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Dispositions - Dispositions | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
Acquisitions and Dispositions | 3. Acquisition and Dispositions Acquisition Acquisition of Versant Health On December 30, 2020, the Company completed its acquisition of all of the issued and outstanding capital stock of Versant Health, Inc. (“Versant Health”), a managed vision care company. Versant Health owns the well-established marketplace brands, Davis Vision and Superior Vision. Total revenue of Versant Health represented less than 2% of pro forma total revenue of MetLife for the year ended December 31, 2020 when evaluated as though the acquisition had occurred at the beginning of the earliest period presented. Dispositions Disposition of MetLife Seguros S.A. In September 2021, the Company sold its wholly-owned Argentinian subsidiary, MetLife Seguros S.A. (“MetLife Seguros”). In connection with the sale, a loss of $205 million, net of income tax, was recorded for the year ended December 31, 2021, which is reflected in net investment gains (losses). MetLife Seguros results of operations are reported in the Latin America segment adjusted earnings through the date of sale. 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, a loss of $25 million, net of income tax, was recorded for the year ended December 31, 2022, which was reflected in net investment gains (losses) and resulted in a total loss on the sales of $239 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 consolidated balance sheet until the quarter in which the disposition was completed. The following table summarizes the assets and liabilities held-for-sale:
|  | December 31, 2021
|  | (In millions)
Assets: |  |
Fixed maturity securities available-for-sale |  | $ | 2,043 |
Contractholder-directed equity securities |  | 1,114 |
Other investments |  | 118 |
Total investments |  | 3,275 |
Cash and cash equivalents |  | 69 |
Deferred policy acquisition costs and value of business acquired |  | 138 |
Other |  | 259 |
Separate account assets |  | 3,497 |
Total assets held-for-sale |  | $ | 7,238 |
Liabilities: |  |
Future policy benefits |  | $ | 916 |
Policyholder account balances |  | 2,005 |
Other policy-related balances |  | 103 |
Other |  | 113 |
Separate account liabilities |  | 3,497 |
Total liabilities held-for-sale |  | $ | 6,634 |
MetLife Poland and Greece income (loss) before provision for income tax as reflected in the consolidated statements of operations was $19 million, $50 million and $30 million for the years ended December 31, 2022, 2021 and 2020, respectively. Disposition of Metropolitan Property and Casualty Insurance Company In December 2020, the Company entered into a definitive agreement to sell its wholly-owned subsidiary, Metropolitan Property and Casualty Insurance Company and certain of its wholly-owned subsidiaries (collectively, “MetLife P&C”) to Farmers Group, Inc. for $3.9 billion. In addition, the Company and the Farmers Exchanges have established a 10-year strategic partnership through which the Farmers Insurance Group will offer its personal line products on MetLife’s U.S. Group Benefits platform which commenced when the transaction closed. MetLife P&C results of operations are reported in the U.S. segment adjusted earnings through December 31, 2020. See Note 2 for more information on divested businesses. In April 2021, the Company completed the sale of MetLife P&C. As a result of the sale, the Company recognized a gain of $1.4 billion ($1.0 billion, net of income tax) in net investment gains (losses) for the year ended December 31, 2021, which includes customary purchase price adjustments recorded after the date of sale. MetLife P&C income (loss) before provision for income tax as reflected in the consolidated statement of operations was $121 million and $399 million for the years ended December 31, 2021 and 2020, respectively. Disposition of Joint-stock Company MetLife Insurance Company In December 2020, the Company entered into an agreement to sell its wholly-owned Russian subsidiary, the Joint-stock Company MetLife Insurance Company (“MetLife Russia”). In connection with the sale, a loss of $133 million, net of income tax, was recorded for the year ended December 31, 2020 and is reflected in net investment gains (losses). MetLife Russia results of operations are reported in the EMEA segment adjusted earnings through December 31, 2020. In January 2021, the Company completed the sale of MetLife Russia. Disposition of MetLife Seguros de Retiro S.A. In October 2020, the Company sold one of its wholly-owned Argentinian subsidiaries, MetLife Seguros de Retiro S.A. (“MetLife Seguros de Retiro”). In connection with the sale, a loss of $162 million, net of income tax, was recorded for the year ended December 31, 2020. This loss was comprised of a $130 million pre-tax loss, which is reflected in net investment gains (losses). Additionally, the $162 million loss included a $32 million net tax charge, which is recorded in the provision for income tax expense (benefit) and included previously deferred tax items and losses which are not recognized for tax purposes. MetLife Seguros de Retiro’s results of operations are reported in the Latin America segment adjusted earnings through June 30, 2020. See Note 2 for information on accounting for divested businesses.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 + Details
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