |  | $ | (110) |  |  | $ | (392) |
Income tax paid (received) by MetLife, Inc., net | 85 |  |  | 128 |  |  | 96 |
Total income tax, net | $ | (129) |  |  | $ | 18 |  |  | $ | (296) |
Non-cash transactions: |  |  |  |  |
Dividends from subsidiary | $ | — |  |  | $ | 14 |  |  | $ | 341 |
Returns of capital from subsidiaries | $ | 12 |  |  | $ | 7 |  |  | $ | 13 |
Capital contributions to subsidiaries | $ | 11 |  |  | $ | 15 |  |  | $ | 1 |
MetLife, Inc. Schedule II Notes to the Condensed Financial Information (Parent Company Only) 1. Basis of Presentation The condensed financial information of MetLife, Inc. (parent company only) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting. The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates. 2. Investment in Subsidiaries In April 2021, MetLife, Inc. received $3.9 billion in cash in connection with the disposition of MetLife P&C. In December 2020, MetLife, Inc. paid $1.8 billion in cash in connection with the acquisition of Versant Health. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on acquisitions and dispositions. 3. Loans to Subsidiaries MetLife, Inc. lends funds as necessary, through credit agreements or otherwise to its subsidiaries, some of which are regulated, to meet their capital requirements or to provide liquidity. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile. During 2022 and 2021, under an existing credit facility, MetLife Services and Solutions, LLC issued $150 million and $195 million, respectively, in short-term notes to MetLife, Inc. which were repaid by September 2022 and August 2021, respectively. The short-term notes bore interest at six-month LIBOR plus 1.00%. In December 2022 and 2021, Missouri Reinsurance, Inc. (“MoRe”), issued to MetLife, Inc. a $60 million 5.23% promissory note and a $35 million 2.12% promissory note, respectively. Both notes are payable semi-annually and mature in December 2024. Interest income earned on loans to subsidiaries of $2 million, $1 million and $2 million for the years ended December 31, 2022, 2021 and 2020, respectively, is included in net investment income. 4. Long-term Debt Interest Expense Interest expense was comprised of the following:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Long-term debt — unaffiliated | $ | 583 |  |  | $ | 590 |  |  | $ | 570 |
Long-term debt — affiliated | 37 |  |  | 47 |  |  | 52 |
Collateral financing arrangements | 4 |  |  | 5 |  |  | 6 |
Junior subordinated debt securities | 205 |  |  | 205 |  |  | 205 |
Total | $ | 829 |  |  | $ | 847 |  |  | $ | 833 |
See Notes 14 and 15 of the Notes to the Consolidated Financial Statements for information on the collateral financing arrangement and junior subordinated debt securities. 5. Support Agreements MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations. MetLife, Inc. guarantees the obligations of MoRe, under a retrocession agreement with RGA Reinsurance (Barbados) Inc., pursuant to which MoRe retrocedes a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC. MetLife, Inc. guarantees the obligations of MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. under a reinsurance agreement with Mitsui Sumitomo Primary Life Insurance Co., Ltd. (“Mitsui”), a former affiliate that is now an unaffiliated third party, under which MrB reinsures certain variable annuity business written by Mitsui. MetLife, Inc. guarantees the obligations of MrB in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife Europe d.a.c., in respect of MrB’s reinsurance of the guaranteed living benefits and guaranteed death benefits associated with certain Unit-linked investments issued by MetLife Europe d.a.c. MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause the two protected cells of MRV to maintain total adjusted capital in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes. MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its total adjusted capital in an amount that is equal to or greater than 200% of the Company Action Level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 14 of the Notes to the Consolidated Financial Statements. MetLife, Inc. guarantees obligations arising from OTC-bilateral derivatives of MrB. MrB is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. MrB uses a variety of strategies to manage these risks, including the use of derivatives. Further, MrB’s derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2022 and 2021, derivative transactions with positive mark-to-market values (in-the-money) were $174 million and $255 million, respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $181 million and $116 million, respectively. To secure the obligations represented by the out-of-the-money transactions, MrB had provided collateral to its counterparties with an estimated fair value of $181 million and $114 million at December 31, 2022 and 2021, respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $0 and $2 million at December 31, 2022 and 2021, respectively. MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 13 of the Notes to the Consolidated Financial Statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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