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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 12 Months Ended
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Dec. 31, 2023
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] |
Intangible Assets and Liabilities, excluding Goodwill [Text Block] | 8. Deferred Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date:
| Group Benefits (1) |  | RIS (1) |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings |  | Corporate & Other |  | Total
| (In millions)
DAC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | 279 |  |  | $ | 130 |  |  | $ | 7,432 |  |  | $ | 1,344 |  |  | $ | 1,551 |  |  | $ | 2,679 |  |  | $ | 31 |  |  | $ | 13,446 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 2,309 |  |  | 50 |  |  | — |  |  | 1,621 |  |  | — |  |  | 3,980 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 11 |  |  | — |  |  | 25 |
Balance at January 1, 2021 | $ | 279 |  |  | $ | 130 |  |  | $ | 9,741 |  |  | $ | 1,394 |  |  | $ | 1,565 |  |  | $ | 4,311 |  |  | $ | 31 |  |  | $ | 17,451 |
VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | — |  |  | $ | 25 |  |  | $ | 1,901 |  |  | $ | 748 |  |  | $ | 236 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 2,943 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 14 |  |  | 8 |  |  | — |  |  | 5 |  |  | — |  |  | 27 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Balance at January 1, 2021 | $ | — |  |  | $ | 25 |  |  | $ | 1,915 |  |  | $ | 756 |  |  | $ | 232 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 2,966 |
UREV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | — |  |  | $ | 42 |  |  | $ | 587 |  |  | $ | 740 |  |  | $ | 556 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 2,113 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 1,029 |  |  | 95 |  |  | (81) |  |  | — |  |  | — |  |  | 1,043 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Balance at January 1, 2021 | $ | — |  |  | $ | 42 |  |  | $ | 1,616 |  |  | $ | 835 |  |  | $ | 482 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 3,163 |
Negative VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 738 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (72) |
Balance at January 1, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 666 |
__________________ (1)See Note 2 for information on the reorganization of the Company’s segments. DAC and VOBA Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
| Group Benefits (1) |  | RIS (1) |  | Asia (2) |  | Latin America (3) |  | EMEA (3) |  | MetLife Holdings (4) |  | Corporate & Other |  | Total
| (In millions)
DAC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2021 | $ | 279 |  |  | $ | 130 |  |  | $ | 9,741 |  |  | $ | 1,394 |  |  | $ | 1,565 |  |  | $ | 4,311 |  |  | $ | 31 |  |  | $ | 17,451 |
Capitalizations (5) | 19 |  |  | 95 |  |  | 1,601 |  |  | 406 |  |  | 499 |  |  | 31 |  |  | 100 |  |  | 2,751 |
Amortization (5) | (26) |  |  | (34) |  |  | (655) |  |  | (311) |  |  | (360) |  |  | (313) |  |  | (107) |  |  | (1,806) |
Effect of foreign currency translation and other, net (5) | — |  |  | — |  |  | (629) |  |  | (128) |  |  | (129) |  |  | — |  |  | 8 |  |  | (878) |
Reclassified to assets held-for-sale (6) | — |  |  | — |  |  | — |  |  | — |  |  | (103) |  |  | — |  |  | — |  |  | (103) |
Balance at December 31, 2021 | 272 |  |  | 191 |  |  | 10,058 |  |  | 1,361 |  |  | 1,472 |  |  | 4,029 |  |  | 32 |  |  | 17,415 |
Capitalizations | 18 |  |  | 113 |  |  | 1,530 |  |  | 494 |  |  | 422 |  |  | 29 |  |  | 8 |  |  | 2,614 |
Amortization | (26) |  |  | (37) |  |  | (644) |  |  | (361) |  |  | (311) |  |  | (267) |  |  | (9) |  |  | (1,655) |
Effect of foreign currency translation and other, net | — |  |  | — |  |  | (674) |  |  | 48 |  |  | (103) |  |  | — |  |  | (1) |  |  | (730) |
Balance at December 31, 2022 | 264 |  |  | 267 |  |  | 10,270 |  |  | 1,542 |  |  | 1,480 |  |  | 3,791 |  |  | 30 |  |  | 17,644 |
Capitalizations | 20 |  |  | 176 |  |  | 1,583 |  |  | 651 |  |  | 457 |  |  | 22 |  |  | 8 |  |  | 2,917 |
Amortization | (26) |  |  | (46) |  |  | (705) |  |  | (418) |  |  | (332) |  |  | (255) |  |  | (9) |  |  | (1,791) |
Effect of foreign currency translation and other, net (7) | — |  |  | — |  |  | (284) |  |  | 175 |  |  | 13 |  |  | (287) |  |  | 1 |  |  | (382) |
Balance at December, 31, 2023 | $ | 258 |  |  | $ | 397 |  |  | $ | 10,864 |  |  | $ | 1,950 |  |  | $ | 1,618 |  |  | $ | 3,271 |  |  | $ | 30 |  |  | $ | 18,388 |
VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2021 | $ | — |  |  | $ | 25 |  |  | $ | 1,915 |  |  | $ | 756 |  |  | $ | 232 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 2,966 |
Amortization | — |  |  | (3) |  |  | (131) |  |  | (61) |  |  | (29) |  |  | (7) |  |  | — |  |  | (231) |
Effect of foreign currency translation and other, net | — |  |  | — |  |  | (191) |  |  | (104) |  |  | (15) |  |  | — |  |  | — |  |  | (310) |
Reclassified to assets held-for-sale (6) | — |  |  | — |  |  | — |  |  | — |  |  | (34) |  |  | — |  |  | — |  |  | (34) |
Balance at December 31, 2021 | — |  |  | 22 |  |  | 1,593 |  |  | 591 |  |  | 154 |  |  | 31 |  |  | — |  |  | 2,391 |
Amortization | — |  |  | (3) |  |  | (101) |  |  | (49) |  |  | (20) |  |  | (3) |  |  | — |  |  | (176) |
Effect of foreign currency translation and other, net | — |  |  | — |  |  | (202) |  |  | 3 |  |  | (7) |  |  | — |  |  | — |  |  | (206) |
Balance at December 31, 2022 | — |  |  | 19 |  |  | 1,290 |  |  | 545 |  |  | 127 |  |  | 28 |  |  | — |  |  | 2,009 |
Amortization | — |  |  | (3) |  |  | (89) |  |  | (50) |  |  | (16) |  |  | (3) |  |  | — |  |  | (161) |
Effect of foreign currency translation and other, net (7) | — |  |  | — |  |  | (82) |  |  | 2 |  |  | 2 |  |  | (7) |  |  | — |  |  | (85) |
Balance at December 31, 2023 | $ | — |  |  | $ | 16 |  |  | $ | 1,119 |  |  | $ | 497 |  |  | $ | 113 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 1,763 |
Total DAC and VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19,806 |
Balance at December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 19,653 |
Balance at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,151 |
__________________ (1)See Note 2 for information on the reorganization of the Company’s segments. (2)Includes DAC balances primarily related to accident & health, universal and variable universal life, variable life and fixed annuity products and VOBA balances primarily related to accident & health products. (3)Includes DAC balances primarily related to universal life and variable universal life products. (4)Includes DAC balances primarily related to universal life, variable universal life, whole life, term life and variable annuity products. (5)Corporate & Other includes activity related to MetLife P&C, a former subsidiary of the Company, that was previously reported in the former U.S. segment. See Notes 2 and 3. (6)See Note 3 for information on the Company’s dispositions. (7)MetLife Holdings segment includes activity for total DAC and total VOBA ceded at the date of inception related to a reinsurance agreement. See Note 9 for further information on the transaction. Significant Methodologies and Assumptions The Company amortizes DAC and VOBA related to long-duration contracts over the estimated lives of the contracts in proportion to benefits in-force for RIS annuities and policy count for all other products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a quarterly basis, using an amortization rate that includes current period reporting experience and end of period persistency and longevity assumptions that are consistent with those used to measure the corresponding liabilities. The Company amortizes DAC for credit insurance and other short-duration contracts, which is primarily comprised of commissions and certain underwriting expenses, in proportion to actual and future earned premium over the applicable contract term. Information regarding other intangibles was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
VODA and VOCRA: |  |  |  |  |  |
Balance at January 1, |  | $ | 876 |  |  | $ | 972 |  |  | $ | 1,099 |
Acquisitions |  | — |  |  | — |  |  | — |
Amortization |  | (88) |  |  | (92) |  |  | (100) |
Effect of foreign currency translation and other |  | 6 |  |  | (4) |  |  | (27) |
Balance at December 31, |  | $ | 794 |  |  | $ | 876 |  |  | $ | 972 |
Accumulated amortization |  | $ | 755 |  |  | $ | 667 |  |  | $ | 575 |
Negative VOBA: |  |  |  |  |  |
Balance at January 1, |  | $ | 473 |  |  | $ | 557 |  |  | $ | 666 |
Amortization |  | (26) |  |  | (29) |  |  | (35) |
Effect of foreign currency translation and other |  | (20) |  |  | (55) |  |  | (74) |
Balance at December 31, |  | $ | 427 |  |  | $ | 473 |  |  | $ | 557 |
Accumulated amortization |  | $ | 3,398 |  |  | $ | 3,372 |  |  | $ | 3,343 |
The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows:
|  | VOBA |  | VODA and VOCRA |  | Negative VOBA
|  | (In millions)
2024 |  | $ | 148 |  |  | $ | 84 |  |  | $ | (26) |
2025 |  | $ | 138 |  |  | $ | 82 |  |  | $ | (24) |
2026 |  | $ | 129 |  |  | $ | 80 |  |  | $ | (23) |
2027 |  | $ | 118 |  |  | $ | 78 |  |  | $ | (22) |
2028 |  | $ | 109 |  |  | $ | 75 |  |  | $ | (21) |
Unearned Revenue Information regarding the Company’s UREV primarily related to universal life and variable universal life products by segment included in other policy-related balances was as follows:
|  | RIS (1) |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings |  | Total
|  | (In millions)
Balance at January 1, 2021 |  | $ | 42 |  |  | $ | 1,616 |  |  | $ | 835 |  |  | $ | 482 |  |  | $ | 188 |  |  | $ | 3,163 |
Deferrals |  | 3 |  |  | 610 |  |  | 110 |  |  | 97 |  |  | 64 |  |  | 884 |
Amortization |  | (7) |  |  | (147) |  |  | (96) |  |  | (59) |  |  | (14) |  |  | (323) |
Effect of foreign currency translation and other - net |  | — |  |  | (46) |  |  | (54) |  |  | 1 |  |  | — |  |  | (99) |
Balance at December 31, 2021 |  | 38 |  |  | 2,033 |  |  | 795 |  |  | 521 |  |  | 238 |  |  | 3,625 |
Deferrals |  | 5 |  |  | 546 |  |  | 134 |  |  | 111 |  |  | 60 |  |  | 856 |
Amortization |  | (7) |  |  | (144) |  |  | (116) |  |  | (59) |  |  | (17) |  |  | (343) |
Effect of foreign currency translation and other - net |  | — |  |  | (53) |  |  | 35 |  |  | (14) |  |  | — |  |  | (32) |
Balance at December 31, 2022 |  | 36 |  |  | 2,382 |  |  | 848 |  |  | 559 |  |  | 281 |  |  | 4,106 |
Deferrals |  | 2 |  |  | 667 |  |  | 147 |  |  | 95 |  |  | 48 |  |  | 959 |
Amortization |  | (7) |  |  | (181) |  |  | (116) |  |  | (63) |  |  | (18) |  |  | (385) |
Effect of foreign currency translation and other - net (2) |  | — |  |  | (18) |  |  | 110 |  |  | 17 |  |  | (252) |  |  | (143) |
Balance at December 31, 2023 |  | $ | 31 |  |  | $ | 2,850 |  |  | $ | 989 |  |  | $ | 608 |  |  | $ | 59 |  |  | $ | 4,537 |
__________________ (1)See Note 2 for information on the reorganization of the Company’s segments. (2)MetLife Holdings segment includes activity for total UREV ceded at the date of inception related to a reinsurance agreement. See Note 9 for further information on the transaction. Significant Methodologies and Assumptions UREV is amortized similarly to DAC and VOBA, see “— DAC and VOBA.”

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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479735/944-20-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479432/944-30-50-2A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-30/tableOfContent + Details
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