REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Contract Owners of
Metropolitan Life Separate Account E
and Board of Directors of
Metropolitan Life Insurance Company
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Metropolitan Life Separate Account E (the "Separate Account") of Metropolitan Life Insurance Company (the "Company") comprising each of the individual Divisions listed in Note 2A as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights in Note 7 for each of the five years in the period then ended for the Divisions, except for the Divisions included in the table below; the related statements of operations, changes in net assets, and the financial highlights for the Divisions and periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Divisions constituting the Separate Account of the Company as of December 31, 2023, and the results of their operations for the year then ended (or for the periods listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the periods listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.
Individual Divisions Comprising the Separate Account |
Statement of Operations |
Statements of Changes in Net Assets |
Financial Highlights |
||||||||||||
Fidelity®​ VIP Freedom 2055 Division Fidelity®​ VIP Freedom 2060 Division |
For the period from May 1, 2023 (commencement of operations) through December 31, 2023 |
||||||||||||||
FTVIPT Templeton Foreign VIP Division |
For the year ended December 31, 2023 |
For the years ended December 31, 2023 and 2022 |
For the years ended December 31, 2023, 2022, and 2021 (had no net assets at December 31, 2020 and 2019) |
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on the Separate Account's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2023, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.
/s/ DELOITTE & TOUCHE LLP
Tampa, Florida
March 22, 2024
We have served as the Separate Account's auditor since 1984.
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2023
American Funds®​ Global Growth Division |
American Funds®​ Global Small Capitalization Division |
American Funds®​ Growth Division |
American Funds®​ Growth-Income Division |
||||||||||||||||
Assets: |
|||||||||||||||||||
Investments at fair value |
$ |
183,426 |
$ |
308,247,196 |
$ |
1,037,944,858 |
$ |
636,821,419 |
|||||||||||
Due from Metropolitan Life Insurance Company |
1 |
3 |
|
36 |
|||||||||||||||
Total Assets |
183,427 |
308,247,199 |
1,037,944,858 |
636,821,455 |
|||||||||||||||
Liabilities: |
|||||||||||||||||||
Accrued fees |
8 |
149 |
90 |
123 |
|||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
4 |
|
|||||||||||||||
Total Liabilities |
8 |
149 |
94 |
123 |
|||||||||||||||
Net Assets |
$ |
183,419 |
$ |
308,247,050 |
$ |
1,037,944,764 |
$ |
636,821,332 |
|||||||||||
Contract Owners' Equity |
|||||||||||||||||||
Net assets from accumulation units |
$ |
183,419 |
$ |
307,547,573 |
$ |
1,035,424,150 |
$ |
634,850,024 |
|||||||||||
Net assets from contracts in payout |
|
699,477 |
2,520,614 |
1,971,308 |
|||||||||||||||
Total Net Assets |
$ |
183,419 |
$ |
308,247,050 |
$ |
1,037,944,764 |
$ |
636,821,332 |
The accompanying notes are an integral part of these financial statements.
E-1
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
American Funds®​ The Bond Fund of America Division |
BHFTI AB Global Dynamic Allocation Division |
BHFTI Allspring Mid Cap Value Division |
BHFTI American Funds®​ Balanced Allocation Division |
BHFTI American Funds®​ Growth Allocation Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
63,085,305 |
$ |
769,436,942 |
$ |
49,547 |
$ |
600,346,119 |
$ |
401,931,746 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
1 |
|
1 |
|
|
||||||||||||||||||
Total Assets |
63,085,306 |
769,436,942 |
49,548 |
600,346,119 |
401,931,746 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
97 |
42 |
17 |
42 |
78 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
97 |
42 |
17 |
42 |
78 |
||||||||||||||||||
Net Assets |
$ |
63,085,209 |
$ |
769,436,900 |
$ |
49,531 |
$ |
600,346,077 |
$ |
401,931,668 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
62,880,888 |
$ |
769,183,716 |
$ |
49,531 |
$ |
599,508,778 |
$ |
401,636,268 |
|||||||||||||
Net assets from contracts in payout |
204,321 |
253,184 |
|
837,299 |
295,400 |
||||||||||||||||||
Total Net Assets |
$ |
63,085,209 |
$ |
769,436,900 |
$ |
49,531 |
$ |
600,346,077 |
$ |
401,931,668 |
The accompanying notes are an integral part of these financial statements.
E-2
BHFTI American Funds®​ Growth Division |
BHFTI American Funds®​ Moderate Allocation Division |
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI BlackRock High Yield Division |
BHFTI Brighthouse Asset Allocation 100 Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
251,346,585 |
$ |
537,459,513 |
$ |
1,003,452,950 |
$ |
219,532 |
$ |
227,412,730 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
1 |
1 |
|
|
||||||||||||||||||
Total Assets |
251,346,585 |
537,459,514 |
1,003,452,951 |
219,532 |
227,412,730 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
54 |
65 |
51 |
12 |
71 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
54 |
65 |
51 |
12 |
71 |
||||||||||||||||||
Net Assets |
$ |
251,346,531 |
$ |
537,459,449 |
$ |
1,003,452,900 |
$ |
219,520 |
$ |
227,412,659 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
251,267,161 |
$ |
536,879,515 |
$ |
1,003,105,770 |
$ |
219,520 |
$ |
221,783,162 |
|||||||||||||
Net assets from contracts in payout |
79,370 |
579,934 |
347,130 |
|
5,629,497 |
||||||||||||||||||
Total Net Assets |
$ |
251,346,531 |
$ |
537,459,449 |
$ |
1,003,452,900 |
$ |
219,520 |
$ |
227,412,659 |
The accompanying notes are an integral part of these financial statements.
E-3
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI Brighthouse Balanced Plus Division |
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/ abrdn Emerging Markets Equity Division |
BHFTI Brighthouse/ Eaton Vance Floating Rate Division |
BHFTI Brighthouse/ Franklin Low Duration Total Return Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
2,094,600,293 |
$ |
16,962,179 |
$ |
28,403,348 |
$ |
15,822,086 |
$ |
52,865,404 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
2,094,600,293 |
16,962,179 |
28,403,348 |
15,822,086 |
52,865,404 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
43 |
36 |
88 |
52 |
80 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
9 |
|
1 |
|
||||||||||||||||||
Total Liabilities |
43 |
45 |
88 |
53 |
80 |
||||||||||||||||||
Net Assets |
$ |
2,094,600,250 |
$ |
16,962,134 |
$ |
28,403,260 |
$ |
15,822,033 |
$ |
52,865,324 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
2,093,797,267 |
$ |
16,962,134 |
$ |
28,394,083 |
$ |
15,797,897 |
$ |
52,831,753 |
|||||||||||||
Net assets from contracts in payout |
802,983 |
|
9,177 |
24,136 |
33,571 |
||||||||||||||||||
Total Net Assets |
$ |
2,094,600,250 |
$ |
16,962,134 |
$ |
28,403,260 |
$ |
15,822,033 |
$ |
52,865,324 |
The accompanying notes are an integral part of these financial statements.
E-4
BHFTI Brighthouse/ Templeton International Bond Division |
BHFTI Brighthouse/ Wellington Large Cap Research Division |
BHFTI CBRE Global Real Estate Division |
BHFTI Harris Oakmark International Division |
BHFTI Invesco Balanced-Risk Allocation Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
3,262,127 |
$ |
716,715,836 |
$ |
128,621,576 |
$ |
292,864,831 |
$ |
311,960,054 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
3,262,127 |
716,715,836 |
128,621,576 |
292,864,831 |
311,960,054 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
32 |
116 |
138 |
147 |
37 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
4,162 |
2 |
|
|
||||||||||||||||||
Total Liabilities |
32 |
4,278 |
140 |
147 |
37 |
||||||||||||||||||
Net Assets |
$ |
3,262,095 |
$ |
716,711,558 |
$ |
128,621,436 |
$ |
292,864,684 |
$ |
311,960,017 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
3,262,095 |
$ |
703,718,828 |
$ |
128,405,754 |
$ |
292,294,434 |
$ |
311,832,075 |
|||||||||||||
Net assets from contracts in payout |
|
12,992,730 |
215,682 |
570,250 |
127,942 |
||||||||||||||||||
Total Net Assets |
$ |
3,262,095 |
$ |
716,711,558 |
$ |
128,621,436 |
$ |
292,864,684 |
$ |
311,960,017 |
The accompanying notes are an integral part of these financial statements.
E-5
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI Invesco Comstock Division |
BHFTI Invesco Global Equity Division |
BHFTI Invesco Small Cap Growth Division |
BHFTI JPMorgan Core Bond Division |
BHFTI JPMorgan Global Active Allocation Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
15,665 |
$ |
211,964,178 |
$ |
43,157,455 |
$ |
50,347,621 |
$ |
487,968,928 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
21 |
|
|
||||||||||||||||||
Total Assets |
15,665 |
211,964,178 |
43,157,476 |
50,347,621 |
487,968,928 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
2 |
128 |
155 |
50 |
34 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
1 |
||||||||||||||||||
Total Liabilities |
2 |
128 |
155 |
50 |
35 |
||||||||||||||||||
Net Assets |
$ |
15,663 |
$ |
211,964,050 |
$ |
43,157,321 |
$ |
50,347,571 |
$ |
487,968,893 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
15,663 |
$ |
211,465,939 |
$ |
42,974,044 |
$ |
50,326,174 |
$ |
487,793,947 |
|||||||||||||
Net assets from contracts in payout |
|
498,111 |
183,277 |
21,397 |
174,946 |
||||||||||||||||||
Total Net Assets |
$ |
15,663 |
$ |
211,964,050 |
$ |
43,157,321 |
$ |
50,347,571 |
$ |
487,968,893 |
The accompanying notes are an integral part of these financial statements.
E-6
BHFTI JPMorgan Small Cap Value Division |
BHFTI Loomis Sayles Global Allocation Division |
BHFTI Loomis Sayles Growth Division |
BHFTI MetLife Multi-Index Targeted Risk Division |
BHFTI MFS®​ Research International Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
14,459,419 |
$ |
76,304,107 |
$ |
384,789,818 |
$ |
520,854,486 |
$ |
125,706,348 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
14,459,419 |
76,304,107 |
384,789,818 |
520,854,486 |
125,706,348 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
66 |
88 |
133 |
55 |
183 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
6 |
99 |
|
1 |
||||||||||||||||||
Total Liabilities |
66 |
94 |
232 |
55 |
184 |
||||||||||||||||||
Net Assets |
$ |
14,459,353 |
$ |
76,304,013 |
$ |
384,789,586 |
$ |
520,854,431 |
$ |
125,706,164 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
14,458,436 |
$ |
76,297,451 |
$ |
384,391,004 |
$ |
520,744,166 |
$ |
125,258,476 |
|||||||||||||
Net assets from contracts in payout |
917 |
6,562 |
398,582 |
110,265 |
447,688 |
||||||||||||||||||
Total Net Assets |
$ |
14,459,353 |
$ |
76,304,013 |
$ |
384,789,586 |
$ |
520,854,431 |
$ |
125,706,164 |
The accompanying notes are an integral part of these financial statements.
E-7
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI Morgan Stanley Discovery Division |
BHFTI PanAgora Global Diversified Risk Division |
BHFTI PIMCO Inflation Protected Bond Division |
BHFTI PIMCO Total Return Division |
BHFTI Schroders Global Multi-Asset Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
342,073,345 |
$ |
588,144,300 |
$ |
235,419,393 |
$ |
479,885,225 |
$ |
436,505,371 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
26 |
|
3 |
|
|
||||||||||||||||||
Total Assets |
342,073,371 |
588,144,300 |
235,419,396 |
479,885,225 |
436,505,371 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
155 |
26 |
103 |
139 |
44 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
3 |
|
||||||||||||||||||
Total Liabilities |
155 |
26 |
103 |
142 |
44 |
||||||||||||||||||
Net Assets |
$ |
342,073,216 |
$ |
588,144,274 |
$ |
235,419,293 |
$ |
479,885,083 |
$ |
436,505,327 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
340,752,355 |
$ |
587,990,107 |
$ |
235,023,836 |
$ |
479,322,670 |
$ |
436,285,783 |
|||||||||||||
Net assets from contracts in payout |
1,320,861 |
154,167 |
395,457 |
562,413 |
219,544 |
||||||||||||||||||
Total Net Assets |
$ |
342,073,216 |
$ |
588,144,274 |
$ |
235,419,293 |
$ |
479,885,083 |
$ |
436,505,327 |
The accompanying notes are an integral part of these financial statements.
E-8
BHFTI SSGA Growth and Income ETF Division |
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
BHFTI T. Rowe Price Mid Cap Growth Division |
BHFTI TCW Core Fixed Income Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
452,336,817 |
$ |
104,238,131 |
$ |
450,598 |
$ |
361,476,685 |
$ |
14,815 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
452,336,817 |
104,238,131 |
450,598 |
361,476,685 |
14,815 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
73 |
98 |
24 |
97 |
9 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
1 |
17 |
|
|
|
||||||||||||||||||
Total Liabilities |
74 |
115 |
24 |
97 |
9 |
||||||||||||||||||
Net Assets |
$ |
452,336,743 |
$ |
104,238,016 |
$ |
450,574 |
$ |
361,476,588 |
$ |
14,806 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
452,088,866 |
$ |
104,153,310 |
$ |
450,574 |
$ |
360,766,926 |
$ |
14,806 |
|||||||||||||
Net assets from contracts in payout |
247,877 |
84,706 |
|
709,662 |
|
||||||||||||||||||
Total Net Assets |
$ |
452,336,743 |
$ |
104,238,016 |
$ |
450,574 |
$ |
361,476,588 |
$ |
14,806 |
The accompanying notes are an integral part of these financial statements.
E-9
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTI Victory Sycamore Mid Cap Value Division |
BHFTI Western Asset Management Government Income Division |
BHFTII Baillie Gifford International Stock Division |
BHFTII BlackRock Bond Income Division |
BHFTII BlackRock Capital Appreciation Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
319,864,552 |
$ |
217,903,665 |
$ |
90,110,504 |
$ |
253,717,020 |
$ |
168,460,682 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
1 |
||||||||||||||||||
Total Assets |
319,864,552 |
217,903,665 |
90,110,504 |
253,717,020 |
168,460,683 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
109 |
50 |
109 |
139 |
115 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
5 |
|
1 |
2 |
|
||||||||||||||||||
Total Liabilities |
114 |
50 |
110 |
141 |
115 |
||||||||||||||||||
Net Assets |
$ |
319,864,438 |
$ |
217,903,615 |
$ |
90,110,394 |
$ |
253,716,879 |
$ |
168,460,568 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
318,798,847 |
$ |
217,726,142 |
$ |
89,689,773 |
$ |
251,839,031 |
$ |
167,255,477 |
|||||||||||||
Net assets from contracts in payout |
1,065,591 |
177,473 |
420,621 |
1,877,848 |
1,205,091 |
||||||||||||||||||
Total Net Assets |
$ |
319,864,438 |
$ |
217,903,615 |
$ |
90,110,394 |
$ |
253,716,879 |
$ |
168,460,568 |
The accompanying notes are an integral part of these financial statements.
E-10
BHFTII BlackRock Ultra-Short Term Bond Division |
BHFTII Brighthouse Asset Allocation 20 Division |
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
BHFTII Brighthouse Asset Allocation 80 Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
30,782,788 |
$ |
182,237,011 |
$ |
572,822,220 |
$ |
2,196,814,273 |
$ |
1,363,001,290 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
1 |
11 |
1 |
22 |
||||||||||||||||||
Total Assets |
30,782,788 |
182,237,012 |
572,822,231 |
2,196,814,274 |
1,363,001,312 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
100 |
97 |
74 |
62 |
73 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
1 |
|
|
|
|
||||||||||||||||||
Total Liabilities |
101 |
97 |
74 |
62 |
73 |
||||||||||||||||||
Net Assets |
$ |
30,782,687 |
$ |
182,236,915 |
$ |
572,822,157 |
$ |
2,196,814,212 |
$ |
1,363,001,239 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
30,563,224 |
$ |
181,431,205 |
$ |
570,507,727 |
$ |
2,193,256,498 |
$ |
1,361,096,210 |
|||||||||||||
Net assets from contracts in payout |
219,463 |
805,710 |
2,314,430 |
3,557,714 |
1,905,029 |
||||||||||||||||||
Total Net Assets |
$ |
30,782,687 |
$ |
182,236,915 |
$ |
572,822,157 |
$ |
2,196,814,212 |
$ |
1,363,001,239 |
The accompanying notes are an integral part of these financial statements.
E-11
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTII Brighthouse/ Artisan Mid Cap Value Division |
BHFTII Brighthouse/ Dimensional International Small Company Division |
BHFTII Brighthouse/ Wellington Balanced Division |
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division |
BHFTII Frontier Mid Cap Growth Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
154,888,474 |
$ |
4,552,998 |
$ |
479,031,025 |
$ |
411,040,365 |
$ |
407,902,294 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
40 |
|
19 |
|
|
||||||||||||||||||
Total Assets |
154,888,514 |
4,552,998 |
479,031,044 |
411,040,365 |
407,902,294 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
124 |
51 |
49 |
143 |
88 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
4 |
|
||||||||||||||||||
Total Liabilities |
124 |
51 |
49 |
147 |
88 |
||||||||||||||||||
Net Assets |
$ |
154,888,390 |
$ |
4,552,947 |
$ |
479,030,995 |
$ |
411,040,218 |
$ |
407,902,206 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
153,991,986 |
$ |
4,551,714 |
$ |
469,496,510 |
$ |
408,158,406 |
$ |
405,553,678 |
|||||||||||||
Net assets from contracts in payout |
896,404 |
1,233 |
9,534,485 |
2,881,812 |
2,348,528 |
||||||||||||||||||
Total Net Assets |
$ |
154,888,390 |
$ |
4,552,947 |
$ |
479,030,995 |
$ |
411,040,218 |
$ |
407,902,206 |
The accompanying notes are an integral part of these financial statements.
E-12
BHFTII Jennison Growth Division |
BHFTII Loomis Sayles Small Cap Core Division |
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
BHFTII MetLife Mid Cap Stock Index Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
209,302,314 |
$ |
126,813,550 |
$ |
44,754,720 |
$ |
677,079,314 |
$ |
426,347,938 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
10 |
4 |
|
15 |
||||||||||||||||||
Total Assets |
209,302,314 |
126,813,560 |
44,754,724 |
677,079,314 |
426,347,953 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
107 |
136 |
91 |
122 |
127 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
5 |
|
|
2 |
|
||||||||||||||||||
Total Liabilities |
112 |
136 |
91 |
124 |
127 |
||||||||||||||||||
Net Assets |
$ |
209,302,202 |
$ |
126,813,424 |
$ |
44,754,633 |
$ |
677,079,190 |
$ |
426,347,826 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
208,663,850 |
$ |
125,860,694 |
$ |
44,659,713 |
$ |
674,326,060 |
$ |
425,077,974 |
|||||||||||||
Net assets from contracts in payout |
638,352 |
952,730 |
94,920 |
2,753,130 |
1,269,852 |
||||||||||||||||||
Total Net Assets |
$ |
209,302,202 |
$ |
126,813,424 |
$ |
44,754,633 |
$ |
677,079,190 |
$ |
426,347,826 |
The accompanying notes are an integral part of these financial statements.
E-13
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTII MetLife MSCI EAFE®​ Index Division |
BHFTII MetLife Russell 2000®​ Index Division |
BHFTII MetLife Stock Index Division |
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
372,407,368 |
$ |
276,319,239 |
$ |
2,819,061,388 |
$ |
95,299,971 |
$ |
514,394,830 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
20 |
10 |
137 |
2 |
27 |
||||||||||||||||||
Total Assets |
372,407,388 |
276,319,249 |
2,819,061,525 |
95,299,973 |
514,394,857 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
119 |
134 |
124 |
79 |
97 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
119 |
134 |
124 |
79 |
97 |
||||||||||||||||||
Net Assets |
$ |
372,407,269 |
$ |
276,319,115 |
$ |
2,819,061,401 |
$ |
95,299,894 |
$ |
514,394,760 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
371,607,891 |
$ |
275,828,982 |
$ |
2,763,787,994 |
$ |
93,700,339 |
$ |
507,491,053 |
|||||||||||||
Net assets from contracts in payout |
799,378 |
490,133 |
55,273,407 |
1,599,555 |
6,903,707 |
||||||||||||||||||
Total Net Assets |
$ |
372,407,269 |
$ |
276,319,115 |
$ |
2,819,061,401 |
$ |
95,299,894 |
$ |
514,394,760 |
The accompanying notes are an integral part of these financial statements.
E-14
BHFTII Neuberger Berman Genesis Division |
BHFTII T. Rowe Price Large Cap Growth Division |
BHFTII T. Rowe Price Small Cap Growth Division |
BHFTII VanEck Global Natural Resources Division |
BHFTII Western Asset Management Strategic Bond Opportunities Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
239,269,749 |
$ |
533,304,613 |
$ |
358,856,516 |
$ |
18,077,790 |
$ |
266,841,232 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
7 |
|
|
|
||||||||||||||||||
Total Assets |
239,269,749 |
533,304,620 |
358,856,516 |
18,077,790 |
266,841,232 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
133 |
155 |
105 |
34 |
146 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
8 |
|
73 |
|
1 |
||||||||||||||||||
Total Liabilities |
141 |
155 |
178 |
34 |
147 |
||||||||||||||||||
Net Assets |
$ |
239,269,608 |
$ |
533,304,465 |
$ |
358,856,338 |
$ |
18,077,756 |
$ |
266,841,085 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
237,769,046 |
$ |
520,396,923 |
$ |
357,933,307 |
$ |
18,073,420 |
$ |
265,841,540 |
|||||||||||||
Net assets from contracts in payout |
1,500,562 |
12,907,542 |
923,031 |
4,336 |
999,545 |
||||||||||||||||||
Total Net Assets |
$ |
239,269,608 |
$ |
533,304,465 |
$ |
358,856,338 |
$ |
18,077,756 |
$ |
266,841,085 |
The accompanying notes are an integral part of these financial statements.
E-15
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
BHFTII Western Asset Management U.S. Government Division |
BlackRock Global Allocation V.I. Division |
Calvert VP SRI Balanced Division |
Calvert VP SRI Mid Cap Division |
Delaware VIP®​ Small Cap Value Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
91,560,879 |
$ |
17,064 |
$ |
47,614,573 |
$ |
5,826,130 |
$ |
855 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
1 |
|
1 |
||||||||||||||||||
Total Assets |
91,560,879 |
17,064 |
47,614,574 |
5,826,130 |
856 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
145 |
9 |
18 |
7 |
3 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
1 |
|
|
|
|
||||||||||||||||||
Total Liabilities |
146 |
9 |
18 |
7 |
3 |
||||||||||||||||||
Net Assets |
$ |
91,560,733 |
$ |
17,055 |
$ |
47,614,556 |
$ |
5,826,123 |
$ |
853 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
91,368,881 |
$ |
17,055 |
$ |
47,559,027 |
$ |
5,788,141 |
$ |
853 |
|||||||||||||
Net assets from contracts in payout |
191,852 |
|
55,529 |
37,982 |
|
||||||||||||||||||
Total Net Assets |
$ |
91,560,733 |
$ |
17,055 |
$ |
47,614,556 |
$ |
5,826,123 |
$ |
853 |
The accompanying notes are an integral part of these financial statements.
E-16
Fidelity®​ VIP Contrafund®​ Division |
Fidelity®​ VIP Equity-Income Division |
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
Fidelity®​ VIP Freedom 2030 Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
621,142 |
$ |
63,328,323 |
$ |
3,355,314 |
$ |
5,544,799 |
$ |
8,790,850 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
1 |
|
1 |
|
||||||||||||||||||
Total Assets |
621,142 |
63,328,324 |
3,355,314 |
5,544,800 |
8,790,850 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
8 |
9 |
9 |
22 |
32 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
8 |
9 |
9 |
22 |
32 |
||||||||||||||||||
Net Assets |
$ |
621,134 |
$ |
63,328,315 |
$ |
3,355,305 |
$ |
5,544,778 |
$ |
8,790,818 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
621,134 |
$ |
62,491,889 |
$ |
3,355,305 |
$ |
5,544,778 |
$ |
8,790,818 |
|||||||||||||
Net assets from contracts in payout |
|
836,426 |
|
|
|
||||||||||||||||||
Total Net Assets |
$ |
621,134 |
$ |
63,328,315 |
$ |
3,355,305 |
$ |
5,544,778 |
$ |
8,790,818 |
The accompanying notes are an integral part of these financial statements.
E-17
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
Fidelity®​ VIP Freedom 2035 Division |
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2045 Division |
Fidelity®​ VIP Freedom 2050 Division |
Fidelity®​ VIP Freedom 2055 Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
8,242,660 |
$ |
6,078,286 |
$ |
5,642,245 |
$ |
11,774,208 |
$ |
312,601 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
2 |
|
||||||||||||||||||
Total Assets |
8,242,660 |
6,078,286 |
5,642,245 |
11,774,210 |
312,601 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
29 |
34 |
13 |
24 |
22 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
4 |
36 |
|
|
||||||||||||||||||
Total Liabilities |
29 |
38 |
49 |
24 |
22 |
||||||||||||||||||
Net Assets |
$ |
8,242,631 |
$ |
6,078,248 |
$ |
5,642,196 |
$ |
11,774,186 |
$ |
312,579 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
8,242,631 |
$ |
6,078,248 |
$ |
5,642,196 |
$ |
11,774,186 |
$ |
312,579 |
|||||||||||||
Net assets from contracts in payout |
|
|
|
|
|
||||||||||||||||||
Total Net Assets |
$ |
8,242,631 |
$ |
6,078,248 |
$ |
5,642,196 |
$ |
11,774,186 |
$ |
312,579 |
The accompanying notes are an integral part of these financial statements.
E-18
Fidelity®​ VIP Freedom 2060 Division |
Fidelity®​ VIP FundsManager 50% Division |
Fidelity®​ VIP FundsManager 60% Division |
Fidelity®​ VIP Government Money Market Division |
Fidelity®​ VIP Growth Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
401,605 |
$ |
170,242,605 |
$ |
168,062,667 |
$ |
3,843,389 |
$ |
119,643,485 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
1 |
|
||||||||||||||||||
Total Assets |
401,605 |
170,242,605 |
168,062,667 |
3,843,390 |
119,643,485 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
18 |
|
|
|
6 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Liabilities |
18 |
|
|
|
6 |
||||||||||||||||||
Net Assets |
$ |
401,587 |
$ |
170,242,605 |
$ |
168,062,667 |
$ |
3,843,390 |
$ |
119,643,479 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
401,587 |
$ |
170,242,605 |
$ |
168,062,667 |
$ |
3,843,390 |
$ |
119,544,195 |
|||||||||||||
Net assets from contracts in payout |
|
|
|
|
99,284 |
||||||||||||||||||
Total Net Assets |
$ |
401,587 |
$ |
170,242,605 |
$ |
168,062,667 |
$ |
3,843,390 |
$ |
119,643,479 |
The accompanying notes are an integral part of these financial statements.
E-19
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2023
Fidelity®​ VIP Investment Grade Bond Division |
Fidelity®​ VIP Mid Cap Division |
FTVIPT Templeton Developing Markets VIP Division |
FTVIPT Templeton Foreign VIP Division |
Janus Henderson Enterprise Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
5,945,814 |
$ |
281,600 |
$ |
36,258 |
$ |
2,083 |
$ |
53,856 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
|
|
||||||||||||||||||
Total Assets |
5,945,814 |
281,600 |
36,258 |
2,083 |
53,856 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
6 |
|
|
4 |
7 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
1 |
|
|
1 |
|
||||||||||||||||||
Total Liabilities |
7 |
|
|
5 |
7 |
||||||||||||||||||
Net Assets |
$ |
5,945,807 |
$ |
281,600 |
$ |
36,258 |
$ |
2,078 |
$ |
53,849 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
5,934,717 |
$ |
281,600 |
$ |
36,258 |
$ |
2,078 |
$ |
53,849 |
|||||||||||||
Net assets from contracts in payout |
11,090 |
|
|
|
|
||||||||||||||||||
Total Net Assets |
$ |
5,945,807 |
$ |
281,600 |
$ |
36,258 |
$ |
2,078 |
$ |
53,849 |
The accompanying notes are an integral part of these financial statements.
E-20
LMPVET ClearBridge Variable Appreciation Division |
LMPVET ClearBridge Variable Dividend Strategy Division |
LMPVET ClearBridge Variable Large Cap Growth Division |
LMPVET ClearBridge Variable Small Cap Growth Division |
LMPVIT Western Asset Core Plus Division |
|||||||||||||||||||
Assets: |
|||||||||||||||||||||||
Investments at fair value |
$ |
58,656 |
$ |
89,240 |
$ |
452,154 |
$ |
35,063 |
$ |
361 |
|||||||||||||
Due from Metropolitan Life Insurance Company |
1 |
|
|
|
|
||||||||||||||||||
Total Assets |
58,657 |
89,240 |
452,154 |
35,063 |
361 |
||||||||||||||||||
Liabilities: |
|||||||||||||||||||||||
Accrued fees |
7 |
2 |
10 |
10 |
2 |
||||||||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
1 |
|
|
||||||||||||||||||
Total Liabilities |
7 |
2 |
11 |
10 |
2 |
||||||||||||||||||
Net Assets |
$ |
58,650 |
$ |
89,238 |
$ |
452,143 |
$ |
35,053 |
$ |
359 |
|||||||||||||
Contract Owners' Equity |
|||||||||||||||||||||||
Net assets from accumulation units |
$ |
58,650 |
$ |
89,238 |
$ |
452,143 |
$ |
35,053 |
$ |
359 |
|||||||||||||
Net assets from contracts in payout |
|
|
|
|
|
||||||||||||||||||
Total Net Assets |
$ |
58,650 |
$ |
89,238 |
$ |
452,143 |
$ |
35,053 |
$ |
359 |
The accompanying notes are an integral part of these financial statements.
E-21
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES (Concluded)
December 31, 2023
Morgan Stanley VIF Global Infrastructure Division |
PIMCO VIT CommodityRealReturn®​ Strategy Division |
PIMCO VIT Dynamic Bond Division |
|||||||||||||
Assets: |
|||||||||||||||
Investments at fair value |
$ |
46,912 |
$ |
74,506 |
$ |
10,267 |
|||||||||
Due from Metropolitan Life Insurance Company |
|
|
|
||||||||||||
Total Assets |
46,912 |
74,506 |
10,267 |
||||||||||||
Liabilities: |
|||||||||||||||
Accrued fees |
9 |
8 |
10 |
||||||||||||
Due to Metropolitan Life Insurance Company |
|
|
|
||||||||||||
Total Liabilities |
9 |
8 |
10 |
||||||||||||
Net Assets |
$ |
46,903 |
$ |
74,498 |
$ |
10,257 |
|||||||||
Contract Owners' Equity |
|||||||||||||||
Net assets from accumulation units |
$ |
46,903 |
$ |
74,498 |
$ |
10,257 |
|||||||||
Net assets from contracts in payout |
|
|
|
||||||||||||
Total Net Assets |
$ |
46,903 |
$ |
74,498 |
$ |
10,257 |
The accompanying notes are an integral part of these financial statements.
E-22
PIMCO VIT Emerging Markets Bond Division |
TAP 1919 Variable Socially Responsive Balanced Division |
||||||||||
Assets: |
|||||||||||
Investments at fair value |
$ |
13,658 |
$ |
9,735 |
|||||||
Due from Metropolitan Life Insurance Company |
|
|
|||||||||
Total Assets |
13,658 |
9,735 |
|||||||||
Liabilities: |
|||||||||||
Accrued fees |
14 |
5 |
|||||||||
Due to Metropolitan Life Insurance Company |
|
|
|||||||||
Total Liabilities |
14 |
5 |
|||||||||
Net Assets |
$ |
13,644 |
$ |
9,730 |
|||||||
Contract Owners' Equity |
|||||||||||
Net assets from accumulation units |
$ |
13,644 |
$ |
9,730 |
|||||||
Net assets from contracts in payout |
|
|
|||||||||
Total Net Assets |
$ |
13,644 |
$ |
9,730 |
The accompanying notes are an integral part of these financial statements.
E-23
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
For the year ended December 31, 2023
American Funds®​ Global Growth Division |
American Funds®​ Global Small Capitalization Division |
American Funds®​ Growth Division |
American Funds®​ Growth-Income Division |
American Funds®​ The Bond Fund of America Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
1,536 |
$ |
778,767 |
$ |
3,450,021 |
$ |
8,155,420 |
$ |
2,117,375 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
1,352 |
3,681,563 |
11,771,257 |
7,474,201 |
761,398 |
||||||||||||||||||
Administrative charges |
168 |
570,296 |
1,653,341 |
1,097,032 |
128,071 |
||||||||||||||||||
Total expenses |
1,520 |
4,251,859 |
13,424,598 |
8,571,233 |
889,469 |
||||||||||||||||||
Net investment income (loss) |
16 |
(3,473,092 |
) |
(9,974,577 |
) |
(415,813 |
) |
1,227,906 |
|||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
12,898 |
3,946,989 |
55,259,980 |
32,572,171 |
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
1,868 |
(8,281,968 |
) |
26,442,006 |
18,873,213 |
(1,537,118 |
) |
||||||||||||||||
Net realized gains (losses) |
14,766 |
(4,334,979 |
) |
81,701,986 |
51,445,384 |
(1,537,118 |
) |
||||||||||||||||
Change in unrealized gains (losses) on investments |
18,491 |
49,204,319 |
228,450,939 |
82,246,255 |
2,431,984 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
33,257 |
44,869,340 |
310,152,925 |
133,691,639 |
894,866 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
33,273 |
$ |
41,396,248 |
$ |
300,178,348 |
$ |
133,275,826 |
$ |
2,122,772 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-24
BHFTI AB Global Dynamic Allocation Division |
BHFTI Allspring Mid Cap Value Division |
BHFTI American Funds®​ Balanced Allocation Division |
BHFTI American Funds®​ Growth Allocation Division |
BHFTI American Funds®​ Growth Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
21,989,673 |
$ |
1,097 |
$ |
13,588,252 |
$ |
7,915,351 |
$ |
3,786,466 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
7,542,957 |
913 |
5,836,270 |
3,857,794 |
2,417,970 |
||||||||||||||||||
Administrative charges |
1,943,266 |
214 |
1,406,739 |
886,354 |
599,469 |
||||||||||||||||||
Total expenses |
9,486,223 |
1,127 |
7,243,009 |
4,744,148 |
3,017,439 |
||||||||||||||||||
Net investment income (loss) |
12,503,450 |
(30 |
) |
6,345,243 |
3,171,203 |
769,027 |
|||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
|
14,556 |
44,243,945 |
39,483,923 |
33,155,850 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(14,879,646 |
) |
(1,790 |
) |
(8,991,124 |
) |
(4,743,568 |
) |
(1,126,684 |
) |
|||||||||||||
Net realized gains (losses) |
(14,879,646 |
) |
12,766 |
35,252,821 |
34,740,355 |
32,029,166 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
78,042,191 |
(5,650 |
) |
41,270,950 |
28,369,477 |
41,923,789 |
|||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
63,162,545 |
7,116 |
76,523,771 |
63,109,832 |
73,952,955 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
75,665,995 |
$ |
7,086 |
$ |
82,869,014 |
$ |
66,281,035 |
$ |
74,721,982 |
The accompanying notes are an integral part of these financial statements.
E-25
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTI American Funds®​ Moderate Allocation Division |
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI BlackRock High Yield Division |
BHFTI Brighthouse Asset Allocation 100 Division |
BHFTI Brighthouse Balanced Plus Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
14,220,358 |
$ |
32,482,316 |
$ |
12,249 |
$ |
6,192,166 |
$ |
68,572,939 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
5,409,192 |
9,798,156 |
2,347 |
2,179,382 |
20,973,950 |
||||||||||||||||||
Administrative charges |
1,307,229 |
2,518,274 |
418 |
483,465 |
5,370,292 |
||||||||||||||||||
Total expenses |
6,716,421 |
12,316,430 |
2,765 |
2,662,847 |
26,344,242 |
||||||||||||||||||
Net investment income (loss) |
7,503,937 |
20,165,886 |
9,484 |
3,529,319 |
42,228,697 |
||||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
32,330,107 |
|
|
32,790,425 |
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(10,822,921 |
) |
(21,379,763 |
) |
(4,377 |
) |
(3,467,442 |
) |
(77,125,850 |
) |
|||||||||||||
Net realized gains (losses) |
21,507,186 |
(21,379,763 |
) |
(4,377 |
) |
29,322,983 |
(77,125,850 |
) |
|||||||||||||||
Change in unrealized gains (losses) on investments |
29,617,249 |
114,550,502 |
19,272 |
6,155,560 |
196,294,154 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
51,124,435 |
93,170,739 |
14,895 |
35,478,543 |
119,168,304 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
58,628,372 |
$ |
113,336,625 |
$ |
24,379 |
$ |
39,007,862 |
$ |
161,397,001 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-26
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/ abrdn Emerging Markets Equity Division |
BHFTI Brighthouse/ Eaton Vance Floating Rate Division |
BHFTI Brighthouse/ Franklin Low Duration Total Return Division |
BHFTI Brighthouse/ Templeton International Bond Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
163,967 |
$ |
288,755 |
$ |
921,667 |
$ |
1,841,068 |
$ |
|
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
149,310 |
281,729 |
184,900 |
539,958 |
31,413 |
||||||||||||||||||
Administrative charges |
40,800 |
70,807 |
42,078 |
124,301 |
7,909 |
||||||||||||||||||
Total expenses |
190,110 |
352,536 |
226,978 |
664,259 |
39,322 |
||||||||||||||||||
Net investment income (loss) |
(26,143 |
) |
(63,781 |
) |
694,689 |
1,176,809 |
(39,322 |
) |
|||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
1,383,023 |
|
|
|
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(149,199 |
) |
(517,073 |
) |
(186,172 |
) |
(1,164,280 |
) |
(186,858 |
) |
|||||||||||||
Net realized gains (losses) |
1,233,824 |
(517,073 |
) |
(186,172 |
) |
(1,164,280 |
) |
(186,858 |
) |
||||||||||||||
Change in unrealized gains (losses) on investments |
774,577 |
2,122,824 |
989,398 |
2,170,217 |
298,604 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
2,008,401 |
1,605,751 |
803,226 |
1,005,937 |
111,746 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,982,258 |
$ |
1,541,970 |
$ |
1,497,915 |
$ |
2,182,746 |
$ |
72,424 |
The accompanying notes are an integral part of these financial statements.
E-27
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTI Brighthouse/ Wellington Large Cap Research Division |
BHFTI CBRE Global Real Estate Division |
BHFTI Harris Oakmark International Division |
BHFTI Invesco Balanced-Risk Allocation Division |
BHFTI Invesco Comstock Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
5,454,919 |
$ |
3,078,394 |
$ |
5,668,087 |
$ |
10,860,472 |
$ |
281 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
7,231,932 |
1,279,439 |
2,976,544 |
3,194,950 |
134 |
||||||||||||||||||
Administrative charges |
202,868 |
253,550 |
619,187 |
815,694 |
23 |
||||||||||||||||||
Total expenses |
7,434,800 |
1,532,989 |
3,595,731 |
4,010,644 |
157 |
||||||||||||||||||
Net investment income (loss) |
(1,979,881 |
) |
1,545,405 |
2,072,356 |
6,849,828 |
124 |
|||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
37,119,911 |
|
|
|
2,529 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
1,746,112 |
(3,154,105 |
) |
(2,202,041 |
) |
(12,087,187 |
) |
(16 |
) |
||||||||||||||
Net realized gains (losses) |
38,866,023 |
(3,154,105 |
) |
(2,202,041 |
) |
(12,087,187 |
) |
2,513 |
|||||||||||||||
Change in unrealized gains (losses) on investments |
111,075,855 |
15,186,754 |
48,514,516 |
21,611,720 |
(1,078 |
) |
|||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
149,941,878 |
12,032,649 |
46,312,475 |
9,524,533 |
1,435 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
147,961,997 |
$ |
13,578,054 |
$ |
48,384,831 |
$ |
16,374,361 |
$ |
1,559 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-28
BHFTI Invesco Global Equity Division |
BHFTI Invesco Small Cap Growth Division |
BHFTI JPMorgan Core Bond Division |
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
473,705 |
$ |
|
$ |
1,384,590 |
$ |
8,681,351 |
$ |
157,868 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
2,161,039 |
436,145 |
507,594 |
4,843,516 |
140,123 |
||||||||||||||||||
Administrative charges |
275,683 |
80,706 |
123,207 |
1,241,146 |
34,423 |
||||||||||||||||||
Total expenses |
2,436,722 |
516,851 |
630,801 |
6,084,662 |
174,546 |
||||||||||||||||||
Net investment income (loss) |
(1,963,017 |
) |
(516,851 |
) |
753,789 |
2,596,689 |
(16,678 |
) |
|||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
11,621,837 |
|
|
|
1,223,419 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
3,711,979 |
(4,613,059 |
) |
(981,644 |
) |
(10,589,479 |
) |
(587,619 |
) |
||||||||||||||
Net realized gains (losses) |
15,333,816 |
(4,613,059 |
) |
(981,644 |
) |
(10,589,479 |
) |
635,800 |
|||||||||||||||
Change in unrealized gains (losses) on investments |
43,420,527 |
9,381,358 |
2,311,381 |
51,062,058 |
969,721 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
58,754,343 |
4,768,299 |
1,329,737 |
40,472,579 |
1,605,521 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
56,791,326 |
$ |
4,251,448 |
$ |
2,083,526 |
$ |
43,069,268 |
$ |
1,588,843 |
The accompanying notes are an integral part of these financial statements.
E-29
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTI Loomis Sayles Global Allocation Division |
BHFTI Loomis Sayles Growth Division |
BHFTI MetLife Multi-Index Targeted Risk Division |
BHFTI MFS®​ Research International Division |
BHFTI Morgan Stanley Discovery Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
|
$ |
|
$ |
11,917,209 |
$ |
1,975,101 |
$ |
|
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
753,290 |
3,730,418 |
5,040,501 |
1,275,248 |
3,485,102 |
||||||||||||||||||
Administrative charges |
165,502 |
760,317 |
1,294,554 |
240,471 |
202,179 |
||||||||||||||||||
Total expenses |
918,792 |
4,490,735 |
6,335,055 |
1,515,719 |
3,687,281 |
||||||||||||||||||
Net investment income (loss) |
(918,792 |
) |
(4,490,735 |
) |
5,582,154 |
459,382 |
(3,687,281 |
) |
|||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
2,987,945 |
22,536,007 |
|
2,466,092 |
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(817,062 |
) |
2,985,356 |
(15,181,830 |
) |
413,377 |
(74,950,784 |
) |
|||||||||||||||
Net realized gains (losses) |
2,170,883 |
25,521,363 |
(15,181,830 |
) |
2,879,469 |
(74,950,784 |
) |
||||||||||||||||
Change in unrealized gains (losses) on investments |
12,766,904 |
124,150,012 |
70,086,218 |
10,508,681 |
180,462,492 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
14,937,787 |
149,671,375 |
54,904,388 |
13,388,150 |
105,511,708 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
14,018,995 |
$ |
145,180,640 |
$ |
60,486,542 |
$ |
13,847,532 |
$ |
101,824,427 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-30
BHFTI PanAgora Global Diversified Risk Division |
BHFTI PIMCO Inflation Protected Bond Division |
BHFTI PIMCO Total Return Division |
BHFTI Schroders Global Multi-Asset Division |
BHFTI SSGA Growth and Income ETF Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
47,557,885 |
$ |
5,163,382 |
$ |
14,090,902 |
$ |
8,268,798 |
$ |
10,474,031 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
5,977,613 |
2,459,301 |
4,889,800 |
4,250,223 |
4,442,384 |
||||||||||||||||||
Administrative charges |
1,534,433 |
559,727 |
1,069,870 |
1,085,456 |
1,109,565 |
||||||||||||||||||
Total expenses |
7,512,046 |
3,019,028 |
5,959,670 |
5,335,679 |
5,551,949 |
||||||||||||||||||
Net investment income (loss) |
40,045,839 |
2,144,354 |
8,131,232 |
2,933,119 |
4,922,082 |
||||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
|
|
|
|
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(34,880,314 |
) |
(4,584,455 |
) |
(11,697,626 |
) |
(6,698,412 |
) |
(8,995,915 |
) |
|||||||||||||
Net realized gains (losses) |
(34,880,314 |
) |
(4,584,455 |
) |
(11,697,626 |
) |
(6,698,412 |
) |
(8,995,915 |
) |
|||||||||||||
Change in unrealized gains (losses) on investments |
15,201,981 |
7,786,422 |
25,315,446 |
59,150,149 |
57,477,346 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
(19,678,333 |
) |
3,201,967 |
13,617,820 |
52,451,737 |
48,481,431 |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
20,367,506 |
$ |
5,346,321 |
$ |
21,749,052 |
$ |
55,384,856 |
$ |
53,403,513 |
The accompanying notes are an integral part of these financial statements.
E-31
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
BHFTI T. Rowe Price Mid Cap Growth Division |
BHFTI TCW Core Fixed Income Division |
BHFTI Victory Sycamore Mid Cap Value Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
1,936,870 |
$ |
8,273 |
$ |
|
$ |
404 |
$ |
4,866,878 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
1,019,001 |
4,112 |
3,580,974 |
155 |
3,434,098 |
||||||||||||||||||
Administrative charges |
240,874 |
882 |
684,390 |
17 |
526,382 |
||||||||||||||||||
Total expenses |
1,259,875 |
4,994 |
4,265,364 |
172 |
3,960,480 |
||||||||||||||||||
Net investment income (loss) |
676,995 |
3,279 |
(4,265,364 |
) |
232 |
906,398 |
|||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
5,484,843 |
66,093 |
19,796,643 |
|
36,187,269 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(1,986,529 |
) |
(5,471 |
) |
(9,590,229 |
) |
(244 |
) |
2,462,345 |
||||||||||||||
Net realized gains (losses) |
3,498,314 |
60,622 |
10,206,414 |
(244 |
) |
38,649,614 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
9,577,525 |
(28,383 |
) |
53,478,012 |
637 |
(13,217,758 |
) |
||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
13,075,839 |
32,239 |
63,684,426 |
393 |
25,431,856 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
13,752,834 |
$ |
35,518 |
$ |
59,419,062 |
$ |
625 |
$ |
26,338,254 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-32
BHFTI Western Asset Management Government Income Division |
BHFTII Baillie Gifford International Stock Division |
BHFTII BlackRock Bond Income Division |
BHFTII BlackRock Capital Appreciation Division |
BHFTII BlackRock Ultra-Short Term Bond Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
6,088,880 |
$ |
1,056,438 |
$ |
7,595,609 |
$ |
6,064 |
$ |
499,662 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
2,257,422 |
986,780 |
2,709,766 |
1,576,411 |
353,481 |
||||||||||||||||||
Administrative charges |
573,063 |
91,305 |
467,615 |
352,769 |
86,328 |
||||||||||||||||||
Total expenses |
2,830,485 |
1,078,085 |
3,177,381 |
1,929,180 |
439,809 |
||||||||||||||||||
Net investment income (loss) |
3,258,395 |
(21,647 |
) |
4,418,228 |
(1,923,116 |
) |
59,853 |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
|
|
|
3,286,647 |
657 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(8,016,165 |
) |
(1,941,904 |
) |
(5,787,770 |
) |
(4,842,259 |
) |
232,660 |
||||||||||||||
Net realized gains (losses) |
(8,016,165 |
) |
(1,941,904 |
) |
(5,787,770 |
) |
(1,555,612 |
) |
233,317 |
||||||||||||||
Change in unrealized gains (losses) on investments |
11,327,274 |
16,026,793 |
12,012,826 |
62,584,923 |
843,891 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
3,311,109 |
14,084,889 |
6,225,056 |
61,029,311 |
1,077,208 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
6,569,504 |
$ |
14,063,242 |
$ |
10,643,284 |
$ |
59,106,195 |
$ |
1,137,061 |
The accompanying notes are an integral part of these financial statements.
E-33
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTII Brighthouse Asset Allocation 20 Division |
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
BHFTII Brighthouse Asset Allocation 80 Division |
BHFTII Brighthouse/ Artisan Mid Cap Value Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
6,753,416 |
$ |
20,358,425 |
$ |
69,311,530 |
$ |
40,606,846 |
$ |
1,085,322 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
1,980,122 |
5,957,577 |
22,144,592 |
13,409,382 |
1,625,112 |
||||||||||||||||||
Administrative charges |
449,072 |
1,362,865 |
5,164,055 |
2,982,743 |
246,853 |
||||||||||||||||||
Total expenses |
2,429,194 |
7,320,442 |
27,308,647 |
16,392,125 |
1,871,965 |
||||||||||||||||||
Net investment income (loss) |
4,324,222 |
13,037,983 |
42,002,883 |
24,214,721 |
(786,643 |
) |
|||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
4,301,835 |
30,470,716 |
182,234,119 |
155,213,484 |
20,001,831 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(6,470,412 |
) |
(14,193,684 |
) |
(41,554,383 |
) |
(17,166,293 |
) |
(957,776 |
) |
|||||||||||||
Net realized gains (losses) |
(2,168,577 |
) |
16,277,032 |
140,679,736 |
138,047,191 |
19,044,055 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
9,589,112 |
21,615,910 |
70,790,029 |
33,925,550 |
5,381,918 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
7,420,535 |
37,892,942 |
211,469,765 |
171,972,741 |
24,425,973 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
11,744,757 |
$ |
50,930,925 |
$ |
253,472,648 |
$ |
196,187,462 |
$ |
23,639,330 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-34
BHFTII Brighthouse/ Dimensional International Small Company Division |
BHFTII Brighthouse/ Wellington Balanced Division |
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division |
BHFTII Frontier Mid Cap Growth Division |
BHFTII Jennison Growth Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
107,872 |
$ |
10,051,998 |
$ |
5,222,001 |
$ |
|
$ |
|
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
46,666 |
5,691,242 |
4,277,277 |
4,694,911 |
1,975,071 |
||||||||||||||||||
Administrative charges |
11,534 |
152,848 |
834,497 |
128,562 |
355,977 |
||||||||||||||||||
Total expenses |
58,200 |
5,844,090 |
5,111,774 |
4,823,473 |
2,331,048 |
||||||||||||||||||
Net investment income (loss) |
49,672 |
4,207,908 |
110,227 |
(4,823,473 |
) |
(2,331,048 |
) |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
150,267 |
3,587,761 |
44,645,368 |
|
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(280,597 |
) |
(3,056,067 |
) |
(3,133,232 |
) |
(8,889,340 |
) |
(8,768,536 |
) |
|||||||||||||
Net realized gains (losses) |
(130,330 |
) |
531,694 |
41,512,136 |
(8,889,340 |
) |
(8,768,536 |
) |
|||||||||||||||
Change in unrealized gains (losses) on investments |
620,537 |
67,453,415 |
(17,696,552 |
) |
74,453,586 |
87,847,931 |
|||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
490,207 |
67,985,109 |
23,815,584 |
65,564,246 |
79,079,395 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
539,879 |
$ |
72,193,017 |
$ |
23,925,811 |
$ |
60,740,773 |
$ |
76,748,347 |
The accompanying notes are an integral part of these financial statements.
E-35
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTII Loomis Sayles Small Cap Core Division |
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
BHFTII MetLife Mid Cap Stock Index Division |
BHFTII MetLife MSCI EAFE®​ Index Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
81,572 |
$ |
|
$ |
18,407,449 |
$ |
4,782,383 |
$ |
8,583,302 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
1,291,886 |
475,402 |
6,965,272 |
4,319,363 |
3,771,340 |
||||||||||||||||||
Administrative charges |
242,347 |
71,645 |
1,420,355 |
718,425 |
690,449 |
||||||||||||||||||
Total expenses |
1,534,233 |
547,047 |
8,385,627 |
5,037,788 |
4,461,789 |
||||||||||||||||||
Net investment income (loss) |
(1,452,661 |
) |
(547,047 |
) |
10,021,822 |
(255,405 |
) |
4,121,513 |
|||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
6,340,922 |
|
|
26,754,105 |
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(1,930,168 |
) |
(1,622,000 |
) |
(12,540,175 |
) |
1,428,733 |
6,640,159 |
|||||||||||||||
Net realized gains (losses) |
4,410,754 |
(1,622,000 |
) |
(12,540,175 |
) |
28,182,838 |
6,640,159 |
||||||||||||||||
Change in unrealized gains (losses) on investments |
15,348,115 |
6,515,175 |
26,837,562 |
28,565,283 |
44,682,840 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
19,758,869 |
4,893,175 |
14,297,387 |
56,748,121 |
51,322,999 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
18,306,208 |
$ |
4,346,128 |
$ |
24,319,209 |
$ |
56,492,716 |
$ |
55,444,512 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-36
BHFTII MetLife Russell 2000®​ Index Division |
BHFTII MetLife Stock Index Division |
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
BHFTII Neuberger Berman Genesis Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
3,142,920 |
$ |
36,001,544 |
$ |
1,968,799 |
$ |
8,724,495 |
$ |
144,474 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
2,774,927 |
30,079,332 |
961,282 |
5,410,711 |
2,604,407 |
||||||||||||||||||
Administrative charges |
421,362 |
2,967,698 |
178,086 |
965,643 |
313,834 |
||||||||||||||||||
Total expenses |
3,196,289 |
33,047,030 |
1,139,368 |
6,376,354 |
2,918,241 |
||||||||||||||||||
Net investment income (loss) |
(53,369 |
) |
2,954,514 |
829,431 |
2,348,141 |
(2,773,767 |
) |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
4,716,431 |
183,826,281 |
4,939,882 |
62,019,693 |
21,031,717 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(1,398,990 |
) |
98,506,666 |
(590,445 |
) |
(5,138,372 |
) |
406,084 |
|||||||||||||||
Net realized gains (losses) |
3,317,441 |
282,332,947 |
4,349,437 |
56,881,321 |
21,437,801 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
34,683,037 |
303,124,264 |
2,866,604 |
(27,226,658 |
) |
12,194,049 |
|||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
38,000,478 |
585,457,211 |
7,216,041 |
29,654,663 |
33,631,850 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
37,947,109 |
$ |
588,411,725 |
$ |
8,045,472 |
$ |
32,002,804 |
$ |
30,858,083 |
The accompanying notes are an integral part of these financial statements.
E-37
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
BHFTII T. Rowe Price Large Cap Growth Division |
BHFTII T. Rowe Price Small Cap Growth Division |
BHFTII VanEck Global Natural Resources Division |
BHFTII Western Asset Management Strategic Bond Opportunities Division |
BHFTII Western Asset Management U.S. Government Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
|
$ |
91,846 |
$ |
521,385 |
$ |
17,311,799 |
$ |
1,986,798 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
5,219,673 |
3,698,103 |
179,250 |
2,816,101 |
964,819 |
||||||||||||||||||
Administrative charges |
829,495 |
432,778 |
45,998 |
547,382 |
193,594 |
||||||||||||||||||
Total expenses |
6,049,168 |
4,130,881 |
225,248 |
3,363,483 |
1,158,413 |
||||||||||||||||||
Net investment income (loss) |
(6,049,168 |
) |
(4,039,035 |
) |
296,137 |
13,948,316 |
828,385 |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
|
8,827,636 |
|
|
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(11,693,383 |
) |
(4,094,103 |
) |
259,614 |
(6,991,029 |
) |
(2,148,729 |
) |
||||||||||||||
Net realized gains (losses) |
(11,693,383 |
) |
4,733,533 |
259,614 |
(6,991,029 |
) |
(2,148,729 |
) |
|||||||||||||||
Change in unrealized gains (losses) on investments |
197,327,529 |
61,886,887 |
(1,439,099 |
) |
13,174,674 |
4,227,960 |
|||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
185,634,146 |
66,620,420 |
(1,179,485 |
) |
6,183,645 |
2,079,231 |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
179,584,978 |
$ |
62,581,385 |
$ |
(883,348 |
) |
$ |
20,131,961 |
$ |
2,907,616 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-38
BlackRock Global Allocation V.I. Division |
Calvert VP SRI Balanced Division |
Calvert VP SRI Mid Cap Division |
Delaware VIP®​ Small Cap Value Division |
Fidelity®​ VIP Contrafund®​ Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
413 |
$ |
732,076 |
$ |
10,893 |
$ |
7 |
$ |
1,469 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
177 |
486,864 |
55,383 |
4 |
5,281 |
||||||||||||||||||
Administrative charges |
38 |
43,817 |
|
|
630 |
||||||||||||||||||
Total expenses |
215 |
530,681 |
55,383 |
4 |
5,911 |
||||||||||||||||||
Net investment income (loss) |
198 |
201,395 |
(44,490 |
) |
3 |
(4,442 |
) |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
|
175,372 |
|
33 |
22,556 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(208 |
) |
450,217 |
(146,577 |
) |
|
39,812 |
||||||||||||||||
Net realized gains (losses) |
(208 |
) |
625,589 |
(146,577 |
) |
33 |
62,368 |
||||||||||||||||
Change in unrealized gains (losses) on investments |
1,744 |
5,840,043 |
787,474 |
33 |
118,994 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
1,536 |
6,465,632 |
640,897 |
66 |
181,362 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
1,734 |
$ |
6,667,027 |
$ |
596,407 |
$ |
69 |
$ |
176,920 |
The accompanying notes are an integral part of these financial statements.
E-39
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
Fidelity®​ VIP Equity-Income Division |
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
Fidelity®​ VIP Freedom 2030 Division |
Fidelity®​ VIP Freedom 2035 Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
1,177,618 |
$ |
105,696 |
$ |
152,752 |
$ |
187,573 |
$ |
130,022 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
590,975 |
37,585 |
59,848 |
73,464 |
64,655 |
||||||||||||||||||
Administrative charges |
39,070 |
596 |
7,200 |
9,027 |
7,855 |
||||||||||||||||||
Total expenses |
630,045 |
38,181 |
67,048 |
82,491 |
72,510 |
||||||||||||||||||
Net investment income (loss) |
547,573 |
67,515 |
85,704 |
105,082 |
57,512 |
||||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
1,767,656 |
28,496 |
|
|
11,671 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
545,208 |
(154,874 |
) |
(223,494 |
) |
(37,438 |
) |
(15,668 |
) |
||||||||||||||
Net realized gains (losses) |
2,312,864 |
(126,378 |
) |
(223,494 |
) |
(37,438 |
) |
(3,997 |
) |
||||||||||||||
Change in unrealized gains (losses) on investments |
2,818,334 |
438,306 |
803,894 |
916,057 |
937,074 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
5,131,198 |
311,928 |
580,400 |
878,619 |
933,077 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
5,678,771 |
$ |
379,443 |
$ |
666,104 |
$ |
983,701 |
$ |
990,589 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-40
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2045 Division |
Fidelity®​ VIP Freedom 2050 Division |
Fidelity®​ VIP Freedom 2055 Division (a) |
Fidelity®​ VIP Freedom 2060 Division (a) |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
73,240 |
$ |
64,299 |
$ |
134,173 |
$ |
3,454 |
$ |
4,444 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
44,018 |
42,525 |
93,797 |
589 |
657 |
||||||||||||||||||
Administrative charges |
5,447 |
4,630 |
9,859 |
11 |
10 |
||||||||||||||||||
Total expenses |
49,465 |
47,155 |
103,656 |
600 |
667 |
||||||||||||||||||
Net investment income (loss) |
23,775 |
17,144 |
30,517 |
2,854 |
3,777 |
||||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
53,941 |
62,499 |
134,330 |
398 |
378 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(19,901 |
) |
(5,134 |
) |
(8,732 |
) |
891 |
(9 |
) |
||||||||||||||
Net realized gains (losses) |
34,040 |
57,365 |
125,598 |
1,289 |
369 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
706,770 |
673,290 |
1,469,797 |
24,762 |
12,851 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
740,810 |
730,655 |
1,595,395 |
26,051 |
13,220 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
764,585 |
$ |
747,799 |
$ |
1,625,912 |
$ |
28,905 |
$ |
16,997 |
The accompanying notes are an integral part of these financial statements.
E-41
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2023
Fidelity®​ VIP FundsManager 50% Division |
Fidelity®​ VIP FundsManager 60% Division |
Fidelity®​ VIP Government Money Market Division |
Fidelity®​ VIP Growth Division |
Fidelity®​ VIP Investment Grade Bond Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
4,270,393 |
$ |
3,794,666 |
$ |
181,969 |
$ |
140,997 |
$ |
162,585 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
3,461,643 |
3,301,355 |
36,145 |
1,030,437 |
62,589 |
||||||||||||||||||
Administrative charges |
|
|
|
|
|
||||||||||||||||||
Total expenses |
3,461,643 |
3,301,355 |
36,145 |
1,030,437 |
62,589 |
||||||||||||||||||
Net investment income (loss) |
808,750 |
493,311 |
145,824 |
(889,440 |
) |
99,996 |
|||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
|
|
|
5,085,341 |
|
||||||||||||||||||
Realized gains (losses) on sale of investments |
(3,291,849 |
) |
(3,363,759 |
) |
|
2,950,313 |
(296,334 |
) |
|||||||||||||||
Net realized gains (losses) |
(3,291,849 |
) |
(3,363,759 |
) |
|
8,035,654 |
(296,334 |
) |
|||||||||||||||
Change in unrealized gains (losses) on investments |
20,507,143 |
22,088,816 |
|
25,370,527 |
526,085 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
17,215,294 |
18,725,057 |
|
33,406,181 |
229,751 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
18,024,044 |
$ |
19,218,368 |
$ |
145,824 |
$ |
32,516,741 |
$ |
329,747 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-42
Fidelity®​ VIP Mid Cap Division |
FTVIPT Templeton Developing Markets VIP Division |
FTVIPT Templeton Foreign VIP Division |
Janus Henderson Enterprise Division |
LMPVET ClearBridge Variable Appreciation Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
1,025 |
$ |
717 |
$ |
48 |
$ |
47 |
$ |
526 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
2,674 |
275 |
11 |
445 |
429 |
||||||||||||||||||
Administrative charges |
333 |
33 |
|
55 |
52 |
||||||||||||||||||
Total expenses |
3,007 |
308 |
11 |
500 |
481 |
||||||||||||||||||
Net investment income (loss) |
(1,982 |
) |
409 |
37 |
(453 |
) |
45 |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
8,078 |
26 |
|
3,815 |
1,528 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
(6,405 |
) |
3 |
|
873 |
348 |
|||||||||||||||||
Net realized gains (losses) |
1,673 |
29 |
|
4,688 |
1,876 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
34,505 |
3,338 |
231 |
5,028 |
7,321 |
||||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
36,178 |
3,367 |
231 |
9,716 |
9,197 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
34,196 |
$ |
3,776 |
$ |
268 |
$ |
9,263 |
$ |
9,242 |
The accompanying notes are an integral part of these financial statements.
E-43
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS (Concluded)
For the year ended December 31, 2023
LMPVET ClearBridge Variable Dividend Strategy Division |
LMPVET ClearBridge Variable Large Cap Growth Division |
LMPVET ClearBridge Variable Small Cap Growth Division |
LMPVIT Western Asset Core Plus Division |
Morgan Stanley VIF Global Infrastructure Division |
|||||||||||||||||||
Investment Income: |
|||||||||||||||||||||||
Dividends |
$ |
1,797 |
$ |
|
$ |
|
$ |
14 |
$ |
1,176 |
|||||||||||||
Expenses: |
|||||||||||||||||||||||
Mortality and expense risk and other charges |
675 |
3,318 |
284 |
1 |
512 |
||||||||||||||||||
Administrative charges |
83 |
386 |
29 |
|
125 |
||||||||||||||||||
Total expenses |
758 |
3,704 |
313 |
1 |
637 |
||||||||||||||||||
Net investment income (loss) |
1,039 |
(3,704 |
) |
(313 |
) |
13 |
539 |
||||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||||||
Realized gain distributions |
12,086 |
3,451 |
|
|
7,305 |
||||||||||||||||||
Realized gains (losses) on sale of investments |
887 |
4,551 |
(39 |
) |
(1 |
) |
(2,362 |
) |
|||||||||||||||
Net realized gains (losses) |
12,973 |
8,002 |
(39 |
) |
(1 |
) |
4,943 |
||||||||||||||||
Change in unrealized gains (losses) on investments |
(3,538 |
) |
131,842 |
2,676 |
10 |
(3,972 |
) |
||||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
9,435 |
139,844 |
2,637 |
9 |
971 |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
10,474 |
$ |
136,140 |
$ |
2,324 |
$ |
22 |
$ |
1,510 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-44
PIMCO VIT CommodityRealReturn®​ Strategy Division |
PIMCO VIT Dynamic Bond Division |
PIMCO VIT Emerging Markets Bond Division |
TAP 1919 Variable Socially Responsive Balanced Division |
||||||||||||||||
Investment Income: |
|||||||||||||||||||
Dividends |
$ |
12,257 |
$ |
357 |
$ |
718 |
$ |
96 |
|||||||||||
Expenses: |
|||||||||||||||||||
Mortality and expense risk and other charges |
846 |
94 |
133 |
69 |
|||||||||||||||
Administrative charges |
190 |
24 |
30 |
8 |
|||||||||||||||
Total expenses |
1,036 |
118 |
163 |
77 |
|||||||||||||||
Net investment income (loss) |
11,221 |
239 |
555 |
19 |
|||||||||||||||
Net Realized and Change in Unrealized Gains (Losses) on Investments: |
|||||||||||||||||||
Realized gain distributions |
|
|
|
368 |
|||||||||||||||
Realized gains (losses) on sale of investments |
(1,553 |
) |
(521 |
) |
(1,018 |
) |
4 |
||||||||||||
Net realized gains (losses) |
(1,553 |
) |
(521 |
) |
(1,018 |
) |
372 |
||||||||||||
Change in unrealized gains (losses) on investments |
(17,367 |
) |
852 |
1,779 |
1,175 |
||||||||||||||
Net realized and change in unrealized gains (losses) on investments |
(18,920 |
) |
331 |
761 |
1,547 |
||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
(7,699 |
) |
$ |
570 |
$ |
1,316 |
$ |
1,566 |
The accompanying notes are an integral part of these financial statements.
E-45
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2023 and 2022
American Funds®​ Global Growth Division |
American Funds®​ Global Small Capitalization Division |
American Funds®​ Growth Division |
American Funds®​ Growth-Income Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
16 |
$ |
(600 |
) |
$ |
(3,473,092 |
) |
$ |
(4,738,089 |
) |
$ |
(9,974,577 |
) |
$ |
(11,086,633 |
) |
$ |
(415,813 |
) |
$ |
(1,124,484 |
) |
||||||||||||
Net realized gains (losses) |
14,766 |
30,895 |
(4,334,979 |
) |
110,565,705 |
81,701,986 |
172,377,778 |
51,445,384 |
86,024,905 |
||||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
18,491 |
(98,832 |
) |
49,204,319 |
(241,602,749 |
) |
228,450,939 |
(570,738,790 |
) |
82,246,255 |
(224,223,198 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
33,273 |
(68,537 |
) |
41,396,248 |
(135,775,133 |
) |
300,178,348 |
(409,447,645 |
) |
133,275,826 |
(139,322,777 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
|
|
3,214,894 |
3,426,544 |
10,276,263 |
10,510,904 |
4,914,733 |
5,894,086 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
(4,053 |
) |
12,407 |
1,512,699 |
19,218,135 |
(29,461,103 |
) |
12,411,007 |
(12,996,093 |
) |
(10,860,140 |
) |
|||||||||||||||||||||||
Contract charges |
|
|
(1,368,372 |
) |
(1,437,382 |
) |
(2,635,893 |
) |
(2,699,019 |
) |
(2,210,533 |
) |
(2,327,331 |
) |
|||||||||||||||||||||
Transfers for contract benefits and terminations |
(8,521 |
) |
(54,317 |
) |
(33,853,284 |
) |
(31,233,255 |
) |
(113,693,434 |
) |
(96,970,497 |
) |
(76,324,835 |
) |
(72,129,653 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(12,574 |
) |
(41,910 |
) |
(30,494,063 |
) |
(10,025,958 |
) |
(135,514,167 |
) |
(76,747,605 |
) |
(86,616,728 |
) |
(79,423,038 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
20,699 |
(110,447 |
) |
10,902,185 |
(145,801,091 |
) |
164,664,181 |
(486,195,250 |
) |
46,659,098 |
(218,745,815 |
) |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
162,720 |
273,167 |
297,344,865 |
443,145,956 |
873,280,583 |
1,359,475,833 |
590,162,234 |
808,908,049 |
|||||||||||||||||||||||||||
End of year |
$ |
183,419 |
$ |
162,720 |
$ |
308,247,050 |
$ |
297,344,865 |
$ |
1,037,944,764 |
$ |
873,280,583 |
$ |
636,821,332 |
$ |
590,162,234 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-46
American Funds® ​The Bond Fund of America Division |
BHFTI AB Global Dynamic Allocation Division |
BHFTI Allspring Mid Cap Value Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,227,906 |
$ |
950,805 |
$ |
12,503,450 |
$ |
28,124,565 |
$ |
(30 |
) |
$ |
(1,411 |
) |
|||||||||||||
Net realized gains (losses) |
(1,537,118 |
) |
(642,816 |
) |
(14,879,646 |
) |
62,021,926 |
12,766 |
41,241 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
2,431,984 |
(11,257,097 |
) |
78,042,191 |
(327,522,776 |
) |
(5,650 |
) |
(60,899 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,122,772 |
(10,949,108 |
) |
75,665,995 |
(237,376,285 |
) |
7,086 |
(21,069 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
884,490 |
1,119,826 |
3,250,616 |
2,555,674 |
|
|
|||||||||||||||||||||
Net transfers (including fixed account) |
5,365,756 |
(3,395,469 |
) |
(6,171,833 |
) |
(6,661,615 |
) |
(590 |
) |
(17,434 |
) |
||||||||||||||||
Contract charges |
(360,616 |
) |
(387,200 |
) |
(15,950,532 |
) |
(16,411,512 |
) |
(8 |
) |
(8 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(7,441,958 |
) |
(7,464,547 |
) |
(84,888,335 |
) |
(94,257,778 |
) |
(71,514 |
) |
(95,559 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(1,552,328 |
) |
(10,127,390 |
) |
(103,760,084 |
) |
(114,775,231 |
) |
(72,112 |
) |
(113,001 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
570,444 |
(21,076,498 |
) |
(28,094,089 |
) |
(352,151,516 |
) |
(65,026 |
) |
(134,070 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
62,514,765 |
83,591,263 |
797,530,989 |
1,149,682,505 |
114,557 |
248,627 |
|||||||||||||||||||||
End of year |
$ |
63,085,209 |
$ |
62,514,765 |
$ |
769,436,900 |
$ |
797,530,989 |
$ |
49,531 |
$ |
114,557 |
The accompanying notes are an integral part of these financial statements.
E-47
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTI American Funds® ​Balanced Allocation Division |
BHFTI American Funds® ​Growth Allocation Division |
BHFTI American Funds®​ Growth Division |
BHFTI American Funds® ​Moderate Allocation Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
6,345,243 |
$ |
1,186,639 |
$ |
3,171,203 |
$ |
(715,523 |
) |
$ |
769,027 |
$ |
(1,868,338 |
) |
$ |
7,503,937 |
$ |
3,024,869 |
|||||||||||||||||
Net realized gains (losses) |
35,252,821 |
85,000,080 |
34,740,355 |
63,606,919 |
32,029,166 |
56,874,578 |
21,507,186 |
61,309,443 |
|||||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
41,270,950 |
(224,136,212 |
) |
28,369,477 |
(159,530,461 |
) |
41,923,789 |
(159,675,478 |
) |
29,617,249 |
(176,797,608 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
82,869,014 |
(137,949,493 |
) |
66,281,035 |
(96,639,065 |
) |
74,721,982 |
(104,669,238 |
) |
58,628,372 |
(112,463,296 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
4,009,287 |
3,467,512 |
5,676,378 |
5,405,481 |
434,862 |
427,075 |
3,516,778 |
4,472,422 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
2,133,601 |
1,999,004 |
8,594,144 |
(3,673,139 |
) |
(14,474,535 |
) |
19,470,762 |
(3,879,505 |
) |
(5,417,815 |
) |
|||||||||||||||||||||||
Contract charges |
(6,746,445 |
) |
(7,004,629 |
) |
(3,796,414 |
) |
(3,902,401 |
) |
(2,187,253 |
) |
(2,157,133 |
) |
(6,418,365 |
) |
(6,757,574 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(69,097,346 |
) |
(65,994,097 |
) |
(44,202,345 |
) |
(34,747,511 |
) |
(32,361,610 |
) |
(32,775,326 |
) |
(65,971,856 |
) |
(66,827,932 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(69,700,903 |
) |
(67,532,210 |
) |
(33,728,237 |
) |
(36,917,570 |
) |
(48,588,536 |
) |
(15,034,622 |
) |
(72,752,948 |
) |
(74,530,899 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
13,168,111 |
(205,481,703 |
) |
32,552,798 |
(133,556,635 |
) |
26,133,446 |
(119,703,860 |
) |
(14,124,576 |
) |
(186,994,195 |
) |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
587,177,966 |
792,659,669 |
369,378,870 |
502,935,505 |
225,213,085 |
344,916,945 |
551,584,025 |
738,578,220 |
|||||||||||||||||||||||||||
End of year |
$ |
600,346,077 |
$ |
587,177,966 |
$ |
401,931,668 |
$ |
369,378,870 |
$ |
251,346,531 |
$ |
225,213,085 |
$ |
537,459,449 |
$ |
551,584,025 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-48
BHFTI BlackRock Global Tactical Strategies Division |
BHFTI BlackRock High Yield Division |
BHFTI Brighthouse Asset Allocation 100 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
20,165,886 |
$ |
12,839,553 |
$ |
9,484 |
$ |
11,007 |
$ |
3,529,319 |
$ |
519,814 |
|||||||||||||||
Net realized gains (losses) |
(21,379,763 |
) |
29,169,171 |
(4,377 |
) |
(5,719 |
) |
29,322,983 |
19,516,364 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
114,550,502 |
(320,092,162 |
) |
19,272 |
(42,590 |
) |
6,155,560 |
(77,928,593 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
113,336,625 |
(278,083,438 |
) |
24,379 |
(37,302 |
) |
39,007,862 |
(57,892,415 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
3,727,136 |
2,932,361 |
10,894 |
9,962 |
5,129,357 |
5,846,488 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(4,409,824 |
) |
(13,731,016 |
) |
137 |
(5,353 |
) |
(581,355 |
) |
227,912 |
|||||||||||||||||
Contract charges |
(20,601,617 |
) |
(21,038,300 |
) |
(21 |
) |
(29 |
) |
(498,244 |
) |
(517,685 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(111,036,648 |
) |
(124,273,619 |
) |
(41,022 |
) |
(116,349 |
) |
(24,387,799 |
) |
(16,977,396 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(132,320,953 |
) |
(156,110,574 |
) |
(30,012 |
) |
(111,769 |
) |
(20,338,041 |
) |
(11,420,681 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(18,984,328 |
) |
(434,194,012 |
) |
(5,633 |
) |
(149,071 |
) |
18,669,821 |
(69,313,096 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
1,022,437,228 |
1,456,631,240 |
225,153 |
374,224 |
208,742,838 |
278,055,934 |
|||||||||||||||||||||
End of year |
$ |
1,003,452,900 |
$ |
1,022,437,228 |
$ |
219,520 |
$ |
225,153 |
$ |
227,412,659 |
$ |
208,742,838 |
The accompanying notes are an integral part of these financial statements.
E-49
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTI Brighthouse Balanced Plus Division |
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
BHFTI Brighthouse/Eaton Vance Floating Rate Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
42,228,697 |
$ |
31,433,910 |
$ |
(26,143 |
) |
$ |
(95,991 |
) |
$ |
(63,781 |
) |
$ |
(166,160 |
) |
$ |
694,689 |
$ |
402,317 |
|||||||||||||||
Net realized gains (losses) |
(77,125,850 |
) |
207,674,759 |
1,233,824 |
3,242,240 |
(517,073 |
) |
4,574,073 |
(186,172 |
) |
(316,264 |
) |
|||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
196,294,154 |
(959,272,106 |
) |
774,577 |
(5,893,184 |
) |
2,122,824 |
(15,226,823 |
) |
989,398 |
(703,813 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
161,397,001 |
(720,163,437 |
) |
1,982,258 |
(2,746,935 |
) |
1,541,970 |
(10,818,910 |
) |
1,497,915 |
(617,760 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
8,266,678 |
5,639,355 |
434,366 |
488,876 |
41,639 |
59,481 |
18,980 |
36,766 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
(10,573,448 |
) |
(14,040,173 |
) |
(179,101 |
) |
(207,140 |
) |
814,566 |
3,682,177 |
164,872 |
1,837,610 |
|||||||||||||||||||||||
Contract charges |
(41,074,493 |
) |
(43,089,629 |
) |
(35,642 |
) |
(37,386 |
) |
(302,418 |
) |
(311,270 |
) |
(52,900 |
) |
(55,572 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(252,366,310 |
) |
(293,878,722 |
) |
(1,422,247 |
) |
(1,640,013 |
) |
(3,484,330 |
) |
(3,237,265 |
) |
(3,536,305 |
) |
(3,137,962 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(295,747,573 |
) |
(345,369,169 |
) |
(1,202,624 |
) |
(1,395,663 |
) |
(2,930,543 |
) |
193,123 |
(3,405,353 |
) |
(1,319,158 |
) |
||||||||||||||||||||
Net increase (decrease) in net assets |
(134,350,572 |
) |
(1,065,532,606 |
) |
779,634 |
(4,142,598 |
) |
(1,388,573 |
) |
(10,625,787 |
) |
(1,907,438 |
) |
(1,936,918 |
) |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
2,228,950,822 |
3,294,483,428 |
16,182,500 |
20,325,098 |
29,791,833 |
40,417,620 |
17,729,471 |
19,666,389 |
|||||||||||||||||||||||||||
End of year |
$ |
2,094,600,250 |
$ |
2,228,950,822 |
$ |
16,962,134 |
$ |
16,182,500 |
$ |
28,403,260 |
$ |
29,791,833 |
$ |
15,822,033 |
$ |
17,729,471 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-50
BHFTI Brighthouse/Franklin Low Duration Total Return Division |
BHFTI Brighthouse/Templeton International Bond Division |
BHFTI Brighthouse/Wellington Large Cap Research Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,176,809 |
$ |
859,414 |
$ |
(39,322 |
) |
$ |
(46,530 |
) |
$ |
(1,979,881 |
) |
$ |
(3,429,027 |
) |
|||||||||||
Net realized gains (losses) |
(1,164,280 |
) |
(1,587,328 |
) |
(186,858 |
) |
(354,292 |
) |
38,866,023 |
163,929,199 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
2,170,217 |
(3,075,706 |
) |
298,604 |
159,953 |
111,075,855 |
(333,559,874 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,182,746 |
(3,803,620 |
) |
72,424 |
(240,869 |
) |
147,961,997 |
(173,059,702 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
319,848 |
299,463 |
4,132 |
14,183 |
6,020,024 |
5,003,825 |
|||||||||||||||||||||
Net transfers (including fixed account) |
3,886,297 |
(1,399,226 |
) |
168,473 |
(415,407 |
) |
(6,934,522 |
) |
(11,768,419 |
) |
|||||||||||||||||
Contract charges |
(509,418 |
) |
(529,533 |
) |
(43,869 |
) |
(49,174 |
) |
(480,984 |
) |
(508,906 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(7,292,119 |
) |
(7,966,583 |
) |
(372,371 |
) |
(439,378 |
) |
(74,742,276 |
) |
(63,884,716 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(3,595,392 |
) |
(9,595,879 |
) |
(243,635 |
) |
(889,776 |
) |
(76,137,758 |
) |
(71,158,216 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(1,412,646 |
) |
(13,399,499 |
) |
(171,211 |
) |
(1,130,645 |
) |
71,824,239 |
(244,217,918 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
54,277,970 |
67,677,469 |
3,433,306 |
4,563,951 |
644,887,319 |
889,105,237 |
|||||||||||||||||||||
End of year |
$ |
52,865,324 |
$ |
54,277,970 |
$ |
3,262,095 |
$ |
3,433,306 |
$ |
716,711,558 |
$ |
644,887,319 |
The accompanying notes are an integral part of these financial statements.
E-51
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTI CBRE Global Real Estate Division |
BHFTI Harris Oakmark International Division |
BHFTI Invesco Balanced-Risk Allocation Division |
BHFTI Invesco Comstock Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
1,545,405 |
$ |
4,131,392 |
$ |
2,072,356 |
$ |
2,974,152 |
$ |
6,849,828 |
$ |
18,693,315 |
$ |
124 |
$ |
103 |
|||||||||||||||||||
Net realized gains (losses) |
(3,154,105 |
) |
13,825,342 |
(2,202,041 |
) |
12,479,425 |
(12,087,187 |
) |
17,959,209 |
2,513 |
2,664 |
||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
15,186,754 |
(63,561,926 |
) |
48,514,516 |
(76,926,754 |
) |
21,611,720 |
(91,721,301 |
) |
(1,078 |
) |
(2,739 |
) |
||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
13,578,054 |
(45,605,192 |
) |
48,384,831 |
(61,473,177 |
) |
16,374,361 |
(55,068,777 |
) |
1,559 |
28 |
||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,548,870 |
1,550,765 |
3,596,713 |
3,934,219 |
1,029,932 |
482,793 |
|
|
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
2,285,840 |
1,415,572 |
(9,329,218 |
) |
(4,610,863 |
) |
72,993 |
28,516,289 |
(96 |
) |
(1,546 |
) |
|||||||||||||||||||||||
Contract charges |
(566,340 |
) |
(620,428 |
) |
(1,752,685 |
) |
(1,805,292 |
) |
(6,279,083 |
) |
(6,406,962 |
) |
(2 |
) |
(2 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(14,392,551 |
) |
(14,101,928 |
) |
(34,037,059 |
) |
(29,591,370 |
) |
(41,558,573 |
) |
(46,146,413 |
) |
(25 |
) |
(2,196 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(11,124,181 |
) |
(11,756,019 |
) |
(41,522,249 |
) |
(32,073,306 |
) |
(46,734,731 |
) |
(23,554,293 |
) |
(123 |
) |
(3,744 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
2,453,873 |
(57,361,211 |
) |
6,862,582 |
(93,546,483 |
) |
(30,360,370 |
) |
(78,623,070 |
) |
1,436 |
(3,716 |
) |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
126,167,563 |
183,528,774 |
286,002,102 |
379,548,585 |
342,320,387 |
420,943,457 |
14,227 |
17,943 |
|||||||||||||||||||||||||||
End of year |
$ |
128,621,436 |
$ |
126,167,563 |
$ |
292,864,684 |
$ |
286,002,102 |
$ |
311,960,017 |
$ |
342,320,387 |
$ |
15,663 |
$ |
14,227 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-52
BHFTI Invesco Global Equity Division |
BHFTI Invesco Small Cap Growth Division |
BHFTI JPMorgan Core Bond Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(1,963,017 |
) |
$ |
(2,580,091 |
) |
$ |
(516,851 |
) |
$ |
(617,969 |
) |
$ |
753,789 |
$ |
661,022 |
|||||||||||
Net realized gains (losses) |
15,333,816 |
33,174,935 |
(4,613,059 |
) |
12,422,000 |
(981,644 |
) |
(1,525,442 |
) |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
43,420,527 |
(123,087,099 |
) |
9,381,358 |
(37,781,915 |
) |
2,311,381 |
(8,288,792 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
56,791,326 |
(92,492,255 |
) |
4,251,448 |
(25,977,884 |
) |
2,083,526 |
(9,153,212 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
2,149,110 |
2,444,025 |
825,302 |
837,209 |
68,177 |
108,137 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(8,137,749 |
) |
7,985,653 |
841,873 |
(433,705 |
) |
5,486,498 |
(5,051,002 |
) |
||||||||||||||||||
Contract charges |
(879,138 |
) |
(858,923 |
) |
(182,908 |
) |
(200,266 |
) |
(551,461 |
) |
(592,945 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(20,994,702 |
) |
(20,703,866 |
) |
(5,044,268 |
) |
(4,860,882 |
) |
(6,162,510 |
) |
(7,101,858 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(27,862,479 |
) |
(11,133,111 |
) |
(3,560,001 |
) |
(4,657,644 |
) |
(1,159,296 |
) |
(12,637,668 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
28,928,847 |
(103,625,366 |
) |
691,447 |
(30,635,528 |
) |
924,230 |
(21,790,880 |
) |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
183,035,203 |
286,660,569 |
42,465,874 |
73,101,402 |
49,423,341 |
71,214,221 |
|||||||||||||||||||||
End of year |
$ |
211,964,050 |
$ |
183,035,203 |
$ |
43,157,321 |
$ |
42,465,874 |
$ |
50,347,571 |
$ |
49,423,341 |
The accompanying notes are an integral part of these financial statements.
E-53
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
BHFTI Loomis Sayles Global Allocation Division |
BHFTI Loomis Sayles Growth Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
2,596,689 |
$ |
7,344,239 |
$ |
(16,678 |
) |
$ |
(63,574 |
) |
$ |
(918,792 |
) |
$ |
(1,014,366 |
) |
$ |
(4,490,735 |
) |
$ |
(4,538,066 |
) |
|||||||||||||
Net realized gains (losses) |
(10,589,479 |
) |
70,703,310 |
635,800 |
5,403,031 |
2,170,883 |
11,174,916 |
25,521,363 |
31,509,483 |
||||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
51,062,058 |
(208,762,149 |
) |
969,721 |
(8,055,046 |
) |
12,766,904 |
(35,255,249 |
) |
124,150,012 |
(161,762,515 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
43,069,268 |
(130,714,600 |
) |
1,588,843 |
(2,715,589 |
) |
14,018,995 |
(25,094,699 |
) |
145,180,640 |
(134,791,098 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,229,699 |
1,233,243 |
29,524 |
33,491 |
644,495 |
796,247 |
3,444,415 |
3,703,055 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
2,571,488 |
(4,747,060 |
) |
200,217 |
(471,354 |
) |
(2,681,215 |
) |
217,103 |
(33,979,441 |
) |
5,025,585 |
|||||||||||||||||||||||
Contract charges |
(9,373,603 |
) |
(9,696,140 |
) |
(119,094 |
) |
(133,022 |
) |
(572,330 |
) |
(587,114 |
) |
(2,314,076 |
) |
(2,269,417 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(66,484,242 |
) |
(67,047,132 |
) |
(1,562,138 |
) |
(1,688,533 |
) |
(7,872,493 |
) |
(8,298,381 |
) |
(43,214,584 |
) |
(36,882,765 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(72,056,658 |
) |
(80,257,089 |
) |
(1,451,491 |
) |
(2,259,418 |
) |
(10,481,543 |
) |
(7,872,145 |
) |
(76,063,686 |
) |
(30,423,542 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
(28,987,390 |
) |
(210,971,689 |
) |
137,352 |
(4,975,007 |
) |
3,537,452 |
(32,966,844 |
) |
69,116,954 |
(165,214,640 |
) |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
516,956,283 |
727,927,972 |
14,322,001 |
19,297,008 |
72,766,561 |
105,733,405 |
315,672,632 |
480,887,272 |
|||||||||||||||||||||||||||
End of year |
$ |
487,968,893 |
$ |
516,956,283 |
$ |
14,459,353 |
$ |
14,322,001 |
$ |
76,304,013 |
$ |
72,766,561 |
$ |
384,789,586 |
$ |
315,672,632 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-54
BHFTI MetLife Multi-Index Targeted Risk Division |
BHFTI MFS®​ Research International Division |
BHFTI Morgan Stanley Discovery Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
5,582,154 |
$ |
3,483,223 |
$ |
459,382 |
$ |
917,811 |
$ |
(3,687,281 |
) |
$ |
(4,834,919 |
) |
|||||||||||||
Net realized gains (losses) |
(15,181,830 |
) |
48,589,087 |
2,879,469 |
9,844,167 |
(74,950,784 |
) |
103,773,262 |
|||||||||||||||||||
Change in unrealized gains (losses) on investments |
70,086,218 |
(216,901,342 |
) |
10,508,681 |
(41,407,002 |
) |
180,462,492 |
(554,186,540 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
60,486,542 |
(164,829,032 |
) |
13,847,532 |
(30,645,024 |
) |
101,824,427 |
(455,248,197 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,270,021 |
1,047,801 |
1,448,097 |
1,650,637 |
5,531,645 |
5,502,867 |
|||||||||||||||||||||
Net transfers (including fixed account) |
5,464,548 |
(3,027,561 |
) |
(493,385 |
) |
(758,521 |
) |
(6,663,903 |
) |
23,963,355 |
|||||||||||||||||
Contract charges |
(9,643,940 |
) |
(9,990,250 |
) |
(657,147 |
) |
(680,762 |
) |
(485,323 |
) |
(500,754 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(66,888,267 |
) |
(67,937,518 |
) |
(13,858,825 |
) |
(13,126,004 |
) |
(30,030,741 |
) |
(30,954,365 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(69,797,638 |
) |
(79,907,528 |
) |
(13,561,260 |
) |
(12,914,650 |
) |
(31,648,322 |
) |
(1,988,897 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(9,311,096 |
) |
(244,736,560 |
) |
286,272 |
(43,559,674 |
) |
70,176,105 |
(457,237,094 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
530,165,527 |
774,902,087 |
125,419,892 |
168,979,566 |
271,897,111 |
729,134,205 |
|||||||||||||||||||||
End of year |
$ |
520,854,431 |
$ |
530,165,527 |
$ |
125,706,164 |
$ |
125,419,892 |
$ |
342,073,216 |
$ |
271,897,111 |
The accompanying notes are an integral part of these financial statements.
E-55
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTI PanAgora Global Diversified Risk Division |
BHFTI PIMCO Inflation Protected Bond Division |
BHFTI PIMCO Total Return Division |
BHFTI Schroders Global Multi-Asset Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
40,045,839 |
$ |
81,124,335 |
$ |
2,144,354 |
$ |
14,219,866 |
$ |
8,131,232 |
$ |
9,399,306 |
$ |
2,933,119 |
$ |
849,699 |
|||||||||||||||||||
Net realized gains (losses) |
(34,880,314 |
) |
35,513,148 |
(4,584,455 |
) |
(2,725,684 |
) |
(11,697,626 |
) |
(14,391,292 |
) |
(6,698,412 |
) |
30,145,125 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
15,201,981 |
(262,518,904 |
) |
7,786,422 |
(52,041,881 |
) |
25,315,446 |
(93,582,768 |
) |
59,150,149 |
(164,088,196 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
20,367,506 |
(145,881,421 |
) |
5,346,321 |
(40,547,699 |
) |
21,749,052 |
(98,574,754 |
) |
55,384,856 |
(133,093,372 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
2,898,039 |
1,494,439 |
1,594,719 |
1,786,663 |
3,413,095 |
3,653,049 |
1,102,981 |
857,752 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
1,548,854 |
757,159,029 |
10,273,411 |
(16,046,902 |
) |
32,015,671 |
(25,028,289 |
) |
(1,369,921 |
) |
(4,787,708 |
) |
|||||||||||||||||||||||
Contract charges |
(13,167,348 |
) |
(10,759,215 |
) |
(2,364,428 |
) |
(2,627,608 |
) |
(4,058,122 |
) |
(4,422,675 |
) |
(8,077,421 |
) |
(8,420,119 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(67,108,115 |
) |
(51,355,939 |
) |
(29,685,308 |
) |
(29,318,065 |
) |
(58,600,210 |
) |
(57,588,489 |
) |
(56,708,339 |
) |
(57,824,524 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(75,828,570 |
) |
696,538,314 |
(20,181,606 |
) |
(46,205,912 |
) |
(27,229,566 |
) |
(83,386,404 |
) |
(65,052,700 |
) |
(70,174,599 |
) |
||||||||||||||||||||
Net increase (decrease) in net assets |
(55,461,064 |
) |
550,656,893 |
(14,835,285 |
) |
(86,753,611 |
) |
(5,480,514 |
) |
(181,961,158 |
) |
(9,667,844 |
) |
(203,267,971 |
) |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
643,605,338 |
92,948,445 |
250,254,578 |
337,008,189 |
485,365,597 |
667,326,755 |
446,173,171 |
649,441,142 |
|||||||||||||||||||||||||||
End of year |
$ |
588,144,274 |
$ |
643,605,338 |
$ |
235,419,293 |
$ |
250,254,578 |
$ |
479,885,083 |
$ |
485,365,597 |
$ |
436,505,327 |
$ |
446,173,171 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-56
BHFTI SSGA Growth and Income ETF Division |
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
4,922,082 |
$ |
9,026,497 |
$ |
676,995 |
$ |
1,711,328 |
$ |
3,279 |
$ |
4,515 |
|||||||||||||||
Net realized gains (losses) |
(8,995,915 |
) |
80,335,921 |
3,498,314 |
18,487,806 |
60,622 |
93,504 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
57,477,346 |
(187,053,193 |
) |
9,577,525 |
(42,167,385 |
) |
(28,383 |
) |
(150,698 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
53,403,513 |
(97,690,775 |
) |
13,752,834 |
(21,968,251 |
) |
35,518 |
(52,679 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,327,893 |
1,957,039 |
1,136,761 |
1,434,366 |
3,420 |
2,125 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(1,872,799 |
) |
(4,463,329 |
) |
(567,897 |
) |
(627,962 |
) |
9,013 |
23,342 |
|||||||||||||||||
Contract charges |
(5,835,955 |
) |
(6,120,430 |
) |
(926,433 |
) |
(939,723 |
) |
(21 |
) |
(22 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(48,005,570 |
) |
(56,397,003 |
) |
(10,303,523 |
) |
(9,978,952 |
) |
(67,221 |
) |
(234,377 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(54,386,431 |
) |
(65,023,723 |
) |
(10,661,092 |
) |
(10,112,271 |
) |
(54,809 |
) |
(208,932 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(982,918 |
) |
(162,714,498 |
) |
3,091,742 |
(32,080,522 |
) |
(19,291 |
) |
(261,611 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
453,319,661 |
616,034,159 |
101,146,274 |
133,226,796 |
469,865 |
731,476 |
|||||||||||||||||||||
End of year |
$ |
452,336,743 |
$ |
453,319,661 |
$ |
104,238,016 |
$ |
101,146,274 |
$ |
450,574 |
$ |
469,865 |
The accompanying notes are an integral part of these financial statements.
E-57
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTI T. Rowe Price Mid Cap Growth Division |
BHFTI TCW Core Fixed Income Division |
BHFTI Victory Sycamore Mid Cap Value Division |
BHFTI Western Asset Management Government Income Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(4,265,364 |
) |
$ |
(4,691,665 |
) |
$ |
232 |
$ |
(76 |
) |
$ |
906,398 |
$ |
1,704,012 |
$ |
3,258,395 |
$ |
2,886,459 |
||||||||||||||||
Net realized gains (losses) |
10,206,414 |
65,578,444 |
(244 |
) |
(1,384 |
) |
38,649,614 |
52,452,175 |
(8,016,165 |
) |
(5,806,492 |
) |
|||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
53,478,012 |
(175,127,634 |
) |
637 |
(3,108 |
) |
(13,217,758 |
) |
(69,565,738 |
) |
11,327,274 |
(46,319,709 |
) |
||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
59,419,062 |
(114,240,855 |
) |
625 |
(4,568 |
) |
26,338,254 |
(15,409,551 |
) |
6,569,504 |
(49,239,742 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
4,117,118 |
4,931,288 |
|
|
2,568,344 |
2,543,213 |
1,752,475 |
1,512,122 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
3,249,611 |
(4,947,038 |
) |
|
(25,305 |
) |
(2,548,178 |
) |
(14,519,291 |
) |
7,413,347 |
16,143,275 |
|||||||||||||||||||||||
Contract charges |
(1,652,011 |
) |
(1,726,852 |
) |
(2 |
) |
|
(1,080,565 |
) |
(1,191,135 |
) |
(5,168,854 |
) |
(5,528,089 |
) |
||||||||||||||||||||
Transfers for contract benefits and terminations |
(44,548,682 |
) |
(39,186,882 |
) |
(1,332 |
) |
(3 |
) |
(36,619,863 |
) |
(34,698,701 |
) |
(36,880,178 |
) |
(44,795,563 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(38,833,964 |
) |
(40,929,484 |
) |
(1,334 |
) |
(25,308 |
) |
(37,680,262 |
) |
(47,865,914 |
) |
(32,883,210 |
) |
(32,668,255 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
20,585,098 |
(155,170,339 |
) |
(709 |
) |
(29,876 |
) |
(11,342,008 |
) |
(63,275,465 |
) |
(26,313,706 |
) |
(81,907,997 |
) |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
340,891,490 |
496,061,829 |
15,515 |
45,391 |
331,206,446 |
394,481,911 |
244,217,321 |
326,125,318 |
|||||||||||||||||||||||||||
End of year |
$ |
361,476,588 |
$ |
340,891,490 |
$ |
14,806 |
$ |
15,515 |
$ |
319,864,438 |
$ |
331,206,446 |
$ |
217,903,615 |
$ |
244,217,321 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-58
BHFTII Baillie Gifford International Stock Division |
BHFTII BlackRock Bond Income Division |
BHFTII BlackRock Capital Appreciation Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(21,647 |
) |
$ |
(206,864 |
) |
$ |
4,418,228 |
$ |
4,423,827 |
$ |
(1,923,116 |
) |
$ |
(2,088,937 |
) |
|||||||||||
Net realized gains (losses) |
(1,941,904 |
) |
6,843,249 |
(5,787,770 |
) |
(6,655,792 |
) |
(1,555,612 |
) |
45,241,170 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
16,026,793 |
(43,602,877 |
) |
12,012,826 |
(50,416,643 |
) |
62,584,923 |
(131,433,385 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
14,063,242 |
(36,966,492 |
) |
10,643,284 |
(52,648,608 |
) |
59,106,195 |
(88,281,152 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
874,747 |
833,886 |
2,022,345 |
2,040,246 |
1,868,871 |
2,660,256 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(1,409,187 |
) |
2,830,334 |
13,468,905 |
(15,465,982 |
) |
(6,753,531 |
) |
4,260,057 |
||||||||||||||||||
Contract charges |
(288,222 |
) |
(296,034 |
) |
(1,618,540 |
) |
(1,767,624 |
) |
(854,589 |
) |
(866,232 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(8,133,233 |
) |
(7,544,141 |
) |
(30,825,413 |
) |
(33,563,669 |
) |
(18,474,448 |
) |
(19,193,088 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(8,955,895 |
) |
(4,175,955 |
) |
(16,952,703 |
) |
(48,757,029 |
) |
(24,213,697 |
) |
(13,139,007 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
5,107,347 |
(41,142,447 |
) |
(6,309,419 |
) |
(101,405,637 |
) |
34,892,498 |
(101,420,159 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
85,003,047 |
126,145,494 |
260,026,298 |
361,431,935 |
133,568,070 |
234,988,229 |
|||||||||||||||||||||
End of year |
$ |
90,110,394 |
$ |
85,003,047 |
$ |
253,716,879 |
$ |
260,026,298 |
$ |
168,460,568 |
$ |
133,568,070 |
The accompanying notes are an integral part of these financial statements.
E-59
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTII BlackRock Ultra-Short Term Bond Division |
BHFTII Brighthouse Asset Allocation 20 Division |
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
59,853 |
$ |
(469,854 |
) |
$ |
4,324,222 |
$ |
4,327,638 |
$ |
13,037,983 |
$ |
9,110,836 |
$ |
42,002,883 |
$ |
22,498,331 |
||||||||||||||||||
Net realized gains (losses) |
233,317 |
(97,481 |
) |
(2,168,577 |
) |
3,155,287 |
16,277,032 |
29,296,004 |
140,679,736 |
177,230,204 |
|||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
843,891 |
510,824 |
9,589,112 |
(44,323,416 |
) |
21,615,910 |
(156,261,680 |
) |
70,790,029 |
(677,275,685 |
) |
||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,137,061 |
(56,511 |
) |
11,744,757 |
(36,840,491 |
) |
50,930,925 |
(117,854,840 |
) |
253,472,648 |
(477,547,150 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
57,473 |
49,856 |
1,675,113 |
1,411,432 |
4,051,755 |
4,901,113 |
17,417,955 |
21,219,775 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
4,205,308 |
8,869,621 |
(1,766,995 |
) |
(5,520,033 |
) |
(1,150,133 |
) |
(5,880,138 |
) |
(15,311,537 |
) |
(36,523,771 |
) |
|||||||||||||||||||||
Contract charges |
(405,698 |
) |
(399,622 |
) |
(1,977,204 |
) |
(2,148,442 |
) |
(5,787,397 |
) |
(6,237,625 |
) |
(22,123,529 |
) |
(23,290,818 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(8,036,094 |
) |
(12,039,453 |
) |
(30,661,372 |
) |
(33,823,678 |
) |
(78,589,827 |
) |
(90,370,046 |
) |
(263,742,640 |
) |
(260,944,756 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(4,179,011 |
) |
(3,519,598 |
) |
(32,730,458 |
) |
(40,080,721 |
) |
(81,475,602 |
) |
(97,586,696 |
) |
(283,759,751 |
) |
(299,539,570 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
(3,041,950 |
) |
(3,576,109 |
) |
(20,985,701 |
) |
(76,921,212 |
) |
(30,544,677 |
) |
(215,441,536 |
) |
(30,287,103 |
) |
(777,086,720 |
) |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
33,824,637 |
37,400,746 |
203,222,616 |
280,143,828 |
603,366,834 |
818,808,370 |
2,227,101,315 |
3,004,188,035 |
|||||||||||||||||||||||||||
End of year |
$ |
30,782,687 |
$ |
33,824,637 |
$ |
182,236,915 |
$ |
203,222,616 |
$ |
572,822,157 |
$ |
603,366,834 |
$ |
2,196,814,212 |
$ |
2,227,101,315 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-60
BHFTII Brighthouse Asset Allocation 80 Division |
BHFTII Brighthouse/Artisan Mid Cap Value Division |
BHFTII Brighthouse/Dimensional International Small Company Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
24,214,721 |
$ |
8,222,221 |
$ |
(786,643 |
) |
$ |
(724,062 |
) |
$ |
49,672 |
$ |
57,479 |
|||||||||||||
Net realized gains (losses) |
138,047,191 |
133,908,816 |
19,044,055 |
27,256,287 |
(130,330 |
) |
376,513 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
33,925,550 |
(467,337,958 |
) |
5,381,918 |
(52,351,710 |
) |
620,537 |
(1,673,161 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
196,187,462 |
(325,206,921 |
) |
23,639,330 |
(25,819,485 |
) |
539,879 |
(1,239,169 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
18,286,132 |
19,932,328 |
1,415,840 |
1,490,121 |
18,753 |
18,664 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(10,741,648 |
) |
(16,709,141 |
) |
(1,338,974 |
) |
(5,620,339 |
) |
(81,705 |
) |
(97,363 |
) |
|||||||||||||||
Contract charges |
(9,820,709 |
) |
(10,210,899 |
) |
(419,634 |
) |
(442,471 |
) |
(34,577 |
) |
(35,419 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(129,433,577 |
) |
(120,391,906 |
) |
(17,515,321 |
) |
(16,347,877 |
) |
(791,174 |
) |
(550,107 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(131,709,802 |
) |
(127,379,618 |
) |
(17,858,089 |
) |
(20,920,566 |
) |
(888,703 |
) |
(664,225 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
64,477,660 |
(452,586,539 |
) |
5,781,241 |
(46,740,051 |
) |
(348,824 |
) |
(1,903,394 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
1,298,523,579 |
1,751,110,118 |
149,107,149 |
195,847,200 |
4,901,771 |
6,805,165 |
|||||||||||||||||||||
End of year |
$ |
1,363,001,239 |
$ |
1,298,523,579 |
$ |
154,888,390 |
$ |
149,107,149 |
$ |
4,552,947 |
$ |
4,901,771 |
The accompanying notes are an integral part of these financial statements.
E-61
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTII Brighthouse/Wellington Balanced Division |
BHFTII Brighthouse/Wellington Core Equity Opportunities Division |
BHFTII Frontier Mid Cap Growth Division |
BHFTII Jennison Growth Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
4,207,908 |
$ |
2,274,054 |
$ |
110,227 |
$ |
137,916 |
$ |
(4,823,473 |
) |
$ |
(5,381,697 |
) |
$ |
(2,331,048 |
) |
$ |
(2,479,114 |
) |
|||||||||||||||
Net realized gains (losses) |
531,694 |
70,461,907 |
41,512,136 |
90,791,540 |
(8,889,340 |
) |
125,139,654 |
(8,768,536 |
) |
39,508,710 |
|||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
67,453,415 |
(183,736,616 |
) |
(17,696,552 |
) |
(125,499,982 |
) |
74,453,586 |
(287,193,664 |
) |
87,847,931 |
(148,912,363 |
) |
||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
72,193,017 |
(111,000,655 |
) |
23,925,811 |
(34,570,526 |
) |
60,740,773 |
(167,435,707 |
) |
76,748,347 |
(111,882,767 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
3,748,408 |
4,638,483 |
3,301,774 |
3,609,111 |
2,630,594 |
2,476,037 |
2,663,917 |
3,065,477 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
(1,118,322 |
) |
(5,261,300 |
) |
3,179,544 |
(23,985,142 |
) |
(1,830,935 |
) |
(768,488 |
) |
(7,461,988 |
) |
2,625,142 |
|||||||||||||||||||||
Contract charges |
(263,336 |
) |
(270,256 |
) |
(1,901,159 |
) |
(2,090,171 |
) |
(376,585 |
) |
(404,741 |
) |
(1,043,769 |
) |
(1,010,167 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(57,420,919 |
) |
(56,030,805 |
) |
(46,870,636 |
) |
(44,878,048 |
) |
(37,990,430 |
) |
(35,663,993 |
) |
(22,538,087 |
) |
(19,291,717 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(55,054,169 |
) |
(56,923,878 |
) |
(42,290,477 |
) |
(67,344,250 |
) |
(37,567,356 |
) |
(34,361,185 |
) |
(28,379,927 |
) |
(14,611,265 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
17,138,848 |
(167,924,533 |
) |
(18,364,666 |
) |
(101,914,776 |
) |
23,173,417 |
(201,796,892 |
) |
48,368,420 |
(126,494,032 |
) |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
461,892,147 |
629,816,680 |
429,404,884 |
531,319,660 |
384,728,789 |
586,525,681 |
160,933,782 |
287,427,814 |
|||||||||||||||||||||||||||
End of year |
$ |
479,030,995 |
$ |
461,892,147 |
$ |
411,040,218 |
$ |
429,404,884 |
$ |
407,902,206 |
$ |
384,728,789 |
$ |
209,302,202 |
$ |
160,933,782 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-62
BHFTII Loomis Sayles Small Cap Core Division |
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(1,452,661 |
) |
$ |
(1,657,599 |
) |
$ |
(547,047 |
) |
$ |
(602,867 |
) |
$ |
10,021,822 |
$ |
10,616,892 |
|||||||||||
Net realized gains (losses) |
4,410,754 |
25,489,220 |
(1,622,000 |
) |
9,613,362 |
(12,540,175 |
) |
(14,925,031 |
) |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
15,348,115 |
(50,186,259 |
) |
6,515,175 |
(24,490,709 |
) |
26,837,562 |
(121,435,937 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
18,306,208 |
(26,354,638 |
) |
4,346,128 |
(15,480,214 |
) |
24,319,209 |
(125,744,076 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,034,572 |
1,122,150 |
640,284 |
705,333 |
7,237,816 |
7,888,895 |
|||||||||||||||||||||
Net transfers (including fixed account) |
378,399 |
(2,918,937 |
) |
184,760 |
(1,193,603 |
) |
47,503,861 |
(16,810,004 |
) |
||||||||||||||||||
Contract charges |
(493,204 |
) |
(525,752 |
) |
(114,471 |
) |
(123,546 |
) |
(4,553,012 |
) |
(4,888,229 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(15,130,644 |
) |
(12,290,350 |
) |
(4,747,180 |
) |
(4,415,247 |
) |
(85,261,400 |
) |
(83,183,336 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(14,210,877 |
) |
(14,612,889 |
) |
(4,036,607 |
) |
(5,027,063 |
) |
(35,072,735 |
) |
(96,992,674 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
4,095,331 |
(40,967,527 |
) |
309,521 |
(20,507,277 |
) |
(10,753,526 |
) |
(222,736,750 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
122,718,093 |
163,685,620 |
44,445,112 |
64,952,389 |
687,832,716 |
910,569,466 |
|||||||||||||||||||||
End of year |
$ |
126,813,424 |
$ |
122,718,093 |
$ |
44,754,633 |
$ |
44,445,112 |
$ |
677,079,190 |
$ |
687,832,716 |
The accompanying notes are an integral part of these financial statements.
E-63
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTII MetLife Mid Cap Stock Index Division |
BHFTII MetLife MSCI EAFE®​ Index Division |
BHFTII MetLife Russell 2000®​ Index Division |
BHFTII MetLife Stock Index Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(255,405 |
) |
$ |
(1,325,666 |
) |
$ |
4,121,513 |
$ |
8,902,140 |
$ |
(53,369 |
) |
$ |
(940,563 |
) |
$ |
2,954,514 |
$ |
(1,001,672 |
) |
||||||||||||||
Net realized gains (losses) |
28,182,838 |
80,111,431 |
6,640,159 |
15,048,409 |
3,317,441 |
53,882,159 |
282,332,947 |
368,865,945 |
|||||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
28,565,283 |
(154,398,345 |
) |
44,682,840 |
(94,659,842 |
) |
34,683,037 |
(127,048,458 |
) |
303,124,264 |
(1,025,461,315 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
56,492,716 |
(75,612,580 |
) |
55,444,512 |
(70,709,293 |
) |
37,947,109 |
(74,106,862 |
) |
588,411,725 |
(657,597,042 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
5,789,935 |
6,145,922 |
5,550,931 |
5,830,707 |
4,154,032 |
4,550,050 |
27,504,670 |
26,453,222 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
2,734,549 |
(10,922,497 |
) |
(7,583,986 |
) |
(1,332,863 |
) |
5,548,274 |
2,987,705 |
(44,378,608 |
) |
(10,214,846 |
) |
||||||||||||||||||||||
Contract charges |
(1,481,022 |
) |
(1,569,418 |
) |
(1,553,233 |
) |
(1,590,984 |
) |
(774,494 |
) |
(820,550 |
) |
(5,861,595 |
) |
(5,998,355 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(47,072,377 |
) |
(42,517,390 |
) |
(41,145,815 |
) |
(35,677,519 |
) |
(30,063,640 |
) |
(27,026,261 |
) |
(321,204,053 |
) |
(273,143,614 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(40,028,915 |
) |
(48,863,383 |
) |
(44,732,103 |
) |
(32,770,659 |
) |
(21,135,828 |
) |
(20,309,056 |
) |
(343,939,586 |
) |
(262,903,593 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
16,463,801 |
(124,475,963 |
) |
10,712,409 |
(103,479,952 |
) |
16,811,281 |
(94,415,918 |
) |
244,472,139 |
(920,500,635 |
) |
|||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
409,884,025 |
534,359,988 |
361,694,860 |
465,174,812 |
259,507,834 |
353,923,752 |
2,574,589,262 |
3,495,089,897 |
|||||||||||||||||||||||||||
End of year |
$ |
426,347,826 |
$ |
409,884,025 |
$ |
372,407,269 |
$ |
361,694,860 |
$ |
276,319,115 |
$ |
259,507,834 |
$ |
2,819,061,401 |
$ |
2,574,589,262 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-64
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
BHFTII Neuberger Berman Genesis Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
829,431 |
$ |
463,235 |
$ |
2,348,141 |
$ |
1,529,535 |
$ |
(2,773,767 |
) |
$ |
(3,183,977 |
) |
|||||||||||||
Net realized gains (losses) |
4,349,437 |
10,692,341 |
56,881,321 |
88,372,761 |
21,437,801 |
47,688,295 |
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
2,866,604 |
(24,062,207 |
) |
(27,226,658 |
) |
(139,181,242 |
) |
12,194,049 |
(108,443,402 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
8,045,472 |
(12,906,631 |
) |
32,002,804 |
(49,278,946 |
) |
30,858,083 |
(63,939,084 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
950,992 |
1,081,424 |
4,757,498 |
5,237,628 |
2,276,299 |
2,099,803 |
|||||||||||||||||||||
Net transfers (including fixed account) |
1,085,817 |
(2,047,218 |
) |
5,397,032 |
(24,059,343 |
) |
(687,339 |
) |
(3,480,805 |
) |
|||||||||||||||||
Contract charges |
(310,633 |
) |
(330,335 |
) |
(2,317,994 |
) |
(2,503,331 |
) |
(484,874 |
) |
(523,490 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(10,900,421 |
) |
(10,349,990 |
) |
(62,108,388 |
) |
(56,677,504 |
) |
(24,726,654 |
) |
(23,058,877 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(9,174,245 |
) |
(11,646,119 |
) |
(54,271,852 |
) |
(78,002,550 |
) |
(23,622,568 |
) |
(24,963,369 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(1,128,773 |
) |
(24,552,750 |
) |
(22,269,048 |
) |
(127,281,496 |
) |
7,235,515 |
(88,902,453 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
96,428,667 |
120,981,417 |
536,663,808 |
663,945,304 |
232,034,093 |
320,936,546 |
|||||||||||||||||||||
End of year |
$ |
95,299,894 |
$ |
96,428,667 |
$ |
514,394,760 |
$ |
536,663,808 |
$ |
239,269,608 |
$ |
232,034,093 |
The accompanying notes are an integral part of these financial statements.
E-65
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
BHFTII T. Rowe Price Large Cap Growth Division |
BHFTII T. Rowe Price Small Cap Growth Division |
BHFTII VanEck Global Natural Resources Division |
BHFTII Western Asset Management Strategic Bond Opportunities Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(6,049,168 |
) |
$ |
(6,508,469 |
) |
$ |
(4,039,035 |
) |
$ |
(4,090,374 |
) |
$ |
296,137 |
$ |
250,349 |
$ |
13,948,316 |
$ |
14,356,997 |
|||||||||||||||
Net realized gains (losses) |
(11,693,383 |
) |
105,480,484 |
4,733,533 |
68,811,077 |
259,614 |
2,265,652 |
(6,991,029 |
) |
(4,688,501 |
) |
||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
197,327,529 |
(410,062,813 |
) |
61,886,887 |
(173,452,439 |
) |
(1,439,099 |
) |
(322,128 |
) |
13,174,674 |
(74,860,603 |
) |
||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
179,584,978 |
(311,090,798 |
) |
62,581,385 |
(108,731,736 |
) |
(883,348 |
) |
2,193,873 |
20,131,961 |
(65,192,107 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
6,382,212 |
7,768,930 |
4,391,034 |
5,122,152 |
21,149 |
29,282 |
2,383,981 |
2,622,913 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
(16,436,918 |
) |
14,209,409 |
2,577,779 |
(9,610,841 |
) |
2,563,123 |
(5,709,799 |
) |
6,568,719 |
(10,110,389 |
) |
|||||||||||||||||||||||
Contract charges |
(1,824,399 |
) |
(1,782,207 |
) |
(922,030 |
) |
(966,800 |
) |
(244,518 |
) |
(292,106 |
) |
(1,253,269 |
) |
(1,354,513 |
) |
|||||||||||||||||||
Transfers for contract benefits and terminations |
(58,006,660 |
) |
(54,706,542 |
) |
(38,312,056 |
) |
(33,974,474 |
) |
(1,932,677 |
) |
(1,890,793 |
) |
(34,181,860 |
) |
(34,367,026 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(69,885,765 |
) |
(34,510,410 |
) |
(32,265,273 |
) |
(39,429,963 |
) |
407,077 |
(7,863,416 |
) |
(26,482,429 |
) |
(43,209,015 |
) |
||||||||||||||||||||
Net increase (decrease) in net assets |
109,699,213 |
(345,601,208 |
) |
30,316,112 |
(148,161,699 |
) |
(476,271 |
) |
(5,669,543 |
) |
(6,350,468 |
) |
(108,401,122 |
) |
|||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
423,605,252 |
769,206,460 |
328,540,226 |
476,701,925 |
18,554,027 |
24,223,570 |
273,191,553 |
381,592,675 |
|||||||||||||||||||||||||||
End of year |
$ |
533,304,465 |
$ |
423,605,252 |
$ |
358,856,338 |
$ |
328,540,226 |
$ |
18,077,756 |
$ |
18,554,027 |
$ |
266,841,085 |
$ |
273,191,553 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-66
BHFTII Western Asset Management U.S. Government Division |
BlackRock Global Allocation V.I. Division |
Calvert VP SRI Balanced Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
828,385 |
$ |
884,444 |
$ |
198 |
$ |
(228 |
) |
$ |
201,395 |
$ |
1,536 |
||||||||||||||
Net realized gains (losses) |
(2,148,729 |
) |
(2,682,679 |
) |
(208 |
) |
37 |
625,589 |
5,627,343 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
4,227,960 |
(10,133,724 |
) |
1,744 |
(3,238 |
) |
5,840,043 |
(15,121,643 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,907,616 |
(11,931,959 |
) |
1,734 |
(3,429 |
) |
6,667,027 |
(9,492,764 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,005,266 |
898,785 |
|
|
755,060 |
933,619 |
|||||||||||||||||||||
Net transfers (including fixed account) |
5,976,787 |
(2,753,538 |
) |
(212 |
) |
404 |
(220,362 |
) |
(251,332 |
) |
|||||||||||||||||
Contract charges |
(601,872 |
) |
(640,426 |
) |
(3 |
) |
(3 |
) |
(28,365 |
) |
(25,204 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(12,436,373 |
) |
(14,669,284 |
) |
(680 |
) |
(806 |
) |
(4,415,745 |
) |
(5,538,901 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(6,056,192 |
) |
(17,164,463 |
) |
(895 |
) |
(405 |
) |
(3,909,412 |
) |
(4,881,818 |
) |
|||||||||||||||
Net increase (decrease) in net assets |
(3,148,576 |
) |
(29,096,422 |
) |
839 |
(3,834 |
) |
2,757,615 |
(14,374,582 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
94,709,309 |
123,805,731 |
16,216 |
20,050 |
44,856,941 |
59,231,523 |
|||||||||||||||||||||
End of year |
$ |
91,560,733 |
$ |
94,709,309 |
$ |
17,055 |
$ |
16,216 |
$ |
47,614,556 |
$ |
44,856,941 |
The accompanying notes are an integral part of these financial statements.
E-67
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
Calvert VP SRI Mid Cap Division |
Delaware VIP®​ Small Cap Value Division |
Fidelity®​ VIP Contrafund® ​Division |
Fidelity®​ VIP Equity-Income Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(44,490 |
) |
$ |
(59,861 |
) |
$ |
3 |
$ |
2 |
$ |
(4,442 |
) |
$ |
(4,987 |
) |
$ |
547,573 |
$ |
564,515 |
|||||||||||||||
Net realized gains (losses) |
(146,577 |
) |
1,334,496 |
33 |
57 |
62,368 |
50,253 |
2,312,864 |
2,748,595 |
||||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
787,474 |
(2,829,543 |
) |
33 |
(173 |
) |
118,994 |
(306,102 |
) |
2,818,334 |
(7,606,471 |
) |
|||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
596,407 |
(1,554,908 |
) |
69 |
(114 |
) |
176,920 |
(260,836 |
) |
5,678,771 |
(4,293,361 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
158,778 |
205,141 |
|
|
10,013 |
8,556 |
467,831 |
850,856 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
(289,899 |
) |
15,052 |
|
|
(5,136 |
) |
1,869 |
(9,366 |
) |
93,291 |
||||||||||||||||||||||||
Contract charges |
(347 |
) |
(417 |
) |
|
|
(9 |
) |
(9 |
) |
(6,627 |
) |
(7,210 |
) |
|||||||||||||||||||||
Transfers for contract benefits and terminations |
(573,810 |
) |
(590,371 |
) |
(2 |
) |
(2 |
) |
(235,140 |
) |
(56,818 |
) |
(6,335,765 |
) |
(5,750,561 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(705,278 |
) |
(370,595 |
) |
(2 |
) |
(2 |
) |
(230,272 |
) |
(46,402 |
) |
(5,883,927 |
) |
(4,813,624 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
(108,871 |
) |
(1,925,503 |
) |
67 |
(116 |
) |
(53,352 |
) |
(307,238 |
) |
(205,156 |
) |
(9,106,985 |
) |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
5,934,994 |
7,860,497 |
786 |
902 |
674,486 |
981,724 |
63,533,471 |
72,640,456 |
|||||||||||||||||||||||||||
End of year |
$ |
5,826,123 |
$ |
5,934,994 |
$ |
853 |
$ |
786 |
$ |
621,134 |
$ |
674,486 |
$ |
63,328,315 |
$ |
63,533,471 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-68
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
Fidelity®​ VIP Freedom 2030 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
67,515 |
$ |
36,978 |
$ |
85,704 |
$ |
50,187 |
$ |
105,082 |
$ |
54,269 |
|||||||||||||||
Net realized gains (losses) |
(126,378 |
) |
289,146 |
(223,494 |
) |
307,353 |
(37,438 |
) |
551,673 |
||||||||||||||||||
Change in unrealized gains (losses) on investments |
438,306 |
(1,076,717 |
) |
803,894 |
(1,794,862 |
) |
916,057 |
(2,030,431 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
379,443 |
(750,593 |
) |
666,104 |
(1,437,322 |
) |
983,701 |
(1,424,489 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
215,691 |
193,856 |
535,588 |
508,715 |
1,171,307 |
1,405,995 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(3,104 |
) |
382,938 |
29,982 |
420,992 |
1,502,766 |
(257,135 |
) |
|||||||||||||||||||
Contract charges |
(70 |
) |
(80 |
) |
(10,657 |
) |
(13,031 |
) |
(3,787 |
) |
(3,493 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(1,187,275 |
) |
(243,735 |
) |
(2,046,086 |
) |
(1,387,740 |
) |
(1,480,600 |
) |
(1,940,067 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(974,758 |
) |
332,979 |
(1,491,173 |
) |
(471,064 |
) |
1,189,686 |
(794,700 |
) |
|||||||||||||||||
Net increase (decrease) in net assets |
(595,315 |
) |
(417,614 |
) |
(825,069 |
) |
(1,908,386 |
) |
2,173,387 |
(2,219,189 |
) |
||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
3,950,620 |
4,368,234 |
6,369,847 |
8,278,233 |
6,617,431 |
8,836,620 |
|||||||||||||||||||||
End of year |
$ |
3,355,305 |
$ |
3,950,620 |
$ |
5,544,778 |
$ |
6,369,847 |
$ |
8,790,818 |
$ |
6,617,431 |
The accompanying notes are an integral part of these financial statements.
E-69
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
Fidelity®​ VIP Freedom 2035 Division |
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2045 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
57,512 |
$ |
24,625 |
$ |
23,775 |
$ |
14,625 |
$ |
17,144 |
$ |
14,428 |
|||||||||||||||
Net realized gains (losses) |
(3,997 |
) |
284,678 |
34,040 |
214,198 |
57,365 |
230,556 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
937,074 |
(1,328,398 |
) |
706,770 |
(862,904 |
) |
673,290 |
(873,801 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
990,589 |
(1,019,095 |
) |
764,585 |
(634,081 |
) |
747,799 |
(628,817 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
1,713,478 |
1,231,862 |
1,453,350 |
1,081,881 |
1,174,707 |
1,019,287 |
|||||||||||||||||||||
Net transfers (including fixed account) |
509,805 |
1,024,697 |
835,708 |
311,271 |
515,469 |
222,128 |
|||||||||||||||||||||
Contract charges |
(4,279 |
) |
(3,328 |
) |
(7,718 |
) |
(4,321 |
) |
(4,467 |
) |
(2,742 |
) |
|||||||||||||||
Transfers for contract benefits and terminations |
(335,221 |
) |
(583,960 |
) |
(467,415 |
) |
(293,787 |
) |
(340,196 |
) |
(126,178 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
1,883,783 |
1,669,271 |
1,813,925 |
1,095,044 |
1,345,513 |
1,112,495 |
|||||||||||||||||||||
Net increase (decrease) in net assets |
2,874,372 |
650,176 |
2,578,510 |
460,963 |
2,093,312 |
483,678 |
|||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
5,368,259 |
4,718,083 |
3,499,738 |
3,038,775 |
3,548,884 |
3,065,206 |
|||||||||||||||||||||
End of year |
$ |
8,242,631 |
$ |
5,368,259 |
$ |
6,078,248 |
$ |
3,499,738 |
$ |
5,642,196 |
$ |
3,548,884 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-70
Fidelity®​ VIP Freedom 2050 Division |
Fidelity®​ VIP Freedom 2055 Division |
Fidelity®​ VIP Freedom 2060 Division |
Fidelity®​ VIP FundsManager 50% Division |
||||||||||||||||||||||||
2023 |
2022 |
2023 (a) |
2023 (a) |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
30,517 |
$ |
31,388 |
$ |
2,854 |
$ |
3,777 |
$ |
808,750 |
$ |
(32,744 |
) |
||||||||||||||
Net realized gains (losses) |
125,598 |
451,998 |
1,289 |
369 |
(3,291,849 |
) |
33,617,724 |
||||||||||||||||||||
Change in unrealized gains (losses) on investments |
1,469,797 |
(1,917,851 |
) |
24,762 |
12,851 |
20,507,143 |
(70,489,715 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,625,912 |
(1,434,465 |
) |
28,905 |
16,997 |
18,024,044 |
(36,904,735 |
) |
|||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
3,498,222 |
3,038,735 |
76,247 |
359,975 |
133,865 |
345,055 |
|||||||||||||||||||||
Net transfers (including fixed account) |
73,014 |
114,006 |
207,560 |
24,692 |
|
|
|||||||||||||||||||||
Contract charges |
(10,292 |
) |
(8,428 |
) |
(51 |
) |
(77 |
) |
|
|
|||||||||||||||||
Transfers for contract benefits and terminations |
(1,196,638 |
) |
(672,674 |
) |
(82 |
) |
|
(33,080,178 |
) |
(18,927,493 |
) |
||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
2,364,306 |
2,471,639 |
283,674 |
384,590 |
(32,946,313 |
) |
(18,582,438 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
3,990,218 |
1,037,174 |
312,579 |
401,587 |
(14,922,269 |
) |
(55,487,173 |
) |
|||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
7,783,968 |
6,746,794 |
|
|
185,164,874 |
240,652,047 |
|||||||||||||||||||||
End of year |
$ |
11,774,186 |
$ |
7,783,968 |
$ |
312,579 |
$ |
401,587 |
$ |
170,242,605 |
$ |
185,164,874 |
The accompanying notes are an integral part of these financial statements.
E-71
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
Fidelity®​ VIP FundsManager 60% Division |
Fidelity®​ VIP Government Money Market Division |
Fidelity®​ VIP Growth Division |
Fidelity®​ VIP Investment Grade Bond Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
493,311 |
$ |
(422,482 |
) |
$ |
145,824 |
$ |
20,184 |
$ |
(889,440 |
) |
$ |
(365,580 |
) |
$ |
99,996 |
$ |
93,427 |
||||||||||||||||
Net realized gains (losses) |
(3,363,759 |
) |
33,112,296 |
|
|
8,035,654 |
10,576,735 |
(296,334 |
) |
277,744 |
|||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
22,088,816 |
(71,591,728 |
) |
|
|
25,370,527 |
(45,048,536 |
) |
526,085 |
(1,575,490 |
) |
||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
19,218,368 |
(38,901,914 |
) |
145,824 |
20,184 |
32,516,741 |
(34,837,381 |
) |
329,747 |
(1,204,319 |
) |
||||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
549,828 |
1,324,647 |
146,811 |
222,688 |
638,388 |
803,006 |
178,259 |
203,392 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
|
|
113,768 |
649,611 |
893,704 |
(512,831 |
) |
(427,691 |
) |
(253,885 |
) |
||||||||||||||||||||||||
Contract charges |
|
|
|
|
(1,287 |
) |
(835 |
) |
(2,017 |
) |
(2,476 |
) |
|||||||||||||||||||||||
Transfers for contract benefits and terminations |
(27,100,122 |
) |
(28,944,025 |
) |
(666,973 |
) |
(1,737,567 |
) |
(11,462,656 |
) |
(9,348,245 |
) |
(1,223,460 |
) |
(581,711 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(26,550,294 |
) |
(27,619,378 |
) |
(406,394 |
) |
(865,268 |
) |
(9,931,851 |
) |
(9,058,905 |
) |
(1,474,909 |
) |
(634,680 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
(7,331,926 |
) |
(66,521,292 |
) |
(260,570 |
) |
(845,084 |
) |
22,584,890 |
(43,896,286 |
) |
(1,145,162 |
) |
(1,838,999 |
) |
||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
175,394,593 |
241,915,885 |
4,103,960 |
4,949,044 |
97,058,589 |
140,954,875 |
7,090,969 |
8,929,968 |
|||||||||||||||||||||||||||
End of year |
$ |
168,062,667 |
$ |
175,394,593 |
$ |
3,843,390 |
$ |
4,103,960 |
$ |
119,643,479 |
$ |
97,058,589 |
$ |
5,945,807 |
$ |
7,090,969 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-72
Fidelity®​ VIP Mid Cap Division |
FTVIPT Templeton Developing Markets VIP Division |
FTVIPT Templeton Foreign VIP Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(1,982 |
) |
$ |
(2,877 |
) |
$ |
409 |
$ |
698 |
$ |
37 |
$ |
13 |
|||||||||||||
Net realized gains (losses) |
1,673 |
32,812 |
29 |
2,404 |
|
|
|||||||||||||||||||||
Change in unrealized gains (losses) on investments |
34,505 |
(114,450 |
) |
3,338 |
(14,732 |
) |
231 |
(31 |
) |
||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
34,196 |
(84,515 |
) |
3,776 |
(11,630 |
) |
268 |
(18 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
585 |
428 |
|
|
780 |
570 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(438 |
) |
512 |
|
|
|
|
||||||||||||||||||||
Contract charges |
|
|
|
|
|
|
|||||||||||||||||||||
Transfers for contract benefits and terminations |
(184,516 |
) |
(30,391 |
) |
(3 |
) |
(5,632 |
) |
(3 |
) |
(1 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(184,369 |
) |
(29,451 |
) |
(3 |
) |
(5,632 |
) |
777 |
569 |
|||||||||||||||||
Net increase (decrease) in net assets |
(150,173 |
) |
(113,966 |
) |
3,773 |
(17,262 |
) |
1,045 |
551 |
||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
431,773 |
545,739 |
32,485 |
49,747 |
1,033 |
482 |
|||||||||||||||||||||
End of year |
$ |
281,600 |
$ |
431,773 |
$ |
36,258 |
$ |
32,485 |
$ |
2,078 |
$ |
1,033 |
The accompanying notes are an integral part of these financial statements.
E-73
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2023 and 2022
Janus Henderson Enterprise Division |
LMPVET ClearBridge Variable Appreciation Division |
LMPVET ClearBridge Variable Dividend Strategy Division |
LMPVET ClearBridge Variable Large Cap Growth Division |
||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(453 |
) |
$ |
(837 |
) |
$ |
45 |
$ |
85 |
$ |
1,039 |
$ |
391 |
$ |
(3,704 |
) |
$ |
(3,923 |
) |
|||||||||||||||
Net realized gains (losses) |
4,688 |
20,826 |
1,876 |
3,140 |
12,973 |
10,751 |
8,002 |
33,405 |
|||||||||||||||||||||||||||
Change in unrealized gains (losses) on investments |
5,028 |
(44,968 |
) |
7,321 |
(11,113 |
) |
(3,538 |
) |
(20,049 |
) |
131,842 |
(215,618 |
) |
||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
9,263 |
(24,979 |
) |
9,242 |
(7,888 |
) |
10,474 |
(8,907 |
) |
136,140 |
(186,136 |
) |
|||||||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||||||||||
Purchase payments received from contract owners |
|
|
|
|
|
|
14,520 |
13,849 |
|||||||||||||||||||||||||||
Net transfers (including fixed account) |
(207 |
) |
(1,643 |
) |
(995 |
) |
(1,841 |
) |
843 |
(12,163 |
) |
(12,019 |
) |
20,285 |
|||||||||||||||||||||
Contract charges |
|
|
|
|
|
|
(10 |
) |
(10 |
) |
|||||||||||||||||||||||||
Transfers for contract benefits and terminations |
(14,848 |
) |
(66,974 |
) |
(4 |
) |
(3 |
) |
(3,493 |
) |
(1,172 |
) |
(7,247 |
) |
(83,146 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(15,055 |
) |
(68,617 |
) |
(999 |
) |
(1,844 |
) |
(2,650 |
) |
(13,335 |
) |
(4,756 |
) |
(49,022 |
) |
|||||||||||||||||||
Net increase (decrease) in net assets |
(5,792 |
) |
(93,596 |
) |
8,243 |
(9,732 |
) |
7,824 |
(22,242 |
) |
131,384 |
(235,158 |
) |
||||||||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||||||||||
Beginning of year |
59,641 |
153,237 |
50,407 |
60,139 |
81,414 |
103,656 |
320,759 |
555,917 |
|||||||||||||||||||||||||||
End of year |
$ |
53,849 |
$ |
59,641 |
$ |
58,650 |
$ |
50,407 |
$ |
89,238 |
$ |
81,414 |
$ |
452,143 |
$ |
320,759 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-74
LMPVET ClearBridge Variable Small Cap Growth Division |
LMPVIT Western Asset Core Plus Division |
Morgan Stanley VIF Global Infrastructure Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||||||||||
From Operations: |
|||||||||||||||||||||||||||
Net investment income (loss) |
$ |
(313 |
) |
$ |
(394 |
) |
$ |
13 |
$ |
6 |
$ |
539 |
$ |
811 |
|||||||||||||
Net realized gains (losses) |
(39 |
) |
(1,627 |
) |
(1 |
) |
(1 |
) |
4,943 |
3,289 |
|||||||||||||||||
Change in unrealized gains (losses) on investments |
2,676 |
(16,333 |
) |
10 |
(78 |
) |
(3,972 |
) |
(10,020 |
) |
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
2,324 |
(18,354 |
) |
22 |
(73 |
) |
1,510 |
(5,920 |
) |
||||||||||||||||||
Contract Transactions: |
|||||||||||||||||||||||||||
Purchase payments received from contract owners |
3,550 |
3,573 |
|
|
140 |
573 |
|||||||||||||||||||||
Net transfers (including fixed account) |
(227 |
) |
7,425 |
|
|
2,187 |
(4,688 |
) |
|||||||||||||||||||
Contract charges |
(4 |
) |
(4 |
) |
|
|
(11 |
) |
(21 |
) |
|||||||||||||||||
Transfers for contract benefits and terminations |
(6 |
) |
(24,725 |
) |
(2 |
) |
(2 |
) |
(12,426 |
) |
(177 |
) |
|||||||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
3,313 |
(13,731 |
) |
(2 |
) |
(2 |
) |
(10,110 |
) |
(4,313 |
) |
||||||||||||||||
Net increase (decrease) in net assets |
5,637 |
(32,085 |
) |
20 |
(75 |
) |
(8,600 |
) |
(10,233 |
) |
|||||||||||||||||
Net Assets: |
|||||||||||||||||||||||||||
Beginning of year |
29,416 |
61,501 |
339 |
414 |
55,503 |
65,736 |
|||||||||||||||||||||
End of year |
$ |
35,053 |
$ |
29,416 |
$ |
359 |
$ |
339 |
$ |
46,903 |
$ |
55,503 |
The accompanying notes are an integral part of these financial statements.
E-75
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS (Concluded)
For the years ended December 31, 2023 and 2022
PIMCO VIT CommodityRealReturn®​ Strategy Division |
PIMCO VIT Dynamic Bond Division |
||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||
From Operations: |
|||||||||||||||||||
Net investment income (loss) |
$ |
11,221 |
$ |
14,110 |
$ |
239 |
$ |
84 |
|||||||||||
Net realized gains (losses) |
(1,553 |
) |
366 |
(521 |
) |
949 |
|||||||||||||
Change in unrealized gains (losses) on investments |
(17,367 |
) |
(18,725 |
) |
852 |
(2,471 |
) |
||||||||||||
Net increase (decrease) in net assets resulting from operations |
(7,699 |
) |
(4,249 |
) |
570 |
(1,438 |
) |
||||||||||||
Contract Transactions: |
|||||||||||||||||||
Purchase payments received from contract owners |
80 |
83 |
|
|
|||||||||||||||
Net transfers (including fixed account) |
1,022 |
53,124 |
455 |
(1,432 |
) |
||||||||||||||
Contract charges |
(5 |
) |
(11 |
) |
(5 |
) |
(6 |
) |
|||||||||||
Transfers for contract benefits and terminations |
(3,963 |
) |
(2,765 |
) |
(2,702 |
) |
(5,750 |
) |
|||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(2,866 |
) |
50,431 |
(2,252 |
) |
(7,188 |
) |
||||||||||||
Net increase (decrease) in net assets |
(10,565 |
) |
46,182 |
(1,682 |
) |
(8,626 |
) |
||||||||||||
Net Assets: |
|||||||||||||||||||
Beginning of year |
85,063 |
38,881 |
11,939 |
20,565 |
|||||||||||||||
End of year |
$ |
74,498 |
$ |
85,063 |
$ |
10,257 |
$ |
11,939 |
(a) For the period May 1, 2023 to December 31, 2023.
The accompanying notes are an integral part of these financial statements.
E-76
PIMCO VIT Emerging Markets Bond Division |
TAP 1919 Variable Socially Responsive Balanced Division |
||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
||||||||||||||||
Increase (Decrease) in Net Assets: |
|||||||||||||||||||
From Operations: |
|||||||||||||||||||
Net investment income (loss) |
$ |
555 |
$ |
753 |
$ |
19 |
$ |
(16 |
) |
||||||||||
Net realized gains (losses) |
(1,018 |
) |
(2,995 |
) |
372 |
432 |
|||||||||||||
Change in unrealized gains (losses) on investments |
1,779 |
(3,292 |
) |
1,175 |
(2,670 |
) |
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,316 |
(5,534 |
) |
1,566 |
(2,254 |
) |
|||||||||||||
Contract Transactions: |
|||||||||||||||||||
Purchase payments received from contract owners |
|
|
|
|
|||||||||||||||
Net transfers (including fixed account) |
(1 |
) |
(11,700 |
) |
|
|
|||||||||||||
Contract charges |
(6 |
) |
(9 |
) |
|
|
|||||||||||||
Transfers for contract benefits and terminations |
(4,094 |
) |
(6,936 |
) |
(3 |
) |
(2 |
) |
|||||||||||
Net increase (decrease) in net assets resulting from contract transactions |
(4,101 |
) |
(18,645 |
) |
(3 |
) |
(2 |
) |
|||||||||||
Net increase (decrease) in net assets |
(2,785 |
) |
(24,179 |
) |
1,563 |
(2,256 |
) |
||||||||||||
Net Assets: |
|||||||||||||||||||
Beginning of year |
16,429 |
40,608 |
8,167 |
10,423 |
|||||||||||||||
End of year |
$ |
13,644 |
$ |
16,429 |
$ |
9,730 |
$ |
8,167 |
The accompanying notes are an integral part of these financial statements.
E-77
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS
1. ORGANIZATION
Metropolitan Life Separate Account E (the "Separate Account"), a separate account of Metropolitan Life Insurance Company (the "Company"), was established by the Company's Board of Directors on September 27, 1983 to support operations of the Company with respect to certain variable annuity contracts (the "Contracts"). The Company is a direct wholly-owned subsidiary of MetLife, Inc., a Delaware corporation. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and is subject to the rules and regulations of the United States Securities and Exchange Commission, as well as the New York State Department of Financial Services.
The Separate Account is divided into Divisions, each of which is treated as an individual accounting entity for financial reporting purposes. Each Division invests in shares of the corresponding fund, series or portfolio (with the same name) of registered investment management companies (the "Trusts"), which are presented below:
American Funds Insurance Series®​ ("American Funds")
BlackRock Variable Series Funds, Inc. ("BlackRock")
Brighthouse Funds Trust I ("BHFTI")
Brighthouse Funds Trust II ("BHFTII")
Calvert Variable Series, Inc. ("Calvert")
Delaware VIP Trust ("Delaware VIP")
Fidelity®​ Variable Insurance Products ("Fidelity VIP")
Franklin Templeton Variable Insurance Products Trust ("FTVIPT")
Janus Aspen Series ("Janus Aspen")
Legg Mason Partners Variable Equity Trust ("LMPVET")
Legg Mason Partners Variable Income Trust ("LMPVIT")
Morgan Stanley Variable Insurance Fund, Inc. ("Morgan Stanley VIF")
PIMCO Variable Insurance Trust ("PIMCO VIT")
Trust for Advised Portfolios ("TAP")
The assets of each of the Divisions of the Separate Account are registered in the name of the Company. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the Contracts cannot be used for liabilities arising out of any other business conducted by the Company.
2. LIST OF DIVISIONS
A. Purchase payments, less any applicable charges, applied to the Separate Account are invested in one or more Divisions in accordance with the selection made by the Contract owner. The following Divisions had net assets as of or during the year ended December 31, 2023:
American Funds®​ Global Growth Division
American Funds®​ Global Small Capitalization Division (a)
American Funds®​ Growth Division
American Funds®​ Growth-Income Division
American Funds®​ The Bond Fund of America Division
BHFTI AB Global Dynamic Allocation Division
BHFTI Allspring Mid Cap Value Division
BHFTI American Funds®​ Balanced Allocation Division (a)
BHFTI American Funds®​ Growth Allocation Division (a)
BHFTI American Funds®​ Growth Division
BHFTI American Funds®​ Moderate Allocation Division (a)
BHFTI BlackRock Global Tactical Strategies Division
BHFTI BlackRock High Yield Division (a)
BHFTI Brighthouse Asset Allocation 100 Division (a)
BHFTI Brighthouse Balanced Plus Division
BHFTI Brighthouse Small Cap Value Division
BHFTI Brighthouse/abrdn Emerging Markets Equity Division (a)
BHFTI Brighthouse/Eaton Vance Floating Rate Division
BHFTI Brighthouse/Franklin Low Duration Total Return Division
BHFTI Brighthouse/Templeton International Bond Division
BHFTI Brighthouse/Wellington Large Cap Research Division (a)
BHFTI CBRE Global Real Estate Division (a)
BHFTI Harris Oakmark International Division (a)
BHFTI Invesco Balanced-Risk Allocation Division
BHFTI Invesco Comstock Division
BHFTI Invesco Global Equity Division (a)
E-78
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
2. LIST OF DIVISIONS (Continued)
BHFTI Invesco Small Cap Growth Division (a)
BHFTI JPMorgan Core Bond Division
BHFTI JPMorgan Global Active Allocation Division
BHFTI JPMorgan Small Cap Value Division (a)
BHFTI Loomis Sayles Global Allocation Division
BHFTI Loomis Sayles Growth Division (a)
BHFTI MetLife Multi-Index Targeted Risk Division
BHFTI MFS®​ Research International Division (a)
BHFTI Morgan Stanley Discovery Division (a)
BHFTI PanAgora Global Diversified Risk Division
BHFTI PIMCO Inflation Protected Bond Division (a)
BHFTI PIMCO Total Return Division (a)
BHFTI Schroders Global Multi-Asset Division
BHFTI SSGA Growth and Income ETF Division (a)
BHFTI SSGA Growth ETF Division (a)
BHFTI T. Rowe Price Large Cap Value Division
BHFTI T. Rowe Price Mid Cap Growth Division (a)
BHFTI TCW Core Fixed Income Division
BHFTI Victory Sycamore Mid Cap Value Division (a)
BHFTI Western Asset Management Government Income Division
BHFTII Baillie Gifford International Stock Division (a)
BHFTII BlackRock Bond Income Division (a)
BHFTII BlackRock Capital Appreciation Division (a)
BHFTII BlackRock Ultra-Short Term Bond Division (a)
BHFTII Brighthouse Asset Allocation 20 Division (a)
BHFTII Brighthouse Asset Allocation 40 Division (a)
BHFTII Brighthouse Asset Allocation 60 Division (a)
BHFTII Brighthouse Asset Allocation 80 Division (a)
BHFTII Brighthouse/Artisan Mid Cap Value Division (a)
BHFTII Brighthouse/Dimensional International Small Company Division
BHFTII Brighthouse/Wellington Balanced Division (a)
BHFTII Brighthouse/Wellington Core Equity Opportunities Division (a)
BHFTII Frontier Mid Cap Growth Division (a)
BHFTII Jennison Growth Division (a)
BHFTII Loomis Sayles Small Cap Core Division (a)
BHFTII Loomis Sayles Small Cap Growth Division (a)
BHFTII MetLife Aggregate Bond Index Division (a)
BHFTII MetLife Mid Cap Stock Index Division (a)
BHFTII MetLife MSCI EAFE®​ Index Division (a)
BHFTII MetLife Russell 2000®​ Index Division (a)
BHFTII MetLife Stock Index Division (a)
BHFTII MFS®​ Total Return Division (a)
BHFTII MFS®​ Value Division (a)
BHFTII Neuberger Berman Genesis Division (a)
BHFTII T. Rowe Price Large Cap Growth Division (a)
BHFTII T. Rowe Price Small Cap Growth Division (a)
BHFTII VanEck Global Natural Resources Division
BHFTII Western Asset Management Strategic Bond Opportunities Division (a)
BHFTII Western Asset Management U.S. Government Division (a)
BlackRock Global Allocation V.I. Division
Calvert VP SRI Balanced Division
Calvert VP SRI Mid Cap Division
Delaware VIP®​ Small Cap Value Division
Fidelity®​ VIP Contrafund®​ Division
Fidelity®​ VIP Equity-Income Division
Fidelity®​ VIP Freedom 2020 Division
Fidelity®​ VIP Freedom 2025 Division
Fidelity®​ VIP Freedom 2030 Division
Fidelity®​ VIP Freedom 2035 Division
Fidelity®​ VIP Freedom 2040 Division
Fidelity®​ VIP Freedom 2045 Division
Fidelity®​ VIP Freedom 2050 Division
Fidelity®​ VIP Freedom 2055 Division (b)
Fidelity®​ VIP Freedom 2060 Division (b)
Fidelity®​ VIP FundsManager 50% Division
Fidelity®​ VIP FundsManager 60% Division
Fidelity®​ VIP Government Money Market Division
Fidelity®​ VIP Growth Division
Fidelity®​ VIP Investment Grade Bond Division
Fidelity®​ VIP Mid Cap Division
FTVIPT Templeton Developing Markets VIP Division
FTVIPT Templeton Foreign VIP Division
Janus Henderson Enterprise Division
LMPVET ClearBridge Variable Appreciation Division
LMPVET ClearBridge Variable Dividend Strategy Division
LMPVET ClearBridge Variable Large Cap Growth Division
LMPVET ClearBridge Variable Small Cap Growth Division
LMPVIT Western Asset Core Plus Division
Morgan Stanley VIF Global Infrastructure Division
PIMCO VIT CommodityRealReturn®​ Strategy Division
PIMCO VIT Dynamic Bond Division
PIMCO VIT Emerging Markets Bond Division
TAP 1919 Variable Socially Responsive Balanced Division
(a) This Division invests in two or more share classes within the underlying portfolio, series or fund of the Trusts.
(b) This Division began operations during the year ended December 31, 2023.
E-79
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
2. LIST OF DIVISIONS (Concluded)
B. The following Division had no net assets during the year ended December 31, 2023:
BHFTI Brighthouse/Artisan International Division
3. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable annuity separate accounts registered as unit investment trusts, which follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Investment Companies.
Security Transactions
Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date.
Security Valuation
A Division's investment in shares of a fund, series or portfolio of the Trusts is valued at fair value based on the closing net asset value ("NAV"). All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Divisions. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Each Division invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their daily NAV as reported by the Trusts at the close of each business day.
ASC Topic 820, Fair Value Measurement ("ASC 820") provides that the Separate Account is not required to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Additionally, ASC 820 does not require certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Separate Account's investments in shares of a fund, series or portfolio of the Trusts are using NAV as a practical expedient, therefore investments are not categorized within the ASC 820 fair value hierarchy.
Federal Income Taxes
The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Contracts. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Contracts.
Annuity Payouts
Net assets allocated to Contracts in the annuity payout period are computed according to industry standard mortality tables and, if any, are shown in net assets from Contracts in payout on the statements of assets and liabilities. The assumed investment return is between 3.0 and 6.0 percent. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. Annuity payouts, if any, are included in transfers for Contract benefits and terminations on the statements of changes in net assets of the applicable Divisions.
E-80
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
3. SIGNIFICANT ACCOUNTING POLICIES (Concluded)
Purchase Payments
Purchase payments received from Contract owners by the Company are credited as accumulation units as of the end of the valuation period in which received, as provided in the prospectus for the Contracts, and are reported as Contract transactions on the statements of changes in net assets of the applicable Divisions.
Net Transfers
Assets transferred by the Contract owner into or out of Divisions within the Separate Account or into or out of the fixed account, which is part of the Company's general account, are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Divisions.
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.
4. EXPENSES & CONTRACT CHARGES
The following annual Separate Account charge paid to the Company is an asset-based charge and assessed through a daily reduction in unit values, which are recorded as administrative charges in the accompanying statements of operations of the applicable Divisions:
Administrative The Company has responsibility for the administration of the Contracts and the Separate Account. Generally, the administrative charge is related to the maintenance, including distribution, of each Contract and the Separate Account.
The following annual Separate Account charges paid to the Company are asset-based charges and assessed through a daily reduction in unit values, which are recorded as expenses in the accompanying statements of operations of the applicable Divisions:
Mortality and Expense Risk The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is the risk that expenses incurred in issuing and administering the Contracts will exceed the amounts realized from the administrative charges assessed against the Contracts. In addition, the charge compensates the Company for the risk that the insured (the annuitant) may live longer than estimated and the Company would be obligated to pay more in income payments than anticipated.
Optional Death Benefit Rider For an additional charge, the total death benefit payable may be increased based on increases in account value of the Contracts.
Earnings Preservation Benefit For an additional charge, the Company will provide additional amounts at death to pay expenses that may be due upon the death of the Contract owner, unless the Contract owner is a non-natural person and then the benefit is payable upon the death of the annuitant. This amount may not be sufficient to cover expenses that the Contract owner's heirs may have to pay.
Enhanced Stepped-Up Benefit Rider For an additional charge, the total death benefit payable may be increased based on the greater of the account balance or highest annual Contract anniversary value in the Contract or the greater of the account balance, annual increase amount or highest annual Contract anniversary value in the Contract.
Preservation and Growth Rider For an additional charge, the Company will guarantee at a future date the Account Value (adjusted for withdrawals) will not be less than the initial Purchase Payment.
E-81
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
4. EXPENSES & CONTRACT CHARGES (Concluded)
The table below represents the range of effective annual rates for each respective charge for the year ended December 31, 2023.
Administrative |
0.10 |
% - 0.75% |
|||||
Mortality and Expense Risk |
0.00 |
% - 2.05% |
|||||
Optional Death Benefit Rider |
0.25 |
% |
|||||
Earnings Preservation Benefit |
0.25 |
% |
|||||
Enhanced Stepped-Up Benefit Rider |
0.10 |
% - 0.35% |
|||||
Preservation and Growth Rider |
1.15 |
% - 1.80% |
The above referenced charges may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular Contract. The range of the effective rates disclosed above excludes any waivers granted to certain Divisions.
The following optional rider charges paid to the Company are charged at each Contract anniversary date through the redemption of units, which are recorded as Contract charges in the accompanying statements of changes in net assets of the applicable Divisions:
Guaranteed Minimum Accumulation Benefit For an additional charge, the Company will guarantee that the Contract value will not be less than a guaranteed minimum amount at the end of a specified number of years.
Lifetime Withdrawal Guarantee For an additional charge, the Company will guarantee the periodic return on the investment for life.
Guaranteed Withdrawal Benefit For an additional charge, the Company will guarantee the periodic return on the investment.
Guaranteed Minimum Income Benefit For an additional charge, the Company will guarantee a minimum payment regardless of market conditions.
Enhanced Death Benefit For an additional charge, the amount of the death benefit will be the greater of the account value or the death benefit base.
Enhanced Guaranteed Withdrawal Benefit For an additional charge, the Company will guarantee that at least the entire amount of purchase payments will be returned through a series of withdrawals without annuitizing.
The table below represents the range of effective annual rates for each respective charge for the year ended December 31, 2023:
Guaranteed Minimum Accumulation Benefit |
0.75 |
% |
|||||
Lifetime Withdrawal Guarantee |
0.50 |
% - 1.80% |
|||||
Guaranteed Withdrawal Benefit |
0.90 |
% |
|||||
Guaranteed Minimum Income Benefit |
0.50 |
% - 1.00% |
|||||
Enhanced Death Benefit |
0.60 |
% - 1.50% |
|||||
Enhanced Guaranteed Withdrawal Benefit |
0.50 |
% - 0.55% |
The above referenced charges may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular Contract.
Separate Account charges referred to in this disclosure are for current charges of the Contracts and can vary among products within the Separate Account. A Contract administrative charge which ranges from $0 to $30 is assessed on an annual basis for Contracts with a value of less than $50,000, which may be waived if the Contract reaches a certain asset size or under certain circumstances. The Company reserves the right to charge a transfer fee ranging from $0 to $25 after twelve transfers are made in a Contract year or, for certain Contracts. Currently, the Company is not charging a transfer fee. These charges are paid to the Company, assessed through redemption of units, and recorded as Contract charges in the accompanying statements of changes in net assets.
In addition, certain Contracts impose a surrender charge of 0% to 10% if the Contract is partially or fully surrendered within the specified surrender charge period. These charges are paid to the Company, assessed through redemption of units, and recorded as Contract charges in the accompanying statements of changes in net assets of the applicable Divisions for the years ended December 31, 2023 and 2022.
E-82
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENT OF INVESTMENTS
As of December 31, 2023 |
For the year ended December 31, 2023 |
||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||
American Funds®​ Global Growth Division |
5,485 |
154,258 |
16,054 |
15,714 |
|||||||||||||||
American Funds®​ Global Small Capitalization Division |
17,614,142 |
349,953,387 |
8,715,031 |
38,735,200 |
|||||||||||||||
American Funds®​ Growth Division |
10,569,703 |
774,404,628 |
67,070,552 |
157,299,344 |
|||||||||||||||
American Funds®​ Growth-Income Division |
10,923,180 |
475,790,278 |
45,033,985 |
99,494,361 |
|||||||||||||||
American Funds®​ The Bond Fund of America Division |
6,711,203 |
72,382,602 |
8,667,617 |
8,992,043 |
|||||||||||||||
BHFTI AB Global Dynamic Allocation Division |
78,916,609 |
823,577,431 |
22,365,878 |
113,622,518 |
|||||||||||||||
BHFTI Allspring Mid Cap Value Division |
4,424 |
50,006 |
18,956 |
76,536 |
|||||||||||||||
BHFTI American Funds®​ Balanced Allocation Division |
68,768,010 |
632,358,670 |
67,307,529 |
86,419,272 |
|||||||||||||||
BHFTI American Funds®​ Growth Allocation Division |
48,020,157 |
418,294,336 |
59,526,692 |
50,599,803 |
|||||||||||||||
BHFTI American Funds®​ Growth Division |
25,034,520 |
236,504,790 |
39,360,264 |
54,023,924 |
|||||||||||||||
BHFTI American Funds®​ Moderate Allocation Division |
63,604,644 |
583,332,578 |
49,867,241 |
82,786,129 |
|||||||||||||||
BHFTI BlackRock Global Tactical Strategies Division |
111,494,772 |
1,086,337,812 |
33,307,792 |
145,462,844 |
|||||||||||||||
BHFTI BlackRock High Yield Division |
30,103 |
225,494 |
23,886 |
44,418 |
|||||||||||||||
BHFTI Brighthouse Asset Allocation 100 Division |
22,178,835 |
247,269,068 |
45,582,059 |
29,600,371 |
|||||||||||||||
BHFTI Brighthouse Balanced Plus Division |
240,758,654 |
2,483,861,109 |
69,038,330 |
322,557,197 |
|||||||||||||||
BHFTI Brighthouse Small Cap Value Division |
1,225,591 |
17,156,424 |
2,528,507 |
2,374,238 |
|||||||||||||||
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
3,249,758 |
31,499,069 |
1,212,700 |
4,207,004 |
|||||||||||||||
BHFTI Brighthouse/Eaton Vance Floating Rate Division |
1,609,571 |
16,033,177 |
2,029,224 |
4,739,881 |
|||||||||||||||
BHFTI Brighthouse/Franklin Low Duration Total Return Division |
6,048,673 |
56,538,541 |
9,748,147 |
12,166,731 |
|||||||||||||||
BHFTI Brighthouse/Templeton International Bond Division |
425,310 |
4,210,307 |
242,218 |
525,175 |
|||||||||||||||
BHFTI Brighthouse/Wellington Large Cap Research Division |
52,082,800 |
643,731,503 |
48,121,745 |
89,115,359 |
|||||||||||||||
BHFTI CBRE Global Real Estate Division |
12,251,171 |
141,707,953 |
7,359,701 |
16,938,430 |
|||||||||||||||
BHFTI Harris Oakmark International Division |
22,922,130 |
292,853,386 |
15,924,180 |
55,374,065 |
|||||||||||||||
BHFTI Invesco Balanced-Risk Allocation Division |
38,561,193 |
372,514,937 |
14,812,549 |
54,697,450 |
|||||||||||||||
BHFTI Invesco Comstock Division |
1,240 |
16,688 |
3,033 |
512 |
|||||||||||||||
BHFTI Invesco Global Equity Division |
8,916,108 |
170,478,946 |
15,514,771 |
33,718,443 |
|||||||||||||||
BHFTI Invesco Small Cap Growth Division |
6,395,330 |
67,415,202 |
2,597,101 |
6,673,975 |
|||||||||||||||
BHFTI JPMorgan Core Bond Division |
5,563,273 |
56,809,136 |
5,466,563 |
5,872,066 |
|||||||||||||||
BHFTI JPMorgan Global Active Allocation Division |
47,840,091 |
522,161,364 |
9,924,436 |
79,384,406 |
|||||||||||||||
BHFTI JPMorgan Small Cap Value Division |
1,306,116 |
16,794,362 |
2,253,853 |
2,498,598 |
|||||||||||||||
BHFTI Loomis Sayles Global Allocation Division |
5,107,370 |
74,491,624 |
4,672,628 |
13,084,979 |
|||||||||||||||
BHFTI Loomis Sayles Growth Division |
26,098,288 |
329,099,040 |
30,585,396 |
88,603,732 |
|||||||||||||||
BHFTI MetLife Multi-Index Targeted Risk Division |
50,765,544 |
578,272,220 |
13,938,507 |
78,153,980 |
|||||||||||||||
BHFTI MFS®​ Research International Division |
10,473,803 |
118,808,376 |
7,111,608 |
17,747,365 |
|||||||||||||||
BHFTI Morgan Stanley Discovery Division |
66,577,465 |
713,635,831 |
14,930,993 |
50,266,617 |
|||||||||||||||
BHFTI PanAgora Global Diversified Risk Division |
99,854,720 |
828,901,072 |
47,971,075 |
83,753,809 |
|||||||||||||||
BHFTI PIMCO Inflation Protected Bond Division |
24,986,987 |
264,635,090 |
14,615,138 |
32,652,372 |
|||||||||||||||
BHFTI PIMCO Total Return Division |
49,237,576 |
567,849,180 |
32,058,757 |
51,157,074 |
|||||||||||||||
BHFTI Schroders Global Multi-Asset Division |
38,323,562 |
441,940,477 |
9,220,842 |
71,340,420 |
|||||||||||||||
BHFTI SSGA Growth and Income ETF Division |
45,781,069 |
486,417,939 |
13,309,186 |
62,773,538 |
|||||||||||||||
BHFTI SSGA Growth ETF Division |
10,569,179 |
113,234,367 |
9,327,376 |
13,826,610 |
|||||||||||||||
BHFTI T. Rowe Price Large Cap Value Division |
17,357 |
473,501 |
95,203 |
80,634 |
|||||||||||||||
BHFTI T. Rowe Price Mid Cap Growth Division |
44,064,604 |
398,662,793 |
27,997,531 |
51,300,220 |
|||||||||||||||
BHFTI TCW Core Fixed Income Division |
1,663 |
16,792 |
404 |
1,506 |
|||||||||||||||
BHFTI Victory Sycamore Mid Cap Value Division |
16,820,022 |
297,444,690 |
46,210,431 |
46,797,007 |
|||||||||||||||
BHFTI Western Asset Management Government Income Division |
23,788,610 |
253,104,337 |
12,132,240 |
41,757,054 |
|||||||||||||||
BHFTII Baillie Gifford International Stock Division |
8,682,021 |
97,020,960 |
3,818,370 |
12,795,929 |
|||||||||||||||
BHFTII BlackRock Bond Income Division |
2,791,846 |
292,977,395 |
18,173,567 |
30,708,036 |
|||||||||||||||
BHFTII BlackRock Capital Appreciation Division |
5,090,171 |
164,760,729 |
10,827,658 |
33,677,826 |
|||||||||||||||
BHFTII BlackRock Ultra-Short Term Bond Division |
295,166 |
29,708,301 |
7,890,420 |
12,008,900 |
|||||||||||||||
BHFTII Brighthouse Asset Allocation 20 Division |
19,273,769 |
205,524,055 |
16,231,548 |
40,335,938 |
(a) For the period May 1, 2023 to December 31, 2023.
E-83
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENT OF INVESTMENTS (Continued)
As of December 31, 2023 |
For the year ended December 31, 2023 |
||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||
BHFTII Brighthouse Asset Allocation 40 Division |
60,056,611 |
644,003,120 |
55,619,573 |
93,586,470 |
|||||||||||||||
BHFTII Brighthouse Asset Allocation 60 Division |
223,156,350 |
2,420,051,416 |
256,614,215 |
316,136,940 |
|||||||||||||||
BHFTII Brighthouse Asset Allocation 80 Division |
128,622,171 |
1,475,781,985 |
203,196,245 |
155,477,852 |
|||||||||||||||
BHFTII Brighthouse/Artisan Mid Cap Value Division |
736,731 |
155,559,497 |
23,334,438 |
21,977,368 |
|||||||||||||||
BHFTII Brighthouse/Dimensional International Small Company Division |
456,212 |
5,459,360 |
391,745 |
1,080,524 |
|||||||||||||||
BHFTII Brighthouse/Wellington Balanced Division |
26,622,175 |
466,234,635 |
16,030,903 |
63,289,420 |
|||||||||||||||
BHFTII Brighthouse/Wellington Core Equity Opportunities Division |
14,676,897 |
427,024,933 |
56,903,952 |
54,438,793 |
|||||||||||||||
BHFTII Frontier Mid Cap Growth Division |
16,882,813 |
449,604,587 |
2,807,574 |
45,198,409 |
|||||||||||||||
BHFTII Jennison Growth Division |
15,152,756 |
209,991,591 |
14,753,353 |
45,464,326 |
|||||||||||||||
BHFTII Loomis Sayles Small Cap Core Division |
587,893 |
130,045,526 |
9,901,264 |
19,223,877 |
|||||||||||||||
BHFTII Loomis Sayles Small Cap Growth Division |
4,696,905 |
52,613,426 |
1,910,247 |
6,493,913 |
|||||||||||||||
BHFTII MetLife Aggregate Bond Index Division |
72,467,295 |
773,512,307 |
45,318,136 |
70,369,052 |
|||||||||||||||
BHFTII MetLife Mid Cap Stock Index Division |
25,712,698 |
394,467,910 |
40,328,917 |
53,859,124 |
|||||||||||||||
BHFTII MetLife MSCI EAFE®​ Index Division |
25,517,612 |
308,938,280 |
15,293,803 |
55,904,399 |
|||||||||||||||
BHFTII MetLife Russell 2000®​ Index Division |
16,235,017 |
264,820,569 |
19,520,959 |
35,993,766 |
|||||||||||||||
BHFTII MetLife Stock Index Division |
47,680,440 |
2,000,053,985 |
246,636,968 |
403,795,893 |
|||||||||||||||
BHFTII MFS®​ Total Return Division |
638,691 |
95,407,828 |
9,883,873 |
13,288,796 |
|||||||||||||||
BHFTII MFS®​ Value Division |
37,565,541 |
540,725,171 |
79,641,027 |
69,545,097 |
|||||||||||||||
BHFTII Neuberger Berman Genesis Division |
13,228,860 |
228,106,721 |
24,497,494 |
29,862,100 |
|||||||||||||||
BHFTII T. Rowe Price Large Cap Growth Division |
26,642,039 |
520,139,469 |
15,108,947 |
91,043,880 |
|||||||||||||||
BHFTII T. Rowe Price Small Cap Growth Division |
19,477,978 |
353,697,669 |
18,383,786 |
45,860,410 |
|||||||||||||||
BHFTII VanEck Global Natural Resources Division |
1,530,719 |
16,321,014 |
3,018,753 |
2,315,541 |
|||||||||||||||
BHFTII Western Asset Management Strategic Bond Opportunities Division |
24,504,644 |
307,918,839 |
23,100,143 |
35,634,261 |
|||||||||||||||
BHFTII Western Asset Management U.S. Government Division |
8,720,330 |
101,706,821 |
9,558,370 |
14,786,172 |
|||||||||||||||
BlackRock Global Allocation V.I. Division |
1,310 |
19,005 |
538 |
1,231 |
|||||||||||||||
Calvert VP SRI Balanced Division |
20,090,537 |
41,462,830 |
2,275,649 |
5,808,284 |
|||||||||||||||
Calvert VP SRI Mid Cap Division |
228,745 |
6,412,533 |
159,172 |
908,934 |
|||||||||||||||
Delaware VIP®​ Small Cap Value Division |
22 |
783 |
41 |
8 |
|||||||||||||||
Fidelity®​ VIP Contrafund®​ Division |
13,264 |
463,450 |
37,336 |
249,496 |
|||||||||||||||
Fidelity®​ VIP Equity-Income Division |
2,548,423 |
57,441,805 |
3,767,972 |
7,336,675 |
|||||||||||||||
Fidelity®​ VIP Freedom 2020 Division |
270,590 |
3,602,469 |
352,161 |
1,230,904 |
|||||||||||||||
Fidelity®​ VIP Freedom 2025 Division |
369,407 |
5,560,906 |
1,923,549 |
3,329,016 |
|||||||||||||||
Fidelity®​ VIP Freedom 2030 Division |
576,449 |
8,694,010 |
3,618,071 |
2,323,285 |
|||||||||||||||
Fidelity®​ VIP Freedom 2035 Division |
320,477 |
8,096,841 |
2,576,819 |
623,837 |
|||||||||||||||
Fidelity®​ VIP Freedom 2040 Division |
245,985 |
5,811,593 |
2,510,636 |
618,996 |
|||||||||||||||
Fidelity®​ VIP Freedom 2045 Division |
225,870 |
5,264,682 |
2,075,339 |
650,143 |
|||||||||||||||
Fidelity®​ VIP Freedom 2050 Division |
521,444 |
11,123,120 |
3,528,740 |
999,587 |
|||||||||||||||
Fidelity®​ VIP Freedom 2055 Division |
24,634 |
287,840 |
296,542 |
(a) |
9,594 |
(a) |
|||||||||||||
Fidelity®​ VIP Freedom 2060 Division |
32,000 |
388,754 |
389,691 |
(a) |
928 |
(a) |
|||||||||||||
Fidelity®​ VIP FundsManager 50% Division |
14,972,964 |
177,414,866 |
4,324,896 |
36,462,460 |
|||||||||||||||
Fidelity®​ VIP FundsManager 60% Division |
17,326,048 |
175,504,897 |
3,958,218 |
30,015,201 |
|||||||||||||||
Fidelity®​ VIP Government Money Market Division |
3,843,389 |
3,843,389 |
720,827 |
981,397 |
|||||||||||||||
Fidelity®​ VIP Growth Division |
1,285,107 |
83,021,041 |
6,345,938 |
12,081,882 |
|||||||||||||||
Fidelity®​ VIP Investment Grade Bond Division |
532,302 |
6,797,832 |
448,409 |
1,823,318 |
|||||||||||||||
Fidelity®​ VIP Mid Cap Division |
8,118 |
262,915 |
9,280 |
187,557 |
|||||||||||||||
FTVIPT Templeton Developing Markets VIP Division |
4,406 |
34,523 |
743 |
316 |
|||||||||||||||
FTVIPT Templeton Foreign VIP Division |
146 |
1,903 |
828 |
13 |
|||||||||||||||
Janus Henderson Enterprise Division |
788 |
51,562 |
5,781 |
17,476 |
|||||||||||||||
LMPVET ClearBridge Variable Appreciation Division |
1,011 |
41,227 |
2,054 |
1,479 |
|||||||||||||||
LMPVET ClearBridge Variable Dividend Strategy Division |
4,366 |
80,984 |
17,068 |
6,593 |
(a) For the period May 1, 2023 to December 31, 2023.
E-84
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5. STATEMENT OF INVESTMENTS (Concluded)
As of December 31, 2023 |
For the year ended December 31, 2023 |
||||||||||||||||||
Shares |
Cost ($) |
Cost of Purchases ($) |
Proceeds from Sales ($) |
||||||||||||||||
LMPVET ClearBridge Variable Large Cap Growth Division |
11,693 |
312,460 |
17,253 |
22,256 |
|||||||||||||||
LMPVET ClearBridge Variable Small Cap Growth Division |
1,282 |
35,289 |
3,550 |
549 |
|||||||||||||||
LMPVIT Western Asset Core Plus Division |
73 |
422 |
14 |
2 |
|||||||||||||||
Morgan Stanley VIF Global Infrastructure Division |
7,767 |
56,673 |
11,695 |
13,964 |
|||||||||||||||
PIMCO VIT CommodityRealReturn®​ Strategy Division |
14,084 |
109,074 |
13,565 |
5,213 |
|||||||||||||||
PIMCO VIT Dynamic Bond Division |
1,183 |
11,746 |
845 |
2,855 |
|||||||||||||||
PIMCO VIT Emerging Markets Bond Division |
1,295 |
16,052 |
1,039 |
4,580 |
|||||||||||||||
TAP 1919 Variable Socially Responsive Balanced Division |
308 |
8,867 |
464 |
83 |
(a) For the period May 1, 2023 to December 31, 2023.
E-85
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS
For the years ended December 31, 2023 and 2022:
American Funds®​ Global Growth Division |
American Funds®​ Global Small Capitalization Division |
American Funds®​ Growth Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
20,927 |
26,203 |
6,302,361 |
6,543,370 |
1,852,516 |
1,983,543 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,491 |
1,719 |
2,797,106 |
698,037 |
12,356,035 |
* |
155,505 |
||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,005 |
) |
(6,995 |
) |
(3,384,873 |
) |
(939,046 |
) |
(6,287,112 |
) |
(286,532 |
) |
|||||||||||||||
Units end of year |
19,413 |
20,927 |
5,714,594 |
6,302,361 |
7,921,439 |
1,852,516 |
|||||||||||||||||||||
BHFTI Allspring Mid Cap Value Division |
BHFTI American Funds®​ Balanced Allocation Division |
BHFTI American Funds®​ Growth Allocation Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
3,075 |
6,264 |
32,015,131 |
35,523,223 |
18,373,647 |
20,115,537 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
90 |
16 |
4,676,021 |
1,317,422 |
5,145,159 |
974,713 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,944 |
) |
(3,205 |
) |
(8,221,369 |
) |
(4,825,514 |
) |
(6,679,992 |
) |
(2,716,603 |
) |
|||||||||||||||
Units end of year |
1,221 |
3,075 |
28,469,783 |
32,015,131 |
16,838,814 |
18,373,647 |
|||||||||||||||||||||
BHFTI BlackRock High Yield Division |
BHFTI Brighthouse Asset Allocation 100 Division |
BHFTI Brighthouse Balanced Plus Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
27,293 |
37,764 |
7,535,971 |
7,902,518 |
143,748,307 |
164,181,154 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
4,335 |
2,872 |
4,861,263 |
503,625 |
2,838,549 |
3,830,710 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,881 |
) |
(13,343 |
) |
(5,490,078 |
) |
(870,172 |
) |
(21,428,133 |
) |
(24,263,557 |
) |
|||||||||||||||
Units end of year |
27,747 |
27,293 |
6,907,156 |
7,535,971 |
125,158,723 |
143,748,307 |
|||||||||||||||||||||
BHFTI Brighthouse/Franklin Low Duration Total Return Division |
BHFTI Brighthouse/Templeton International Bond Division |
BHFTI Brighthouse/Wellington Large Cap Research Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
5,611,805 |
6,579,388 |
331,156 |
414,855 |
6,374,312 |
7,052,462 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,905,068 |
1,257,726 |
36,166 |
18,945 |
5,259,653 |
* |
227,459 |
||||||||||||||||||||
Units redeemed and transferred to other funding options |
(2,281,162 |
) |
(2,225,309 |
) |
(59,660 |
) |
(102,644 |
) |
(5,840,430 |
) |
(905,609 |
) |
|||||||||||||||
Units end of year |
5,235,711 |
5,611,805 |
307,662 |
331,156 |
5,793,535 |
6,374,312 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values
decreased during the year ended December 31, 2023. There was no impact to the net assets of the Division.
(a) For the period May 1, 2023 to December 31, 2023.
E-86
American Funds®​ Growth-Income Division |
American Funds®​ The Bond Fund of America Division |
BHFTI AB Global Dynamic Allocation Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
2,009,212 |
2,276,122 |
3,563,015 |
4,106,274 |
59,399,619 |
67,331,765 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
833,057 |
111,927 |
1,786,600 |
432,373 |
841,266 |
1,107,277 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,097,179 |
) |
(378,837 |
) |
(1,856,554 |
) |
(975,632 |
) |
(8,289,754 |
) |
(9,039,423 |
) |
|||||||||||||||
Units end of year |
1,745,090 |
2,009,212 |
3,493,061 |
3,563,015 |
51,951,131 |
59,399,619 |
|||||||||||||||||||||
BHFTI American Funds®​ Growth Division |
BHFTI American Funds®​ Moderate Allocation Division |
BHFTI BlackRock Global Tactical Strategies Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
7,287,992 |
7,703,185 |
33,094,562 |
37,338,886 |
77,906,238 |
88,958,635 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
396,370 |
1,007,989 |
4,149,722 |
723,814 |
1,519,473 |
1,230,872 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,719,216 |
) |
(1,423,182 |
) |
(8,332,280 |
) |
(4,968,138 |
) |
(11,138,037 |
) |
(12,283,269 |
) |
|||||||||||||||
Units end of year |
5,965,146 |
7,287,992 |
28,912,004 |
33,094,562 |
68,287,674 |
77,906,238 |
|||||||||||||||||||||
BHFTI Brighthouse Small Cap Value Division |
BHFTI Brighthouse/abrdn Emerging Markets Equity Division |
BHFTI Brighthouse/ Eaton Vance Floating Rate Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
416,977 |
449,964 |
2,809,473 |
2,787,968 |
1,425,110 |
1,540,034 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
443,103 |
56,970 |
266,949 |
532,020 |
201,614 |
463,534 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(471,596 |
) |
(89,957 |
) |
(528,380 |
) |
(510,515 |
) |
(468,503 |
) |
(578,458 |
) |
|||||||||||||||
Units end of year |
388,484 |
416,977 |
2,548,042 |
2,809,473 |
1,158,221 |
1,425,110 |
|||||||||||||||||||||
BHFTI CBRE Global Real Estate Division |
BHFTI Harris Oakmark International Division |
BHFTI Invesco Balanced-Risk Allocation Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
6,127,028 |
6,612,118 |
9,977,513 |
11,034,401 |
255,386,549 |
271,882,939 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
2,734,027 |
586,270 |
4,037,421 |
1,200,169 |
14,295,589 |
36,473,059 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,243,268 |
) |
(1,071,360 |
) |
(5,321,582 |
) |
(2,257,057 |
) |
(48,409,382 |
) |
(52,969,449 |
) |
|||||||||||||||
Units end of year |
5,617,787 |
6,127,028 |
8,693,352 |
9,977,513 |
221,272,756 |
255,386,549 |
E-87
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023 and 2022:
BHFTI Invesco Comstock Division |
BHFTI Invesco Global Equity Division |
BHFTI Invesco Small Cap Growth Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
4,010 |
4,394 |
12,284,432 |
12,898,558 |
1,052,061 |
1,160,106 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
8 |
2 |
10,640,261 |
1,608,783 |
528,226 |
155,219 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(143 |
) |
(386 |
) |
(11,578,594 |
) |
(2,222,909 |
) |
(622,612 |
) |
(263,264 |
) |
|||||||||||||||
Units end of year |
3,875 |
4,010 |
11,346,099 |
12,284,432 |
957,675 |
1,052,061 |
|||||||||||||||||||||
BHFTI Loomis Sayles Global Allocation Division |
BHFTI Loomis Sayles Growth Division |
BHFTI MetLife Multi-Index Targeted Risk Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
3,039,436 |
3,349,302 |
12,622,181 |
13,754,696 |
385,763,197 |
439,723,634 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
982,097 |
248,488 |
2,887,135 |
* |
1,130,884 |
15,897,103 |
14,246,669 |
||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,378,247 |
) |
(558,354 |
) |
(5,388,596 |
) |
(2,263,399 |
) |
(64,719,267 |
) |
(68,207,106 |
) |
|||||||||||||||
Units end of year |
2,643,286 |
3,039,436 |
10,120,720 |
12,622,181 |
336,941,033 |
385,763,197 |
|||||||||||||||||||||
BHFTI PIMCO Inflation Protected Bond Division |
BHFTI PIMCO Total Return Division |
BHFTI Schroders Global Multi-Asset Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
16,020,300 |
18,836,529 |
28,080,302 |
32,619,518 |
332,465,034 |
381,747,388 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
4,425,349 |
1,742,685 |
8,335,255 |
1,736,837 |
8,983,116 |
8,921,433 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(5,710,017 |
) |
(4,558,914 |
) |
(9,921,307 |
) |
(6,276,053 |
) |
(55,257,580 |
) |
(58,203,787 |
) |
|||||||||||||||
Units end of year |
14,735,632 |
16,020,300 |
26,494,250 |
28,080,302 |
286,190,570 |
332,465,034 |
|||||||||||||||||||||
BHFTI T. Rowe Price Mid Cap Growth Division |
BHFTI TCW Core Fixed Income Division |
BHFTI Victory Sycamore Mid Cap Value Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
10,811,320 |
12,061,669 |
1,631 |
4,056 |
5,395,821 |
6,175,875 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
5,109,237 |
874,072 |
|
|
2,583,600 |
467,684 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(6,247,221 |
) |
(2,124,421 |
) |
(139 |
) |
(2,425 |
) |
(3,177,013 |
) |
(1,247,738 |
) |
|||||||||||||||
Units end of year |
9,673,336 |
10,811,320 |
1,492 |
1,631 |
4,802,408 |
5,395,821 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values
decreased during the year ended December 31, 2023. There was no impact to the net assets of the Division.
(a) For the period May 1, 2023 to December 31, 2023.
E-88
BHFTI JPMorgan Core Bond Division |
BHFTI JPMorgan Global Active Allocation Division |
BHFTI JPMorgan Small Cap Value Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
4,617,391 |
5,727,534 |
351,192,454 |
402,997,702 |
512,320 |
600,320 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
835,773 |
447,793 |
11,874,733 |
13,109,612 |
67,303 |
70,294 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(958,368 |
) |
(1,557,936 |
) |
(59,495,131 |
) |
(64,914,860 |
) |
(114,964 |
) |
(158,294 |
) |
|||||||||||||||
Units end of year |
4,494,796 |
4,617,391 |
303,572,056 |
351,192,454 |
464,659 |
512,320 |
|||||||||||||||||||||
BHFTI MFS®​ Research International Division |
BHFTI Morgan Stanley Discovery Division |
BHFTI PanAgora Global Diversified Risk Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
6,523,996 |
7,162,727 |
8,637,553 |
8,569,702 |
580,490,601 |
61,606,271 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
2,886,106 |
452,567 |
7,453,271 |
1,760,524 |
18,601,459 |
583,844,080 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,582,671 |
) |
(1,091,298 |
) |
(8,293,699 |
) |
(1,692,673 |
) |
(86,329,332 |
) |
(64,959,750 |
) |
|||||||||||||||
Units end of year |
5,827,431 |
6,523,996 |
7,797,125 |
8,637,553 |
512,762,728 |
580,490,601 |
|||||||||||||||||||||
BHFTI SSGA Growth and Income ETF Division |
BHFTI SSGA Growth ETF Division |
BHFTI T. Rowe Price Large Cap Value Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
23,115,501 |
26,261,154 |
4,809,272 |
5,267,322 |
12,282 |
25,963 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,790,902 |
428,403 |
1,413,108 |
228,525 |
734 |
501 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(4,421,369 |
) |
(3,574,056 |
) |
(1,888,388 |
) |
(686,575 |
) |
(993 |
) |
(14,182 |
) |
|||||||||||||||
Units end of year |
20,485,034 |
23,115,501 |
4,333,992 |
4,809,272 |
12,023 |
12,282 |
|||||||||||||||||||||
BHFTI Western Asset Management Government Income Division |
BHFTII Baillie Gifford International Stock Division |
BHFTII BlackRock Bond Income Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
24,291,400 |
27,345,170 |
4,831,928 |
5,050,419 |
5,558,204 |
6,550,596 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,977,842 |
3,920,075 |
2,589,736 |
502,915 |
2,611,580 |
331,293 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(5,254,311 |
) |
(6,973,845 |
) |
(3,048,891 |
) |
(721,406 |
) |
(3,040,197 |
) |
(1,323,685 |
) |
|||||||||||||||
Units end of year |
21,014,931 |
24,291,400 |
4,372,773 |
4,831,928 |
5,129,587 |
5,558,204 |
E-89
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023 and 2022:
BHFTII BlackRock Capital Appreciation Division |
BHFTII BlackRock Ultra-Short Term Bond Division |
BHFTII Brighthouse Asset Allocation 20 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
3,012,995 |
3,306,153 |
2,429,057 |
2,745,802 |
12,946,063 |
15,403,578 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
896,475 |
319,383 |
1,347,206 |
912,722 |
2,104,707 |
743,019 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,232,283 |
) |
(612,541 |
) |
(839,097 |
) |
(1,229,467 |
) |
(4,156,166 |
) |
(3,200,534 |
) |
|||||||||||||||
Units end of year |
2,677,187 |
3,012,995 |
2,937,166 |
2,429,057 |
10,894,604 |
12,946,063 |
|||||||||||||||||||||
BHFTII Brighthouse/Artisan Mid Cap Value Division |
BHFTII Brighthouse/ Dimensional International Small Company Division |
BHFTII Brighthouse/ Wellington Balanced Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
2,714,978 |
3,074,537 |
192,986 |
217,756 |
6,409,020 |
7,106,175 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,063,927 |
139,572 |
14,567 |
17,503 |
5,298,370 |
237,239 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,359,373 |
) |
(499,131 |
) |
(47,881 |
) |
(42,273 |
) |
(6,000,437 |
) |
(934,394 |
) |
|||||||||||||||
Units end of year |
2,419,532 |
2,714,978 |
159,672 |
192,986 |
5,706,953 |
6,409,020 |
|||||||||||||||||||||
BHFTII Loomis Sayles Small Cap Core Division |
BHFTII Loomis Sayles Small Cap Growth Division |
BHFTII MetLife Aggregate Bond Index Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
2,155,234 |
2,370,989 |
1,483,796 |
1,695,408 |
42,623,860 |
48,385,248 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
573,127 |
89,119 |
907,127 |
129,605 |
16,473,553 |
3,462,781 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(783,850 |
) |
(304,874 |
) |
(1,030,463 |
) |
(341,217 |
) |
(18,704,498 |
) |
(9,224,169 |
) |
|||||||||||||||
Units end of year |
1,944,511 |
2,155,234 |
1,360,460 |
1,483,796 |
40,392,915 |
42,623,860 |
|||||||||||||||||||||
BHFTII MetLife Stock Index Division |
BHFTII MFS®​ Total Return Division |
BHFTII MFS®​ Value Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
20,639,211 |
22,605,518 |
2,070,995 |
2,306,720 |
37,064,337 |
40,856,426 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
13,788,312 |
1,623,667 |
961,391 |
131,862 |
30,207,688 |
5,198,920 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(16,238,238 |
) |
(3,589,974 |
) |
(1,179,567 |
) |
(367,587 |
) |
(33,261,573 |
) |
(8,991,009 |
) |
|||||||||||||||
Units end of year |
18,189,285 |
20,639,211 |
1,852,819 |
2,070,995 |
34,010,452 |
37,064,337 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values
decreased during the year ended December 31, 2023. There was no impact to the net assets of the Division.
(a) For the period May 1, 2023 to December 31, 2023.
E-90
BHFTII Brighthouse Asset Allocation 40 Division |
BHFTII Brighthouse Asset Allocation 60 Division |
BHFTII Brighthouse Asset Allocation 80 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
33,365,258 |
38,513,419 |
107,112,668 |
120,826,699 |
56,005,775 |
61,203,569 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
5,614,986 |
959,145 |
19,322,233 |
2,111,868 |
19,490,541 |
1,379,218 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(9,993,752 |
) |
(6,107,306 |
) |
(32,200,658 |
) |
(15,825,899 |
) |
(24,751,254 |
) |
(6,577,012 |
) |
|||||||||||||||
Units end of year |
28,986,492 |
33,365,258 |
94,234,243 |
107,112,668 |
50,745,062 |
56,005,775 |
|||||||||||||||||||||
BHFTII Brighthouse/ Wellington Core Equity Opportunities Division |
BHFTII Frontier Mid Cap Growth Division |
BHFTII Jennison Growth Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
5,504,979 |
6,291,202 |
4,128,328 |
4,467,854 |
8,359,946 |
9,073,417 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,720,491 |
315,077 |
3,634,989 |
137,186 |
3,982,243 |
1,629,326 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(2,256,093 |
) |
(1,101,300 |
) |
(3,999,449 |
) |
(476,712 |
) |
(5,085,934 |
) |
(2,342,797 |
) |
|||||||||||||||
Units end of year |
4,969,377 |
5,504,979 |
3,763,868 |
4,128,328 |
7,256,255 |
8,359,946 |
|||||||||||||||||||||
BHFTII MetLife Mid Cap Stock Index Division |
BHFTII MetLife MSCI EAFE®​ Index Division |
BHFTII MetLife Russell 2000®​ Index Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
8,811,906 |
9,859,099 |
20,653,524 |
22,411,515 |
6,322,259 |
6,792,038 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
4,669,919 |
685,368 |
9,453,281 |
2,157,771 |
3,909,865 |
665,289 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(5,473,608 |
) |
(1,732,561 |
) |
(11,828,166 |
) |
(3,915,762 |
) |
(4,382,154 |
) |
(1,135,068 |
) |
|||||||||||||||
Units end of year |
8,008,217 |
8,811,906 |
18,278,639 |
20,653,524 |
5,849,970 |
6,322,259 |
|||||||||||||||||||||
BHFTII Neuberger Berman Genesis Division |
BHFTII T. Rowe Price Large Cap Growth Division |
BHFTII T. Rowe Price Small Cap Growth Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
5,363,916 |
5,912,293 |
10,967,997 |
11,647,251 |
5,959,999 |
6,652,969 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
2,936,221 |
259,693 |
5,662,018 |
1,593,247 |
4,119,880 |
372,499 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(3,438,305 |
) |
(808,070 |
) |
(7,172,575 |
) |
(2,272,501 |
) |
(4,658,153 |
) |
(1,065,469 |
) |
|||||||||||||||
Units end of year |
4,861,832 |
5,363,916 |
9,457,440 |
10,967,997 |
5,421,726 |
5,959,999 |
E-91
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Continued)
For the years ended December 31, 2023 and 2022:
BHFTII VanEck Global Natural Resources Division |
BHFTII Western Asset Management Strategic Bond Opportunities Division |
BHFTII Western Asset Management U.S. Government Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
1,245,433 |
1,734,410 |
9,126,574 |
10,455,449 |
5,660,639 |
6,670,779 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
296,588 |
214,392 |
3,152,255 |
500,544 |
2,262,315 |
989,282 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(267,304 |
) |
(703,369 |
) |
(4,110,821 |
) |
(1,829,419 |
) |
(2,634,847 |
) |
(1,999,422 |
) |
|||||||||||||||
Units end of year |
1,274,717 |
1,245,433 |
8,168,008 |
9,126,574 |
5,288,107 |
5,660,639 |
|||||||||||||||||||||
Delaware VIP®​ Small Cap Value Division |
Fidelity®​ VIP Contrafund®​ Division |
Fidelity®​ VIP Equity-Income Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
448 |
448 |
52,746 |
55,851 |
1,130,142 |
1,248,036 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
|
1,027 |
946 |
631,751 |
49,177 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
|
|
(16,768 |
) |
(4,051 |
) |
(748,399 |
) |
(167,071 |
) |
|||||||||||||||||
Units end of year |
448 |
448 |
37,005 |
52,746 |
1,013,494 |
1,130,142 |
|||||||||||||||||||||
Fidelity®​ VIP Freedom 2035 Division |
Fidelity®​ VIP Freedom 2040 Division |
Fidelity®​ VIP Freedom 2045 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
157,298 |
112,239 |
97,979 |
68,494 |
98,313 |
68,496 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
241,022 |
62,302 |
169,023 |
42,084 |
164,805 |
34,748 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(188,975 |
) |
(17,243 |
) |
(121,549 |
) |
(12,599 |
) |
(130,263 |
) |
(4,931 |
) |
|||||||||||||||
Units end of year |
209,345 |
157,298 |
145,453 |
97,979 |
132,855 |
98,313 |
|||||||||||||||||||||
Fidelity®​ VIP FundsManager 60% Division |
Fidelity®​ VIP Government Money Market Division |
Fidelity®​ VIP Growth Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
10,734,842 |
12,336,639 |
253,220 |
306,845 |
563,124 |
611,993 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
44,108 |
96,856 |
510,432 |
107,208 |
785,747 |
9,549 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(1,588,197 |
) |
(1,698,653 |
) |
(535,430 |
) |
(160,833 |
) |
(834,524 |
) |
(58,418 |
) |
|||||||||||||||
Units end of year |
9,190,753 |
10,734,842 |
228,222 |
253,220 |
514,347 |
563,124 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values
decreased during the year ended December 31, 2023. There was no impact to the net assets of the Division.
(a) For the period May 1, 2023 to December 31, 2023.
E-92
BlackRock Global Allocation V.I. Division |
Calvert VP SRI Balanced Division |
Calvert VP SRI Mid Cap Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
637 |
652 |
812,083 |
894,700 |
79,527 |
84,007 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
5 |
22 |
877,478 |
53,676 |
85,646 |
3,594 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(38 |
) |
(37 |
) |
(941,978 |
) |
(136,293 |
) |
(94,582 |
) |
(8,074 |
) |
|||||||||||||||
Units end of year |
604 |
637 |
747,583 |
812,083 |
70,591 |
79,527 |
|||||||||||||||||||||
Fidelity®​ VIP Freedom 2020 Division |
Fidelity®​ VIP Freedom 2025 Division |
Fidelity®​ VIP Freedom 2030 Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
178,252 |
163,380 |
269,214 |
287,972 |
265,213 |
290,180 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
173,753 |
39,820 |
296,449 |
71,718 |
436,325 |
120,856 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(215,181 |
) |
(24,948 |
) |
(355,349 |
) |
(90,476 |
) |
(388,545 |
) |
(145,823 |
) |
|||||||||||||||
Units end of year |
136,824 |
178,252 |
210,314 |
269,214 |
312,993 |
265,213 |
|||||||||||||||||||||
Fidelity®​ VIP Freedom 2050 Division |
Fidelity®​ VIP Freedom 2055 Division |
Fidelity®​ VIP Freedom 2060 Division |
Fidelity®​ VIP FundsManager 50% Division |
||||||||||||||||||||||||
2023 |
2022 |
2023 (a) |
2023 (a) |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
213,772 |
149,456 |
|
|
11,378,214 |
12,481,990 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
343,227 |
90,181 |
324,660 |
370,996 |
11,756 |
34,015 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(282,522 |
) |
(25,865 |
) |
(43,410 |
) |
(9,420 |
) |
(1,940,957 |
) |
(1,137,791 |
) |
|||||||||||||||
Units end of year |
274,477 |
213,772 |
281,250 |
361,576 |
9,449,013 |
11,378,214 |
|||||||||||||||||||||
Fidelity®​ VIP Investment Grade Bond Division |
Fidelity®​ VIP Mid Cap Division |
FTVIPT Templeton Developing Markets VIP Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
206,147 |
223,841 |
41,057 |
43,732 |
20,276 |
24,007 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
268,102 |
33,209 |
165 |
104 |
|
|
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(309,948 |
) |
(50,903 |
) |
(17,687 |
) |
(2,779 |
) |
|
(3,731 |
) |
||||||||||||||||
Units end of year |
164,301 |
206,147 |
23,535 |
41,057 |
20,276 |
20,276 |
E-93
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. SCHEDULES OF UNITS (Concluded)
For the years ended December 31, 2023 and 2022:
FTVIPT Templeton Foreign VIP Division |
Janus Henderson Enterprise Division |
LMPVET ClearBridge Variable Appreciation Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
262 |
112 |
4,078 |
8,707 |
4,454 |
4,610 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
179 |
150 |
986 |
153 |
87 |
|
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
|
|
(1,910 |
) |
(4,782 |
) |
(173 |
) |
(156 |
) |
|||||||||||||||||
Units end of year |
441 |
262 |
3,154 |
4,078 |
4,368 |
4,454 |
|||||||||||||||||||||
LMPVIT Western Asset Core Plus Division |
Morgan Stanley VIF Global Infrastructure Division |
PIMCO VIT CommodityRealReturn® ​Strategy Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
108 |
108 |
3,594 |
3,851 |
9,106 |
4,451 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
|
|
522 |
99 |
384 |
5,261 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
|
|
(1,177 |
) |
(356 |
) |
(694 |
) |
(606 |
) |
|||||||||||||||||
Units end of year |
108 |
108 |
2,939 |
3,594 |
8,796 |
9,106 |
* Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values
decreased during the year ended December 31, 2023. There was no impact to the net assets of the Division.
(a) For the period May 1, 2023 to December 31, 2023.
E-94
LMPVET ClearBridge Variable Dividend Strategy Division |
LMPVET ClearBridge Variable Large Cap Growth Division |
LMPVET ClearBridge Variable Small Cap Growth Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
36,359 |
42,161 |
61,685 |
71,487 |
5,200 |
7,572 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
1,378 |
|
3,201 |
6,186 |
819 |
1,901 |
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(2,523 |
) |
(5,802 |
) |
(3,782 |
) |
(15,988 |
) |
(222 |
) |
(4,273 |
) |
|||||||||||||||
Units end of year |
35,214 |
36,359 |
61,104 |
61,685 |
5,797 |
5,200 |
|||||||||||||||||||||
PIMCO VIT Dynamic Bond Division |
PIMCO VIT Emerging Markets Bond Division |
TAP 1919 Variable Socially Responsive Balanced Division |
|||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
||||||||||||||||||||||
Units beginning of year |
1,184 |
1,880 |
1,675 |
3,430 |
1,085 |
1,085 |
|||||||||||||||||||||
Units issued and transferred from other funding options |
220 |
12 |
390 |
96 |
|
|
|||||||||||||||||||||
Units redeemed and transferred to other funding options |
(442 |
) |
(708 |
) |
(795 |
) |
(1,851 |
) |
|
|
|||||||||||||||||
Units end of year |
962 |
1,184 |
1,270 |
1,675 |
1,085 |
1,085 |
E-95
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS
The Company sells a number of variable annuity products which have unique combinations of features and fees, some of which directly affect the unit values of the Divisions. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns.
The following table is a summary of unit values and units outstanding for the Contracts, net assets, net investment income ratios, expense ratios, excluding expenses for the underlying fund, series, or portfolio, and total return ratios for the respective stated periods in the five years ended December 31, 2023:
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
American Funds®​ Global |
2023 |
19,413 |
9.45 |
183,419 |
0.90 |
0.90 |
21.51 |
||||||||||||||||||||||||
Growth Division |
2022 |
20,927 |
7.78 |
162,720 |
0.61 |
0.90 |
(25.41) |
||||||||||||||||||||||||
2021 |
26,203 |
10.43 |
273,167 |
0.33 |
0.90 |
15.38 |
|||||||||||||||||||||||||
2020 |
31,184 |
9.04 |
281,770 |
0.35 |
0.90 |
29.29 |
|||||||||||||||||||||||||
2019 |
34,762 |
6.99 |
242,935 |
1.14 |
0.90 |
34.06 |
|||||||||||||||||||||||||
American Funds®​ Global |
2023 |
5,714,594 |
5.30 - 65.87 |
308,247,050 |
0.26 |
0.50 - 2.50 |
5.15 - 15.42 |
||||||||||||||||||||||||
Small Capitalization Division |
2022 |
6,302,361 |
4.63 - 57.13 |
297,344,865 |
|
0.50 - 2.50 |
(31.29) - (30.01) |
||||||||||||||||||||||||
2021 |
6,543,370 |
6.68 - 81.70 |
443,145,956 |
|
0.50 - 2.50 |
4.10 - 6.05 |
|||||||||||||||||||||||||
2020 |
7,379,440 |
6.36 - 77.12 |
474,942,195 |
0.17 |
0.50 - 2.50 |
26.51 - 28.88 |
|||||||||||||||||||||||||
2019 |
8,707,173 |
4.98 - 59.90 |
437,123,606 |
0.15 |
0.50 - 2.50 |
28.27 - 30.67 |
|||||||||||||||||||||||||
American Funds®​ Growth |
2023 |
7,921,439 |
3.87 - 880.99 |
1,037,944,764 |
0.36 |
0.50 - 2.35 |
11.94 - 37.45 |
||||||||||||||||||||||||
Division4​ |
2022 |
1,852,516 |
2.84 - 692.89 |
873,280,583 |
0.31 |
0.50 - 2.35 |
(31.56) - (30.46) |
||||||||||||||||||||||||
2021 |
1,983,543 |
4.12 - 996.38 |
1,359,475,833 |
0.21 |
0.50 - 2.35 |
19.16 - 21.08 |
|||||||||||||||||||||||||
2020 |
2,243,998 |
3.43 - 822.93 |
1,297,004,971 |
0.32 |
0.50 - 2.35 |
48.54 - 50.94 |
|||||||||||||||||||||||||
2019 |
2,560,095 |
2.30 - 545.20 |
1,023,148,092 |
0.73 |
0.50 - 2.35 |
27.74 - 29.80 |
|||||||||||||||||||||||||
American Funds®​ |
2023 |
1,745,090 |
34.91 - 490.16 |
636,821,332 |
1.34 |
0.50 - 2.35 |
10.79 - 25.20 |
||||||||||||||||||||||||
Growth-Income Division |
2022 |
2,009,212 |
28.12 - 391.51 |
590,162,234 |
1.24 |
0.50 - 2.35 |
(18.43) - (17.12) |
||||||||||||||||||||||||
2021 |
2,276,122 |
34.22 - 472.35 |
808,908,049 |
1.10 |
0.50 - 2.35 |
21.21 - 23.17 |
|||||||||||||||||||||||||
2020 |
2,655,428 |
28.02 - 383.50 |
766,106,526 |
1.35 |
0.50 - 2.35 |
10.90 - 12.69 |
|||||||||||||||||||||||||
2019 |
2,980,149 |
25.08 - 340.30 |
767,275,578 |
1.62 |
0.50 - 2.35 |
23.21 - 25.19 |
|||||||||||||||||||||||||
American Funds®​ The Bond |
2023 |
3,493,061 |
1.05 - 22.62 |
63,085,209 |
3.44 |
0.50 - 2.10 |
2.76 - 4.88 |
||||||||||||||||||||||||
Fund of America Division |
2022 |
3,563,015 |
1.01 - 21.68 |
62,514,765 |
2.81 |
0.50 - 2.10 |
(14.39) - (13.14) |
||||||||||||||||||||||||
2021 |
4,106,274 |
1.17 - 24.96 |
83,591,263 |
1.40 |
0.50 - 2.10 |
(2.38) - (0.95) |
|||||||||||||||||||||||||
2020 |
4,240,005 |
1.19 - 25.20 |
87,818,399 |
2.17 |
0.50 - 2.10 |
7.45 - 9.02 |
|||||||||||||||||||||||||
2019 |
4,042,100 |
1.09 - 23.11 |
77,224,066 |
2.59 |
0.50 - 2.10 |
7.09 - 8.65 |
|||||||||||||||||||||||||
BHFTI AB Global Dynamic |
2023 |
51,951,131 |
13.25 - 15.04 |
769,436,900 |
2.82 |
1.10 - 2.10 |
9.33 - 10.42 |
||||||||||||||||||||||||
Allocation Division |
2022 |
59,399,619 |
12.12 - 13.62 |
797,530,989 |
4.28 |
1.10 - 2.10 |
(22.08) - (21.30) |
||||||||||||||||||||||||
2021 |
67,331,765 |
15.55 - 17.30 |
1,149,682,505 |
0.22 |
1.10 - 2.10 |
7.01 - 8.08 |
|||||||||||||||||||||||||
2020 |
78,219,417 |
14.53 - 16.01 |
1,236,443,892 |
1.77 |
1.10 - 2.10 |
3.88 - 4.92 |
|||||||||||||||||||||||||
2019 |
89,425,360 |
13.99 - 15.26 |
1,348,392,149 |
3.46 |
1.10 - 2.10 |
15.62 - 16.78 |
|||||||||||||||||||||||||
BHFTI Allspring Mid Cap |
2023 |
1,221 |
38.01 - 41.94 |
49,531 |
1.27 |
1.10 - 1.60 |
7.29 - 7.83 |
||||||||||||||||||||||||
Value Division |
2022 |
3,075 |
35.42 - 38.89 |
114,557 |
0.49 |
1.10 - 1.60 |
(6.47) - (6.00) |
||||||||||||||||||||||||
2021 |
6,264 |
37.87 - 41.38 |
248,627 |
0.63 |
1.10 - 1.60 |
26.90 - 27.54 |
|||||||||||||||||||||||||
2020 |
7,353 |
29.85 - 32.44 |
229,968 |
0.89 |
1.10 - 1.60 |
1.08 - 1.59 |
|||||||||||||||||||||||||
2019 |
11,942 |
29.53 - 31.93 |
368,958 |
0.66 |
1.10 - 1.60 |
33.38 - 34.05 |
|||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
28,469,783 |
2.12 - 24.39 |
600,346,077 |
2.31 |
0.50 - 2.10 |
6.69 - 15.97 |
||||||||||||||||||||||||
Balanced Allocation Division |
2022 |
32,015,131 |
1.84 - 21.03 |
587,177,966 |
1.41 |
0.50 - 2.10 |
(18.49) - (17.07) |
||||||||||||||||||||||||
2021 |
35,523,223 |
2.24 - 25.36 |
792,659,669 |
1.18 |
0.50 - 2.10 |
9.81 - 11.82 |
|||||||||||||||||||||||||
2020 |
40,375,709 |
2.03 - 22.68 |
813,811,656 |
1.72 |
0.50 - 2.10 |
13.16 - 15.09 |
|||||||||||||||||||||||||
2019 |
45,337,707 |
1.77 - 19.71 |
800,925,855 |
1.80 |
0.50 - 2.10 |
17.04 - 19.11 |
E-96
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
16,838,814 |
2.40 - 27.02 |
401,931,668 |
2.07 |
0.50 - 2.15 |
7.86 - 19.68 |
||||||||||||||||||||||||
Growth Allocation Division |
2022 |
18,373,647 |
2.02 - 22.58 |
369,378,870 |
1.07 |
0.50 - 2.15 |
(20.25) - (18.93) |
||||||||||||||||||||||||
2021 |
20,115,537 |
2.51 - 27.85 |
502,935,505 |
0.81 |
0.50 - 2.15 |
13.44 - 15.33 |
|||||||||||||||||||||||||
2020 |
21,672,182 |
2.20 - 24.15 |
473,694,389 |
1.56 |
0.50 - 2.15 |
14.43 - 16.34 |
|||||||||||||||||||||||||
2019 |
23,820,328 |
1.90 - 20.76 |
451,501,018 |
1.68 |
0.50 - 2.15 |
21.01 - 23.02 |
|||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
5,965,146 |
4.33 - 44.35 |
251,346,531 |
1.57 |
0.95 - 2.25 |
34.93 - 36.69 |
||||||||||||||||||||||||
Growth Division |
2022 |
7,287,992 |
3.17 - 32.45 |
225,213,085 |
0.55 |
0.95 - 2.25 |
(31.71) - (30.82) |
||||||||||||||||||||||||
2021 |
7,703,185 |
4.59 - 46.90 |
344,916,945 |
|
0.95 - 2.25 |
18.92 - 20.47 |
|||||||||||||||||||||||||
2020 |
10,039,904 |
3.82 - 38.93 |
374,416,489 |
0.84 |
0.95 - 2.25 |
48.25 - 50.20 |
|||||||||||||||||||||||||
2019 |
13,396,429 |
2.55 - 25.92 |
333,656,449 |
0.44 |
0.95 - 2.25 |
27.44 - 29.11 |
|||||||||||||||||||||||||
BHFTI American Funds®​ |
2023 |
28,912,004 |
1.86 - 20.93 |
537,459,449 |
2.62 |
0.50 - 2.10 |
5.60 - 12.35 |
||||||||||||||||||||||||
Moderate Allocation Division |
2022 |
33,094,562 |
1.67 - 18.63 |
551,584,025 |
1.73 |
0.50 - 2.10 |
(16.40) - (15.05) |
||||||||||||||||||||||||
2021 |
37,338,886 |
2.08 - 21.93 |
738,578,220 |
1.54 |
0.50 - 2.10 |
7.36 - 9.09 |
|||||||||||||||||||||||||
2020 |
42,632,501 |
1.91 - 20.11 |
778,574,010 |
1.89 |
0.50 - 2.10 |
10.64 - 12.43 |
|||||||||||||||||||||||||
2019 |
48,048,192 |
1.71 - 17.88 |
786,219,704 |
1.98 |
0.50 - 2.10 |
13.74 - 15.58 |
|||||||||||||||||||||||||
BHFTI BlackRock Global |
2023 |
68,287,674 |
13.15 - 14.92 |
1,003,452,900 |
3.22 |
1.10 - 2.10 |
10.97 - 12.08 |
||||||||||||||||||||||||
Tactical Strategies Division |
2022 |
77,906,238 |
11.85 - 13.32 |
1,022,437,228 |
2.31 |
1.10 - 2.10 |
(20.57) - (19.77) |
||||||||||||||||||||||||
2021 |
88,958,635 |
14.92 - 16.60 |
1,456,631,240 |
1.36 |
1.10 - 2.10 |
7.51 - 8.59 |
|||||||||||||||||||||||||
2020 |
103,549,645 |
13.87 - 15.28 |
1,562,480,869 |
1.58 |
1.10 - 2.10 |
2.14 - 3.17 |
|||||||||||||||||||||||||
2019 |
117,923,351 |
13.58 - 14.82 |
1,726,223,549 |
0.19 |
1.10 - 2.10 |
18.12 - 19.31 |
|||||||||||||||||||||||||
BHFTI BlackRock High Yield |
2023 |
27,747 |
4.04 - 38.15 |
219,520 |
5.51 |
0.90 - 1.60 |
11.28 - 12.40 |
||||||||||||||||||||||||
Division |
2022 |
27,293 |
3.60 - 34.11 |
225,153 |
5.30 |
0.90 - 1.60 |
(11.75) - (10.97) |
||||||||||||||||||||||||
2021 |
37,764 |
4.05 - 38.46 |
374,224 |
4.04 |
0.90 - 1.60 |
3.51 - 4.59 |
|||||||||||||||||||||||||
2020 |
48,501 |
3.89 - 36.97 |
449,845 |
5.34 |
0.90 - 1.60 |
5.80 - 6.79 |
|||||||||||||||||||||||||
2019 |
45,780 |
3.65 - 34.77 |
449,626 |
5.89 |
0.90 - 1.60 |
13.03 - 14.02 |
|||||||||||||||||||||||||
BHFTI Brighthouse Asset |
2023 |
6,907,156 |
3.25 - 59.42 |
227,412,659 |
2.83 |
0.50 - 2.00 |
7.38 - 20.21 |
||||||||||||||||||||||||
Allocation 100 Division |
2022 |
7,535,971 |
2.71 - 49.73 |
208,742,838 |
1.45 |
0.50 - 2.00 |
(21.73) - (20.55) |
||||||||||||||||||||||||
2021 |
7,902,518 |
3.43 - 62.92 |
278,055,934 |
1.20 |
0.50 - 2.00 |
15.79 - 17.54 |
|||||||||||||||||||||||||
2020 |
8,453,543 |
2.93 - 53.89 |
254,598,524 |
1.26 |
0.50 - 2.00 |
16.55 - 18.32 |
|||||||||||||||||||||||||
2019 |
9,271,704 |
2.49 - 45.81 |
237,520,246 |
1.63 |
0.50 - 2.05 |
24.90 - 26.85 |
|||||||||||||||||||||||||
BHFTI Brighthouse Balanced |
2023 |
125,158,723 |
14.89 - 17.00 |
2,094,600,250 |
3.18 |
1.10 - 2.15 |
6.92 - 8.05 |
||||||||||||||||||||||||
Plus Division |
2022 |
143,748,307 |
13.92 - 15.74 |
2,228,950,822 |
2.44 |
1.10 - 2.15 |
(23.47) - (22.66) |
||||||||||||||||||||||||
2021 |
164,181,154 |
18.19 - 20.35 |
3,294,483,428 |
2.32 |
1.10 - 2.15 |
5.26 - 6.37 |
|||||||||||||||||||||||||
2020 |
189,208,847 |
17.28 - 19.13 |
3,572,331,763 |
2.35 |
1.10 - 2.15 |
10.12 - 11.29 |
|||||||||||||||||||||||||
2019 |
212,617,604 |
15.69 - 17.19 |
3,610,425,443 |
2.03 |
1.10 - 2.15 |
20.94 - 22.21 |
|||||||||||||||||||||||||
BHFTI Brighthouse Small Cap |
2023 |
388,484 |
4.69 - 51.10 |
16,962,134 |
1.00 |
0.50 - 1.55 |
12.20 - 13.38 |
||||||||||||||||||||||||
Value Division |
2022 |
416,977 |
4.15 - 45.07 |
16,182,500 |
0.61 |
0.50 - 1.55 |
(14.43) - (13.53) |
||||||||||||||||||||||||
2021 |
449,964 |
4.82 - 52.11 |
20,325,098 |
0.83 |
0.50 - 1.55 |
29.74 - 31.11 |
|||||||||||||||||||||||||
2020 |
492,592 |
3.69 - 39.75 |
17,064,278 |
1.34 |
0.50 - 1.55 |
(2.11) - (1.07) |
|||||||||||||||||||||||||
2019 |
507,130 |
3.74 - 40.18 |
17,894,741 |
0.89 |
0.50 - 1.60 |
26.73 - 28.13 |
|||||||||||||||||||||||||
BHFTI Brighthouse/abrdn |
2023 |
2,548,042 |
1.25 - 11.89 |
28,403,260 |
1.01 |
0.90 - 2.25 |
4.11 - 5.72 |
||||||||||||||||||||||||
Emerging Markets Equity |
2022 |
2,809,473 |
1.19 - 11.27 |
29,791,833 |
0.73 |
0.90 - 2.25 |
(27.46) - (26.24) |
||||||||||||||||||||||||
Division |
2021 |
2,787,968 |
1.61 - 15.34 |
40,417,620 |
0.17 |
0.90 - 2.25 |
(7.18) - (5.66) |
||||||||||||||||||||||||
2020 |
3,047,927 |
1.70 - 16.31 |
47,234,562 |
2.07 |
0.90 - 2.25 |
24.46 - 26.53 |
|||||||||||||||||||||||||
2019 |
3,782,564 |
1.35 - 12.93 |
46,669,817 |
1.65 |
0.90 - 2.25 |
18.06 - 19.90 |
E-97
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI Brighthouse/Eaton |
2023 |
1,158,221 |
12.49 - 14.12 |
15,822,033 |
5.46 |
1.10 - 2.00 |
8.60 - 9.58 |
||||||||||||||||||||||||
Vance Floating Rate Division |
2022 |
1,425,110 |
11.50 - 12.89 |
17,729,471 |
3.52 |
1.10 - 2.00 |
(3.55) - (2.68) |
||||||||||||||||||||||||
2021 |
1,540,034 |
11.92 - 13.24 |
19,666,389 |
3.17 |
1.10 - 2.00 |
1.45 - 2.37 |
|||||||||||||||||||||||||
2020 |
1,594,088 |
11.75 - 12.94 |
19,938,279 |
4.67 |
1.10 - 2.00 |
0.04 - 0.94 |
|||||||||||||||||||||||||
2019 |
2,151,505 |
11.69 - 12.81 |
26,783,935 |
4.58 |
1.10 - 2.05 |
4.86 - 5.86 |
|||||||||||||||||||||||||
BHFTI Brighthouse/Franklin |
2023 |
5,235,711 |
9.01 - 11.11 |
52,865,324 |
3.46 |
0.50 - 2.15 |
2.85 - 5.07 |
||||||||||||||||||||||||
Low Duration Total Return |
2022 |
5,611,805 |
8.87 - 10.57 |
54,277,970 |
2.72 |
0.50 - 2.00 |
(6.62) - (5.21) |
||||||||||||||||||||||||
Division |
2021 |
6,579,388 |
9.50 - 11.15 |
67,677,469 |
1.86 |
0.50 - 2.00 |
(1.70) - (0.22) |
||||||||||||||||||||||||
2020 |
6,584,220 |
9.66 - 11.17 |
68,394,975 |
3.39 |
0.50 - 2.00 |
0.10 - 1.61 |
|||||||||||||||||||||||||
2019 |
7,151,707 |
9.65 - 11.00 |
73,642,877 |
3.32 |
0.50 - 2.00 |
2.56 - 4.11 |
|||||||||||||||||||||||||
BHFTI Brighthouse/Templeton |
2023 |
307,662 |
9.89 - 11.04 |
3,262,095 |
|
0.95 - 1.70 |
1.77 - 2.53 |
||||||||||||||||||||||||
International Bond Division |
2022 |
331,156 |
9.72 - 10.77 |
3,433,306 |
|
0.95 - 1.70 |
(6.24) - (5.53) |
||||||||||||||||||||||||
2021 |
414,855 |
10.36 - 11.40 |
4,563,951 |
|
0.95 - 1.70 |
(6.61) - (5.91) |
|||||||||||||||||||||||||
2020 |
421,632 |
10.71 - 12.11 |
4,944,012 |
6.25 |
0.95 - 2.00 |
(7.78) - (6.80) |
|||||||||||||||||||||||||
2019 |
432,512 |
11.62 - 13.00 |
5,449,838 |
8.38 |
0.95 - 2.00 |
(0.84) - 0.21 |
|||||||||||||||||||||||||
BHFTI |
2023 |
5,793,535 |
4.10 - 346.11 |
716,711,558 |
0.80 |
0.00 - 2.30 |
9.66 - 25.84 |
||||||||||||||||||||||||
Brighthouse/Wellington Large |
2022 |
6,374,312 |
3.30 - 697.93 |
644,887,319 |
0.70 |
0.00 - 2.50 |
(21.14) - (18.96) |
||||||||||||||||||||||||
Cap Research Division4​ |
2021 |
7,052,462 |
4.12 - 861.21 |
889,105,237 |
0.84 |
0.00 - 2.50 |
21.13 - 24.48 |
||||||||||||||||||||||||
2020 |
7,965,776 |
3.34 - 691.83 |
805,727,887 |
1.11 |
0.00 - 2.50 |
19.31 - 22.37 |
|||||||||||||||||||||||||
2019 |
8,991,065 |
2.76 - 565.38 |
741,294,779 |
1.12 |
0.00 - 2.50 |
28.77 - 32.17 |
|||||||||||||||||||||||||
BHFTI CBRE Global Real |
2023 |
5,617,787 |
2.48 - 26.84 |
128,621,436 |
2.49 |
0.50 - 2.25 |
10.23 - 12.24 |
||||||||||||||||||||||||
Estate Division |
2022 |
6,127,028 |
2.22 - 23.93 |
126,167,563 |
4.12 |
0.50 - 2.25 |
(26.66) - (25.20) |
||||||||||||||||||||||||
2021 |
6,612,118 |
2.99 - 32.07 |
183,528,774 |
2.89 |
0.50 - 2.25 |
31.43 - 33.83 |
|||||||||||||||||||||||||
2020 |
7,956,916 |
2.24 - 23.97 |
166,520,792 |
4.52 |
0.50 - 2.25 |
(7.14) - (5.40) |
|||||||||||||||||||||||||
2019 |
8,161,374 |
2.38 - 25.37 |
182,528,745 |
3.08 |
0.50 - 2.25 |
22.03 - 24.29 |
|||||||||||||||||||||||||
BHFTI Harris Oakmark |
2023 |
8,693,352 |
3.36 - 40.20 |
292,864,684 |
1.94 |
0.50 - 2.25 |
1.08 - 18.36 |
||||||||||||||||||||||||
International Division |
2022 |
9,977,513 |
2.85 - 33.96 |
286,002,102 |
2.20 |
0.50 - 2.25 |
(17.87) - (16.42) |
||||||||||||||||||||||||
2021 |
11,034,401 |
3.43 - 40.64 |
379,548,585 |
0.65 |
0.50 - 2.25 |
6.03 - 7.96 |
|||||||||||||||||||||||||
2020 |
13,069,949 |
3.19 - 37.66 |
418,249,872 |
3.30 |
0.50 - 2.25 |
2.77 - 4.68 |
|||||||||||||||||||||||||
2019 |
13,819,826 |
3.06 - 36.01 |
425,579,613 |
2.21 |
0.50 - 2.25 |
21.75 - 24.03 |
|||||||||||||||||||||||||
BHFTI Invesco Balanced-Risk |
2023 |
221,272,756 |
1.29 - 1.42 |
311,960,017 |
3.32 |
1.15 - 2.00 |
4.34 - 5.22 |
||||||||||||||||||||||||
Allocation Division |
2022 |
255,386,549 |
1.23 - 1.35 |
342,320,387 |
6.17 |
1.15 - 2.00 |
(14.14) - (13.41) |
||||||||||||||||||||||||
2021 |
271,882,939 |
1.44 - 1.56 |
420,943,457 |
3.04 |
1.15 - 2.00 |
7.52 - 8.44 |
|||||||||||||||||||||||||
2020 |
305,812,256 |
1.34 - 1.44 |
436,657,575 |
5.45 |
1.15 - 2.00 |
7.95 - 8.87 |
|||||||||||||||||||||||||
2019 |
351,901,497 |
1.24 - 13.34 |
461,843,455 |
|
1.10 - 2.00 |
13.00 - 14.02 |
|||||||||||||||||||||||||
BHFTI Invesco Comstock |
2023 |
3,875 |
2.26 - 31.99 |
15,663 |
1.93 |
0.90 - 1.35 |
10.71 - 11.21 |
||||||||||||||||||||||||
Division |
2022 |
4,010 |
2.03 - 30.20 |
14,227 |
1.77 |
0.90 - 1.35 |
(0.71) - (0.26) |
||||||||||||||||||||||||
2021 |
4,394 |
2.04 - 30.34 |
17,943 |
1.03 |
0.90 - 1.35 |
31.40 - 31.99 |
|||||||||||||||||||||||||
2020 |
6,488 |
1.54 - 23.03 |
54,656 |
2.16 |
0.90 - 1.35 |
(1.84) - (1.40) |
|||||||||||||||||||||||||
2019 |
6,188 |
1.56 - 23.40 |
57,870 |
2.13 |
0.90 - 1.35 |
23.28 - 23.84 |
|||||||||||||||||||||||||
BHFTI Invesco Global Equity |
2023 |
11,346,099 |
2.13 - 76.99 |
211,964,050 |
0.24 |
0.00 - 2.15 |
9.56 - 34.99 |
||||||||||||||||||||||||
Division |
2022 |
12,284,432 |
1.60 - 57.03 |
183,035,203 |
|
0.00 - 2.15 |
(33.26) - (31.70) |
||||||||||||||||||||||||
2021 |
12,898,558 |
2.36 - 66.07 |
286,660,569 |
0.06 |
0.50 - 2.25 |
12.90 - 15.01 |
|||||||||||||||||||||||||
2020 |
13,483,627 |
2.07 - 57.62 |
281,517,566 |
0.77 |
0.50 - 2.15 |
24.93 - 27.09 |
|||||||||||||||||||||||||
2019 |
15,182,482 |
1.63 - 45.47 |
261,214,721 |
0.91 |
0.50 - 2.15 |
28.83 - 31.06 |
E-98
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI Invesco Small Cap |
2023 |
957,675 |
4.48 - 54.14 |
43,157,321 |
|
0.50 - 2.25 |
4.74 - 11.34 |
||||||||||||||||||||||||
Growth Division |
2022 |
1,052,061 |
4.06 - 48.62 |
42,465,874 |
|
0.50 - 2.25 |
(36.59) - (35.47) |
||||||||||||||||||||||||
2021 |
1,160,106 |
6.34 - 75.35 |
73,101,402 |
|
0.50 - 2.25 |
4.55 - 6.40 |
|||||||||||||||||||||||||
2020 |
1,205,933 |
6.01 - 70.81 |
71,253,289 |
|
0.50 - 2.15 |
53.58 - 55.98 |
|||||||||||||||||||||||||
2019 |
1,335,510 |
3.89 - 45.40 |
51,053,864 |
|
0.50 - 2.15 |
21.80 - 23.79 |
|||||||||||||||||||||||||
BHFTI JPMorgan Core Bond |
2023 |
4,494,796 |
9.91 - 11.42 |
50,347,571 |
2.80 |
1.10 - 2.00 |
3.63 - 4.56 |
||||||||||||||||||||||||
Division |
2022 |
4,617,391 |
9.50 - 10.93 |
49,423,341 |
2.45 |
1.10 - 2.00 |
(14.59) - (13.82) |
||||||||||||||||||||||||
2021 |
5,727,534 |
11.05 - 12.69 |
71,214,221 |
2.31 |
1.10 - 2.00 |
(3.41) - (2.54) |
|||||||||||||||||||||||||
2020 |
5,908,327 |
11.14 - 13.02 |
75,426,695 |
3.23 |
1.10 - 2.00 |
5.75 - 6.71 |
|||||||||||||||||||||||||
2019 |
6,207,730 |
10.49 - 12.21 |
74,354,984 |
4.54 |
1.10 - 2.05 |
6.02 - 7.03 |
|||||||||||||||||||||||||
BHFTI JPMorgan Global |
2023 |
303,572,056 |
1.47 - 16.31 |
487,968,893 |
1.74 |
1.10 - 2.00 |
8.32 - 9.30 |
||||||||||||||||||||||||
Active Allocation Division |
2022 |
351,192,454 |
1.35 - 14.92 |
516,956,283 |
2.48 |
1.10 - 2.05 |
(19.22) - (18.45) |
||||||||||||||||||||||||
2021 |
402,997,702 |
1.67 - 18.29 |
727,927,972 |
0.49 |
1.10 - 2.05 |
7.41 - 8.44 |
|||||||||||||||||||||||||
2020 |
462,254,239 |
1.55 - 16.87 |
770,639,003 |
2.30 |
1.10 - 2.05 |
9.94 - 11.00 |
|||||||||||||||||||||||||
2019 |
534,476,737 |
1.41 - 15.20 |
803,699,960 |
2.74 |
1.10 - 2.05 |
14.54 - 15.63 |
|||||||||||||||||||||||||
BHFTI JPMorgan Small Cap |
2023 |
464,659 |
3.56 - 32.74 |
14,459,353 |
1.14 |
0.90 - 2.05 |
10.65 - 12.20 |
||||||||||||||||||||||||
Value Division |
2022 |
512,320 |
3.17 - 29.31 |
14,322,001 |
0.86 |
0.90 - 2.05 |
(15.25) - (13.99) |
||||||||||||||||||||||||
2021 |
600,320 |
3.69 - 34.26 |
19,297,008 |
0.96 |
0.90 - 2.05 |
30.05 - 31.82 |
|||||||||||||||||||||||||
2020 |
768,068 |
2.80 - 26.10 |
18,968,277 |
1.20 |
0.90 - 2.00 |
4.01 - 5.39 |
|||||||||||||||||||||||||
2019 |
808,325 |
2.65 - 24.86 |
18,936,921 |
1.09 |
0.90 - 2.05 |
16.73 - 18.46 |
|||||||||||||||||||||||||
BHFTI Loomis Sayles Global |
2023 |
2,643,286 |
2.55 - 30.96 |
76,304,013 |
|
0.50 - 2.05 |
8.98 - 21.60 |
||||||||||||||||||||||||
Allocation Division |
2022 |
3,039,436 |
2.11 - 25.62 |
72,766,561 |
|
0.50 - 2.00 |
(24.82) - (23.68) |
||||||||||||||||||||||||
2021 |
3,349,302 |
2.79 - 33.77 |
105,733,405 |
0.83 |
0.50 - 2.00 |
12.00 - 13.69 |
|||||||||||||||||||||||||
2020 |
3,759,111 |
2.47 - 29.88 |
105,220,386 |
0.69 |
0.50 - 2.00 |
12.51 - 14.21 |
|||||||||||||||||||||||||
2019 |
4,334,728 |
2.18 - 26.32 |
107,109,800 |
1.49 |
0.50 - 2.05 |
24.94 - 26.89 |
|||||||||||||||||||||||||
BHFTI Loomis Sayles Growth |
2023 |
10,120,720 |
3.21 - 716.12 |
384,789,586 |
|
0.50 - 2.25 |
9.14 - 51.09 |
||||||||||||||||||||||||
Division4​ |
2022 |
12,622,181 |
2.14 - 494.57 |
315,672,632 |
|
0.50 - 2.25 |
(29.60) - (28.33) |
||||||||||||||||||||||||
2021 |
13,754,696 |
3.01 - 690.34 |
480,887,272 |
0.03 |
0.50 - 2.25 |
15.64 - 17.89 |
|||||||||||||||||||||||||
2020 |
16,516,881 |
2.57 - 586.63 |
486,587,823 |
0.65 |
0.50 - 2.25 |
29.28 - 31.68 |
|||||||||||||||||||||||||
2019 |
21,007,586 |
1.97 - 445.88 |
467,060,137 |
0.84 |
0.50 - 2.25 |
20.82 - 23.03 |
|||||||||||||||||||||||||
BHFTI MetLife Multi-Index |
2023 |
336,941,033 |
1.40 - 15.67 |
520,854,431 |
2.29 |
0.90 - 2.10 |
11.46 - 12.81 |
||||||||||||||||||||||||
Targeted Risk Division |
2022 |
385,763,197 |
1.26 - 13.92 |
530,165,527 |
1.80 |
0.90 - 2.10 |
(22.73) - (21.80) |
||||||||||||||||||||||||
2021 |
439,723,634 |
1.63 - 17.83 |
774,902,087 |
1.76 |
0.90 - 2.10 |
7.44 - 8.73 |
|||||||||||||||||||||||||
2020 |
511,620,263 |
1.51 - 16.43 |
831,657,042 |
2.19 |
0.90 - 2.10 |
4.34 - 5.60 |
|||||||||||||||||||||||||
2019 |
572,965,706 |
1.45 - 15.59 |
884,702,376 |
2.14 |
0.90 - 2.10 |
19.18 - 20.62 |
|||||||||||||||||||||||||
BHFTI MFS®​ Research |
2023 |
5,827,431 |
2.31 - 27.78 |
125,706,164 |
1.57 |
0.50 - 2.15 |
2.58 - 12.26 |
||||||||||||||||||||||||
International Division |
2022 |
6,523,996 |
2.08 - 24.75 |
125,419,892 |
1.89 |
0.50 - 2.15 |
(19.20) - (17.98) |
||||||||||||||||||||||||
2021 |
7,162,727 |
2.56 - 30.18 |
168,979,566 |
1.01 |
0.50 - 2.15 |
9.42 - 11.16 |
|||||||||||||||||||||||||
2020 |
8,036,159 |
2.32 - 27.15 |
172,621,221 |
2.31 |
0.50 - 2.15 |
10.65 - 12.45 |
|||||||||||||||||||||||||
2019 |
8,765,910 |
2.08 - 24.14 |
168,375,370 |
1.41 |
0.50 - 2.15 |
25.74 - 27.67 |
|||||||||||||||||||||||||
BHFTI Morgan Stanley |
2023 |
7,797,125 |
4.04 - 50.75 |
342,073,216 |
|
0.50 - 2.25 |
12.99 - 40.16 |
||||||||||||||||||||||||
Discovery Division |
2022 |
8,637,553 |
2.91 - 36.21 |
271,897,111 |
|
0.50 - 2.25 |
(63.36) - (62.71) |
||||||||||||||||||||||||
2021 |
8,569,702 |
7.86 - 97.09 |
729,134,205 |
|
0.50 - 2.25 |
(12.77) - (11.22) |
|||||||||||||||||||||||||
2020 |
9,587,827 |
8.93 - 109.37 |
920,192,712 |
|
0.50 - 2.25 |
147.48 - 151.85 |
|||||||||||||||||||||||||
2019 |
11,049,927 |
3.58 - 43.43 |
423,750,247 |
|
0.50 - 2.25 |
37.01 - 39.43 |
E-99
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI PanAgora Global |
2023 |
512,762,728 |
1.06 - 11.70 |
588,144,274 |
7.73 |
1.10 - 2.00 |
2.64 - 3.57 |
||||||||||||||||||||||||
Diversified Risk Division |
2022 |
580,490,601 |
1.04 - 11.29 |
643,605,338 |
16.96 |
1.10 - 2.00 |
(27.13) - (26.47) |
||||||||||||||||||||||||
2021 |
61,606,271 |
1.42 - 1.52 |
92,948,445 |
|
1.15 - 2.00 |
4.29 - 5.18 |
|||||||||||||||||||||||||
2020 |
67,636,602 |
1.36 - 1.44 |
97,068,610 |
3.14 |
1.15 - 2.00 |
9.63 - 10.57 |
|||||||||||||||||||||||||
2019 |
64,915,547 |
1.24 - 1.31 |
84,293,104 |
3.24 |
1.15 - 2.00 |
19.58 - 20.60 |
|||||||||||||||||||||||||
BHFTI PIMCO Inflation |
2023 |
14,735,632 |
1.12 - 19.08 |
235,419,293 |
2.12 |
0.50 - 2.15 |
1.18 - 3.07 |
||||||||||||||||||||||||
Protected Bond Division |
2022 |
16,020,300 |
1.09 - 18.51 |
250,254,578 |
6.26 |
0.50 - 2.15 |
(13.75) - (12.17) |
||||||||||||||||||||||||
2021 |
18,836,529 |
1.24 - 21.07 |
337,008,189 |
0.73 |
0.50 - 2.15 |
3.18 - 4.93 |
|||||||||||||||||||||||||
2020 |
19,226,114 |
1.18 - 20.08 |
330,502,638 |
2.68 |
0.50 - 2.15 |
9.16 - 11.13 |
|||||||||||||||||||||||||
2019 |
20,971,534 |
1.07 - 18.07 |
327,258,585 |
3.41 |
0.50 - 2.15 |
5.97 - 7.79 |
|||||||||||||||||||||||||
BHFTI PIMCO Total Return |
2023 |
26,494,250 |
1.79 - 21.75 |
479,885,083 |
2.93 |
0.50 - 2.25 |
3.42 - 5.54 |
||||||||||||||||||||||||
Division |
2022 |
28,080,302 |
1.71 - 20.61 |
485,365,597 |
2.96 |
0.50 - 2.25 |
(16.46) - (14.89) |
||||||||||||||||||||||||
2021 |
32,619,518 |
2.03 - 24.24 |
667,326,755 |
1.84 |
0.50 - 2.25 |
(3.59) - (1.77) |
|||||||||||||||||||||||||
2020 |
34,236,760 |
2.09 - 24.71 |
715,365,209 |
3.69 |
0.50 - 2.25 |
6.09 - 8.12 |
|||||||||||||||||||||||||
2019 |
36,674,056 |
1.95 - 22.89 |
715,395,370 |
2.93 |
0.50 - 2.25 |
6.05 - 7.98 |
|||||||||||||||||||||||||
BHFTI Schroders Global |
2023 |
286,190,570 |
1.38 - 15.51 |
436,505,327 |
1.90 |
0.90 - 2.10 |
12.64 - 13.99 |
||||||||||||||||||||||||
Multi-Asset Division |
2022 |
332,465,034 |
1.22 - 13.63 |
446,173,171 |
1.40 |
0.90 - 2.10 |
(21.83) - (20.89) |
||||||||||||||||||||||||
2021 |
381,747,388 |
1.56 - 17.27 |
649,441,142 |
0.32 |
0.90 - 2.10 |
9.11 - 10.42 |
|||||||||||||||||||||||||
2020 |
455,182,622 |
1.43 - 15.67 |
703,341,582 |
1.77 |
0.90 - 2.10 |
(0.02) - 1.19 |
|||||||||||||||||||||||||
2019 |
524,050,033 |
1.43 - 15.51 |
802,843,446 |
1.47 |
0.90 - 2.10 |
18.97 - 20.40 |
|||||||||||||||||||||||||
BHFTI SSGA Growth and |
2023 |
20,485,034 |
18.84 - 24.78 |
452,336,743 |
2.32 |
0.60 - 2.10 |
5.19 - 13.29 |
||||||||||||||||||||||||
Income ETF Division |
2022 |
23,115,501 |
16.88 - 21.87 |
453,319,661 |
3.01 |
0.60 - 2.10 |
(17.13) - (15.88) |
||||||||||||||||||||||||
2021 |
26,261,154 |
20.37 - 26.00 |
616,034,159 |
1.77 |
0.60 - 2.10 |
11.02 - 12.70 |
|||||||||||||||||||||||||
2020 |
30,781,265 |
18.35 - 23.43 |
644,690,157 |
2.68 |
0.50 - 2.10 |
7.54 - 9.28 |
|||||||||||||||||||||||||
2019 |
35,242,960 |
17.06 - 21.44 |
680,226,971 |
2.33 |
0.50 - 2.10 |
17.12 - 19.01 |
|||||||||||||||||||||||||
BHFTI SSGA Growth ETF |
2023 |
4,333,992 |
20.48 - 27.43 |
104,238,016 |
1.88 |
0.50 - 2.10 |
5.54 - 15.18 |
||||||||||||||||||||||||
Division |
2022 |
4,809,272 |
18.07 - 23.82 |
101,146,274 |
2.77 |
0.50 - 2.10 |
(17.62) - (16.29) |
||||||||||||||||||||||||
2021 |
5,267,322 |
21.93 - 28.45 |
133,226,796 |
1.45 |
0.50 - 2.10 |
15.16 - 17.02 |
|||||||||||||||||||||||||
2020 |
6,011,201 |
19.05 - 24.32 |
130,804,692 |
2.42 |
0.50 - 2.10 |
8.44 - 10.20 |
|||||||||||||||||||||||||
2019 |
6,956,479 |
17.56 - 22.07 |
138,322,296 |
1.97 |
0.50 - 2.10 |
19.90 - 21.83 |
|||||||||||||||||||||||||
BHFTI T. Rowe Price Large |
2023 |
12,023 |
16.34 - 152.61 |
450,574 |
1.86 |
0.90 - 1.60 |
7.91 - 8.66 |
||||||||||||||||||||||||
Cap Value Division |
2022 |
12,282 |
15.03 - 140.73 |
469,865 |
1.87 |
0.90 - 1.60 |
(6.65) - (6.00) |
||||||||||||||||||||||||
2021 |
25,963 |
15.99 - 150.00 |
731,476 |
1.81 |
0.90 - 1.60 |
23.98 - 24.85 |
|||||||||||||||||||||||||
2020 |
28,681 |
12.81 - 120.39 |
685,939 |
3.00 |
0.90 - 1.60 |
1.23 - 1.95 |
|||||||||||||||||||||||||
2019 |
33,084 |
12.57 - 118.33 |
725,942 |
1.95 |
0.90 - 1.60 |
24.51 - 25.38 |
|||||||||||||||||||||||||
BHFTI T. Rowe Price Mid Cap |
2023 |
9,673,336 |
3.65 - 66.63 |
361,476,588 |
|
0.50 - 2.25 |
7.99 - 19.25 |
||||||||||||||||||||||||
Growth Division |
2022 |
10,811,320 |
3.09 - 56.00 |
340,891,490 |
|
0.50 - 2.25 |
(24.25) - (22.92) |
||||||||||||||||||||||||
2021 |
12,061,669 |
4.04 - 72.79 |
496,061,829 |
|
0.50 - 2.25 |
12.42 - 14.41 |
|||||||||||||||||||||||||
2020 |
13,981,484 |
3.56 - 63.81 |
505,414,544 |
0.08 |
0.50 - 2.25 |
21.15 - 23.30 |
|||||||||||||||||||||||||
2019 |
16,418,378 |
2.91 - 51.83 |
484,527,095 |
0.08 |
0.50 - 2.25 |
28.15 - 30.41 |
|||||||||||||||||||||||||
BHFTI TCW Core Fixed Income |
2023 |
1,492 |
9.82 - 9.95 |
14,806 |
2.81 |
1.20 - 1.35 |
4.19 - 4.35 |
||||||||||||||||||||||||
Division |
2022 |
1,631 |
9.42 - 9.53 |
15,515 |
0.91 |
1.20 - 1.35 |
(15.52) - (15.39) |
||||||||||||||||||||||||
2021 |
4,056 |
11.16 - 11.27 |
45,391 |
1.34 |
1.20 - 1.35 |
(2.66) - (2.52) |
|||||||||||||||||||||||||
2020 |
4,573 |
11.46 - 11.56 |
52,557 |
3.20 |
1.20 - 1.35 |
7.67 - 7.83 |
|||||||||||||||||||||||||
2019 |
22,517 |
10.64 - 10.77 |
240,520 |
3.06 |
1.10 - 1.35 |
6.94 - 7.20 |
E-100
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTI Victory Sycamore Mid |
2023 |
4,802,408 |
6.54 - 80.95 |
319,864,438 |
1.52 |
0.50 - 2.25 |
7.30 - 9.39 |
||||||||||||||||||||||||
Cap Value Division |
2022 |
5,395,821 |
6.03 - 74.00 |
331,206,446 |
1.73 |
0.50 - 2.25 |
(4.86) - (3.18) |
||||||||||||||||||||||||
2021 |
6,175,875 |
6.28 - 76.43 |
394,481,911 |
1.17 |
0.50 - 2.25 |
28.87 - 31.14 |
|||||||||||||||||||||||||
2020 |
7,196,575 |
4.83 - 58.28 |
351,800,764 |
1.51 |
0.50 - 2.25 |
5.24 - 7.10 |
|||||||||||||||||||||||||
2019 |
7,872,022 |
4.55 - 54.42 |
361,807,709 |
1.16 |
0.50 - 2.25 |
26.12 - 28.34 |
|||||||||||||||||||||||||
BHFTI Western Asset |
2023 |
21,014,931 |
9.29 - 10.48 |
217,903,615 |
2.65 |
1.15 - 2.10 |
2.22 - 3.20 |
||||||||||||||||||||||||
Management Government |
2022 |
24,291,400 |
9.09 - 10.16 |
244,217,321 |
2.27 |
1.15 - 2.10 |
(16.45) - (15.65) |
||||||||||||||||||||||||
Income Division |
2021 |
27,345,170 |
10.88 - 12.04 |
326,125,318 |
2.14 |
1.15 - 2.10 |
(4.01) - (3.09) |
||||||||||||||||||||||||
2020 |
32,375,503 |
11.33 - 12.42 |
398,349,977 |
2.38 |
1.15 - 2.10 |
5.43 - 6.44 |
|||||||||||||||||||||||||
2019 |
32,564,019 |
10.75 - 11.67 |
376,497,264 |
2.73 |
1.15 - 2.10 |
5.26 - 6.26 |
|||||||||||||||||||||||||
BHFTII Baillie Gifford |
2023 |
4,372,773 |
2.11 - 26.23 |
90,110,394 |
1.21 |
0.95 - 2.10 |
2.79 - 17.47 |
||||||||||||||||||||||||
International Stock Division |
2022 |
4,831,928 |
1.81 - 22.33 |
85,003,047 |
1.02 |
0.95 - 2.10 |
(30.22) - (29.27) |
||||||||||||||||||||||||
2021 |
5,050,419 |
2.57 - 31.57 |
126,145,494 |
0.86 |
0.95 - 2.10 |
(2.97) - (1.69) |
|||||||||||||||||||||||||
2020 |
5,562,590 |
2.62 - 32.11 |
140,886,997 |
1.90 |
0.95 - 2.10 |
23.73 - 25.38 |
|||||||||||||||||||||||||
2019 |
6,117,346 |
2.10 - 25.61 |
123,603,248 |
1.23 |
0.95 - 2.15 |
29.75 - 31.57 |
|||||||||||||||||||||||||
BHFTII BlackRock Bond |
2023 |
5,129,587 |
6.80 - 86.77 |
253,716,879 |
2.98 |
0.50 - 2.25 |
2.32 - 5.16 |
||||||||||||||||||||||||
Income Division |
2022 |
5,558,204 |
6.51 - 82.59 |
260,026,298 |
2.75 |
0.50 - 2.25 |
(16.26) - (14.70) |
||||||||||||||||||||||||
2021 |
6,550,596 |
7.69 - 96.92 |
361,431,935 |
2.62 |
0.50 - 2.25 |
(2.90) - (1.08) |
|||||||||||||||||||||||||
2020 |
7,023,787 |
7.83 - 98.08 |
389,186,999 |
3.39 |
0.50 - 2.25 |
5.92 - 7.89 |
|||||||||||||||||||||||||
2019 |
7,472,189 |
7.31 - 90.99 |
384,830,691 |
3.61 |
0.50 - 2.25 |
7.12 - 9.12 |
|||||||||||||||||||||||||
BHFTII BlackRock Capital |
2023 |
2,677,187 |
13.06 - 156.15 |
168,460,568 |
|
0.50 - 2.25 |
12.71 - 48.65 |
||||||||||||||||||||||||
Appreciation Division |
2022 |
3,012,995 |
8.85 - 105.16 |
133,568,070 |
|
0.50 - 2.25 |
(39.14) - (38.01) |
||||||||||||||||||||||||
2021 |
3,306,153 |
14.38 - 169.80 |
234,988,229 |
|
0.50 - 2.25 |
18.19 - 20.42 |
|||||||||||||||||||||||||
2020 |
3,762,727 |
12.02 - 141.17 |
230,129,341 |
|
0.50 - 2.25 |
37.18 - 39.75 |
|||||||||||||||||||||||||
2019 |
4,262,514 |
8.66 - 101.12 |
192,688,204 |
0.02 |
0.50 - 2.25 |
29.57 - 31.99 |
|||||||||||||||||||||||||
BHFTII BlackRock |
2023 |
2,937,166 |
2.38 - 25.55 |
30,782,687 |
1.50 |
0.90 - 2.15 |
1.98 - 4.11 |
||||||||||||||||||||||||
Ultra-Short Term Bond |
2022 |
2,429,057 |
2.29 - 24.61 |
33,824,637 |
|
0.90 - 2.15 |
(0.87) - 0.54 |
||||||||||||||||||||||||
Division |
2021 |
2,745,802 |
2.29 - 24.56 |
37,400,746 |
0.10 |
0.90 - 2.00 |
(2.42) - (1.09) |
||||||||||||||||||||||||
2020 |
3,242,202 |
2.33 - 24.90 |
47,474,049 |
1.72 |
0.90 - 2.00 |
(1.80) - (0.47) |
|||||||||||||||||||||||||
2019 |
3,255,640 |
2.35 - 25.09 |
44,981,636 |
1.60 |
0.90 - 2.00 |
(0.14) - 1.21 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
10,894,604 |
1.79 - 19.27 |
182,236,915 |
3.51 |
0.50 - 2.15 |
3.82 - 7.29 |
||||||||||||||||||||||||
Allocation 20 Division |
2022 |
12,946,063 |
1.67 - 17.96 |
203,222,616 |
3.12 |
0.50 - 2.15 |
(14.54) - (13.12) |
||||||||||||||||||||||||
2021 |
15,403,578 |
1.93 - 20.67 |
280,143,828 |
2.99 |
0.50 - 2.15 |
1.48 - 3.17 |
|||||||||||||||||||||||||
2020 |
17,601,429 |
1.88 - 20.04 |
311,462,767 |
2.81 |
0.50 - 2.15 |
7.18 - 8.97 |
|||||||||||||||||||||||||
2019 |
19,652,658 |
1.73 - 18.39 |
321,894,499 |
2.18 |
0.50 - 2.25 |
9.25 - 11.18 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
28,986,492 |
2.13 - 22.92 |
572,822,157 |
3.49 |
0.50 - 2.15 |
4.66 - 9.97 |
||||||||||||||||||||||||
Allocation 40 Division |
2022 |
33,365,258 |
1.94 - 20.84 |
603,366,834 |
2.60 |
0.50 - 2.15 |
(15.67) - (14.27) |
||||||||||||||||||||||||
2021 |
38,513,419 |
2.27 - 24.31 |
818,808,370 |
2.68 |
0.50 - 2.15 |
5.14 - 6.89 |
|||||||||||||||||||||||||
2020 |
43,790,060 |
2.14 - 22.74 |
875,065,802 |
2.69 |
0.50 - 2.15 |
8.67 - 10.48 |
|||||||||||||||||||||||||
2019 |
49,796,769 |
1.94 - 20.58 |
908,735,683 |
2.19 |
0.50 - 2.15 |
13.14 - 15.02 |
|||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
94,234,243 |
2.50 - 26.95 |
2,196,814,212 |
3.14 |
0.50 - 2.15 |
5.53 - 13.03 |
||||||||||||||||||||||||
Allocation 60 Division |
2022 |
107,112,668 |
2.22 - 23.84 |
2,227,101,315 |
2.15 |
0.50 - 2.15 |
(17.13) - (15.75) |
||||||||||||||||||||||||
2021 |
120,826,699 |
2.65 - 28.30 |
3,004,188,035 |
2.12 |
0.50 - 2.15 |
8.55 - 10.35 |
|||||||||||||||||||||||||
2020 |
138,788,939 |
2.41 - 25.65 |
3,132,220,695 |
2.21 |
0.50 - 2.15 |
11.42 - 13.28 |
|||||||||||||||||||||||||
2019 |
157,596,785 |
2.13 - 22.64 |
3,165,966,352 |
1.96 |
0.50 - 2.15 |
16.88 - 18.83 |
E-101
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTII Brighthouse Asset |
2023 |
50,745,062 |
2.87 - 30.95 |
1,363,001,239 |
3.05 |
0.50 - 2.15 |
6.44 - 16.71 |
||||||||||||||||||||||||
Allocation 80 Division |
2022 |
56,005,775 |
2.47 - 26.52 |
1,298,523,579 |
1.81 |
0.50 - 2.15 |
(19.71) - (18.38) |
||||||||||||||||||||||||
2021 |
61,203,569 |
3.04 - 32.49 |
1,751,110,118 |
1.69 |
0.50 - 2.15 |
12.27 - 14.14 |
|||||||||||||||||||||||||
2020 |
68,356,199 |
2.67 - 28.47 |
1,722,419,271 |
1.84 |
0.50 - 2.15 |
14.11 - 16.01 |
|||||||||||||||||||||||||
2019 |
76,334,895 |
2.31 - 24.54 |
1,670,394,964 |
1.77 |
0.50 - 2.15 |
21.10 - 23.11 |
|||||||||||||||||||||||||
BHFTII Brighthouse/Artisan |
2023 |
2,419,532 |
8.40 - 100.15 |
154,888,390 |
0.72 |
0.50 - 2.05 |
9.00 - 17.65 |
||||||||||||||||||||||||
Mid Cap Value Division |
2022 |
2,714,978 |
7.18 - 85.13 |
149,107,149 |
0.81 |
0.50 - 2.05 |
(14.60) - (13.27) |
||||||||||||||||||||||||
2021 |
3,074,537 |
8.33 - 98.15 |
195,847,200 |
0.83 |
0.50 - 2.15 |
24.02 - 25.96 |
|||||||||||||||||||||||||
2020 |
3,488,897 |
6.65 - 77.92 |
178,298,975 |
0.84 |
0.50 - 2.05 |
3.82 - 5.45 |
|||||||||||||||||||||||||
2019 |
3,807,667 |
6.35 - 73.90 |
186,211,530 |
0.62 |
0.50 - 2.25 |
20.69 - 22.82 |
|||||||||||||||||||||||||
BHFTII |
2023 |
159,672 |
25.28 - 29.20 |
4,552,947 |
2.33 |
1.10 - 2.05 |
11.22 - 12.28 |
||||||||||||||||||||||||
Brighthouse/Dimensional |
2022 |
192,986 |
22.73 - 26.01 |
4,901,771 |
2.34 |
1.10 - 2.05 |
(19.37) - (18.60) |
||||||||||||||||||||||||
International Small Company |
2021 |
217,756 |
28.19 - 31.95 |
6,805,165 |
1.53 |
1.10 - 2.05 |
11.55 - 12.61 |
||||||||||||||||||||||||
Division |
2020 |
256,198 |
25.27 - 28.37 |
7,124,915 |
2.53 |
1.10 - 2.05 |
6.58 - 7.60 |
||||||||||||||||||||||||
2019 |
299,239 |
23.71 - 26.37 |
7,739,398 |
1.03 |
1.10 - 2.05 |
20.54 - 21.69 |
|||||||||||||||||||||||||
BHFTII |
2023 |
5,706,953 |
2.10 - 129.95 |
479,030,995 |
2.14 |
0.90 - 2.15 |
7.08 - 17.05 |
||||||||||||||||||||||||
Brighthouse/Wellington |
2022 |
6,409,020 |
1.80 - 111.07 |
461,892,147 |
1.69 |
0.90 - 2.15 |
(19.02) - (17.82) |
||||||||||||||||||||||||
Balanced Division |
2021 |
7,106,175 |
2.20 - 135.22 |
629,816,680 |
1.81 |
0.90 - 2.15 |
11.44 - 13.00 |
||||||||||||||||||||||||
2020 |
7,735,328 |
1.96 - 119.71 |
610,629,506 |
2.19 |
0.90 - 2.15 |
15.03 - 16.67 |
|||||||||||||||||||||||||
2019 |
8,451,244 |
1.69 - 102.66 |
574,717,552 |
2.18 |
0.90 - 2.15 |
20.24 - 21.89 |
|||||||||||||||||||||||||
BHFTII |
2023 |
4,969,377 |
11.27 - 134.39 |
411,040,218 |
1.27 |
0.50 - 2.25 |
4.83 - 6.97 |
||||||||||||||||||||||||
Brighthouse/Wellington Core |
2022 |
5,504,979 |
10.61 - 125.78 |
429,404,884 |
1.28 |
0.50 - 2.25 |
(7.41) - (5.69) |
||||||||||||||||||||||||
Equity Opportunities Division |
2021 |
6,291,202 |
11.33 - 133.49 |
531,319,660 |
1.25 |
0.50 - 2.25 |
21.35 - 23.62 |
||||||||||||||||||||||||
2020 |
7,259,472 |
9.23 - 108.10 |
503,780,671 |
1.44 |
0.50 - 2.25 |
8.50 - 10.55 |
|||||||||||||||||||||||||
2019 |
8,239,874 |
8.40 - 97.90 |
520,632,824 |
1.45 |
0.50 - 2.25 |
27.74 - 30.09 |
|||||||||||||||||||||||||
BHFTII Frontier Mid Cap |
2023 |
3,763,868 |
15.87 - 166.26 |
407,902,206 |
|
0.90 - 2.25 |
5.85 - 16.89 |
||||||||||||||||||||||||
Growth Division |
2022 |
4,128,328 |
13.58 - 142.23 |
384,728,789 |
|
0.90 - 2.25 |
(29.93) - (28.82) |
||||||||||||||||||||||||
2021 |
4,467,854 |
19.09 - 199.82 |
586,525,681 |
|
0.90 - 2.25 |
11.84 - 13.60 |
|||||||||||||||||||||||||
2020 |
4,933,281 |
16.82 - 175.90 |
572,542,548 |
|
0.90 - 2.25 |
28.45 - 30.46 |
|||||||||||||||||||||||||
2019 |
5,529,994 |
12.90 - 134.83 |
494,555,658 |
|
0.90 - 2.25 |
29.88 - 31.88 |
|||||||||||||||||||||||||
BHFTII Jennison Growth |
2023 |
7,256,255 |
2.69 - 71.61 |
209,302,202 |
|
0.50 - 2.25 |
12.73 - 52.10 |
||||||||||||||||||||||||
Division |
2022 |
8,359,946 |
1.78 - 47.17 |
160,933,782 |
|
0.50 - 2.25 |
(40.38) - (39.33) |
||||||||||||||||||||||||
2021 |
9,073,417 |
2.95 - 77.89 |
287,427,814 |
|
0.50 - 2.25 |
14.31 - 16.33 |
|||||||||||||||||||||||||
2020 |
10,579,883 |
2.55 - 67.11 |
289,505,068 |
0.06 |
0.50 - 2.25 |
52.89 - 55.59 |
|||||||||||||||||||||||||
2019 |
11,874,095 |
1.65 - 43.21 |
211,338,418 |
0.26 |
0.50 - 2.25 |
29.55 - 31.83 |
|||||||||||||||||||||||||
BHFTII Loomis Sayles Small |
2023 |
1,944,511 |
10.90 - 130.91 |
126,813,424 |
0.07 |
0.50 - 2.25 |
7.37 - 16.60 |
||||||||||||||||||||||||
Cap Core Division |
2022 |
2,155,234 |
9.41 - 112.28 |
122,718,093 |
|
0.50 - 2.25 |
(17.16) - (15.70) |
||||||||||||||||||||||||
2021 |
2,370,989 |
11.23 - 133.19 |
163,685,620 |
0.03 |
0.50 - 2.25 |
18.94 - 21.04 |
|||||||||||||||||||||||||
2020 |
2,707,781 |
9.33 - 110.04 |
156,522,639 |
0.04 |
0.50 - 2.25 |
9.29 - 11.23 |
|||||||||||||||||||||||||
2019 |
3,029,622 |
8.44 - 98.93 |
157,396,600 |
0.01 |
0.50 - 2.25 |
22.44 - 24.60 |
|||||||||||||||||||||||||
BHFTII Loomis Sayles Small |
2023 |
1,360,460 |
3.36 - 43.57 |
44,754,633 |
|
0.50 - 2.10 |
4.16 - 10.99 |
||||||||||||||||||||||||
Cap Growth Division |
2022 |
1,483,796 |
3.05 - 39.30 |
44,445,112 |
|
0.50 - 2.10 |
(24.70) - (23.48) |
||||||||||||||||||||||||
2021 |
1,695,408 |
4.03 - 51.50 |
64,952,389 |
|
0.50 - 2.15 |
7.46 - 9.19 |
|||||||||||||||||||||||||
2020 |
1,855,495 |
3.72 - 47.26 |
66,012,877 |
|
0.50 - 2.15 |
31.25 - 33.37 |
|||||||||||||||||||||||||
2019 |
2,127,099 |
2.81 - 35.51 |
57,340,292 |
|
0.50 - 2.10 |
23.88 - 25.88 |
E-102
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTII MetLife Aggregate |
2023 |
40,392,915 |
1.62 - 20.06 |
677,079,190 |
2.72 |
0.50 - 2.25 |
2.59 - 4.62 |
||||||||||||||||||||||||
Bond Index Division |
2022 |
42,623,860 |
1.56 - 19.20 |
687,832,716 |
2.63 |
0.50 - 2.25 |
(15.24) - (13.65) |
||||||||||||||||||||||||
2021 |
48,385,248 |
1.83 - 22.26 |
910,569,466 |
2.40 |
0.50 - 2.25 |
(4.39) - (2.56) |
|||||||||||||||||||||||||
2020 |
48,820,793 |
1.89 - 22.87 |
949,536,445 |
2.67 |
0.50 - 2.25 |
4.63 - 6.52 |
|||||||||||||||||||||||||
2019 |
51,794,175 |
1.79 - 21.48 |
952,097,631 |
3.03 |
0.50 - 2.25 |
5.93 - 7.93 |
|||||||||||||||||||||||||
BHFTII MetLife Mid Cap |
2023 |
8,008,217 |
5.17 - 63.10 |
426,347,826 |
1.16 |
0.50 - 2.15 |
8.48 - 15.19 |
||||||||||||||||||||||||
Stock Index Division |
2022 |
8,811,906 |
4.52 - 54.78 |
409,884,025 |
0.93 |
0.50 - 2.15 |
(15.24) - (13.87) |
||||||||||||||||||||||||
2021 |
9,859,099 |
5.30 - 63.60 |
534,359,988 |
0.94 |
0.50 - 2.25 |
21.31 - 23.45 |
|||||||||||||||||||||||||
2020 |
11,467,060 |
4.33 - 51.52 |
506,052,707 |
1.31 |
0.50 - 2.25 |
10.63 - 12.59 |
|||||||||||||||||||||||||
2019 |
12,674,256 |
3.88 - 45.76 |
500,876,128 |
1.21 |
0.50 - 2.25 |
22.77 - 24.94 |
|||||||||||||||||||||||||
BHFTII MetLife MSCI EAFE®​ |
2023 |
18,278,639 |
1.97 - 27.82 |
372,407,269 |
2.36 |
0.50 - 2.15 |
4.94 - 17.05 |
||||||||||||||||||||||||
Index Division |
2022 |
20,653,524 |
1.69 - 23.82 |
361,694,860 |
3.54 |
0.50 - 2.15 |
(16.42) - (15.07) |
||||||||||||||||||||||||
2021 |
22,411,515 |
2.01 - 28.11 |
465,174,812 |
1.63 |
0.50 - 2.25 |
8.02 - 9.93 |
|||||||||||||||||||||||||
2020 |
24,590,517 |
1.85 - 25.63 |
466,904,304 |
3.06 |
0.50 - 2.25 |
5.18 - 7.04 |
|||||||||||||||||||||||||
2019 |
25,852,531 |
1.74 - 23.99 |
460,668,541 |
2.54 |
0.50 - 2.25 |
18.85 - 20.94 |
|||||||||||||||||||||||||
BHFTII MetLife Russell 2000®​ |
2023 |
5,849,970 |
4.55 - 56.35 |
276,319,115 |
1.20 |
0.50 - 2.25 |
9.80 - 15.93 |
||||||||||||||||||||||||
Index Division |
2022 |
6,322,259 |
3.96 - 48.61 |
259,507,834 |
0.90 |
0.50 - 2.25 |
(22.20) - (20.83) |
||||||||||||||||||||||||
2021 |
6,792,038 |
5.04 - 61.40 |
353,923,752 |
0.88 |
0.50 - 2.25 |
11.69 - 13.66 |
|||||||||||||||||||||||||
2020 |
7,531,805 |
4.47 - 54.02 |
346,715,527 |
1.25 |
0.50 - 2.25 |
16.69 - 18.75 |
|||||||||||||||||||||||||
2019 |
8,484,812 |
3.80 - 45.49 |
330,807,385 |
1.03 |
0.50 - 2.25 |
22.52 - 24.68 |
|||||||||||||||||||||||||
BHFTII MetLife Stock Index |
2023 |
18,189,285 |
14.97 - 199.28 |
2,819,061,401 |
1.33 |
0.50 - 2.25 |
8.75 - 25.13 |
||||||||||||||||||||||||
Division |
2022 |
20,639,211 |
12.08 - 159.42 |
2,574,589,262 |
1.19 |
0.50 - 2.25 |
(20.32) - (18.82) |
||||||||||||||||||||||||
2021 |
22,605,518 |
15.02 - 196.61 |
3,495,089,897 |
1.45 |
0.50 - 2.25 |
25.19 - 27.53 |
|||||||||||||||||||||||||
2020 |
25,861,616 |
11.89 - 154.32 |
3,154,806,376 |
1.82 |
0.50 - 2.25 |
15.20 - 17.34 |
|||||||||||||||||||||||||
2019 |
29,028,565 |
10.23 - 131.63 |
3,037,442,351 |
2.05 |
0.50 - 2.25 |
27.89 - 30.30 |
|||||||||||||||||||||||||
BHFTII MFS®​ Total Return |
2023 |
1,852,819 |
1.74 - 128.44 |
95,299,894 |
2.07 |
0.50 - 1.85 |
6.36 - 9.59 |
||||||||||||||||||||||||
Division |
2022 |
2,070,995 |
1.60 - 117.21 |
96,428,667 |
1.65 |
0.50 - 1.85 |
(11.52) - (10.32) |
||||||||||||||||||||||||
2021 |
2,306,720 |
1.79 - 130.69 |
120,981,417 |
1.73 |
0.50 - 1.85 |
11.85 - 13.37 |
|||||||||||||||||||||||||
2020 |
2,535,226 |
1.58 - 115.28 |
117,745,426 |
2.30 |
0.50 - 2.00 |
7.31 - 8.94 |
|||||||||||||||||||||||||
2019 |
2,894,622 |
1.46 - 105.82 |
123,762,477 |
2.23 |
0.50 - 2.15 |
17.52 - 19.47 |
|||||||||||||||||||||||||
BHFTII MFS®​ Value Division |
2023 |
34,010,452 |
2.39 - 46.88 |
514,394,760 |
1.70 |
0.00 - 2.15 |
5.67 - 7.97 |
||||||||||||||||||||||||
2022 |
37,064,337 |
2.24 - 43.95 |
536,663,808 |
1.52 |
0.00 - 2.15 |
(8.12) - (6.10) |
|||||||||||||||||||||||||
2021 |
40,856,426 |
2.41 - 47.38 |
663,945,304 |
1.41 |
0.50 - 2.15 |
22.73 - 24.73 |
|||||||||||||||||||||||||
2020 |
45,919,271 |
1.95 - 38.23 |
627,751,137 |
1.81 |
0.50 - 2.25 |
1.43 - 3.29 |
|||||||||||||||||||||||||
2019 |
47,345,124 |
1.90 - 37.29 |
665,585,348 |
1.75 |
0.50 - 2.25 |
26.96 - 29.29 |
|||||||||||||||||||||||||
BHFTII Neuberger Berman |
2023 |
4,861,832 |
2.54 - 60.73 |
239,269,608 |
0.06 |
0.50 - 2.10 |
5.83 - 14.63 |
||||||||||||||||||||||||
Genesis Division |
2022 |
5,363,916 |
4.62 - 52.98 |
232,034,093 |
|
0.50 - 2.10 |
(20.94) - (19.72) |
||||||||||||||||||||||||
2021 |
5,912,293 |
5.79 - 66.00 |
320,936,546 |
0.04 |
0.50 - 2.15 |
15.69 - 17.53 |
|||||||||||||||||||||||||
2020 |
6,733,229 |
4.95 - 56.16 |
311,591,184 |
0.08 |
0.50 - 2.15 |
22.28 - 24.14 |
|||||||||||||||||||||||||
2019 |
7,645,037 |
4.01 - 45.24 |
287,729,651 |
0.12 |
0.50 - 2.15 |
26.73 - 28.76 |
|||||||||||||||||||||||||
BHFTII T. Rowe Price Large |
2023 |
9,457,440 |
3.40 - 71.88 |
533,304,465 |
|
0.50 - 2.25 |
10.63 - 45.80 |
||||||||||||||||||||||||
Cap Growth Division |
2022 |
10,967,997 |
2.35 - 49.30 |
423,605,252 |
|
0.50 - 2.25 |
(41.99) - (40.96) |
||||||||||||||||||||||||
2021 |
11,647,251 |
4.00 - 83.51 |
769,206,460 |
|
0.50 - 2.25 |
17.28 - 19.35 |
|||||||||||||||||||||||||
2020 |
13,310,314 |
3.38 - 69.97 |
738,162,692 |
0.09 |
0.50 - 2.25 |
33.59 - 35.96 |
|||||||||||||||||||||||||
2019 |
15,477,657 |
2.50 - 51.46 |
629,369,388 |
0.26 |
0.50 - 2.25 |
27.68 - 29.94 |
E-103
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
BHFTII T. Rowe Price Small |
2023 |
5,421,726 |
6.59 - 78.45 |
358,856,338 |
0.03 |
0.50 - 2.15 |
8.34 - 20.67 |
||||||||||||||||||||||||
Cap Growth Division |
2022 |
5,959,999 |
5.50 - 65.01 |
328,540,226 |
0.10 |
0.50 - 2.25 |
(24.07) - (22.73) |
||||||||||||||||||||||||
2021 |
6,652,969 |
7.16 - 84.14 |
476,701,925 |
0.02 |
0.50 - 2.25 |
8.88 - 10.80 |
|||||||||||||||||||||||||
2020 |
7,569,000 |
6.50 - 75.93 |
491,278,222 |
0.10 |
0.50 - 2.25 |
21.28 - 23.42 |
|||||||||||||||||||||||||
2019 |
8,620,361 |
5.30 - 61.52 |
455,812,251 |
0.02 |
0.50 - 2.25 |
29.88 - 32.17 |
|||||||||||||||||||||||||
BHFTII VanEck Global |
2023 |
1,274,717 |
13.19 - 14.45 |
18,077,756 |
2.83 |
1.10 - 1.70 |
(5.26) - (4.69) |
||||||||||||||||||||||||
Natural Resources Division |
2022 |
1,245,433 |
13.93 - 15.16 |
18,554,027 |
2.38 |
1.10 - 1.70 |
6.16 - 6.80 |
||||||||||||||||||||||||
2021 |
1,734,410 |
13.12 - 14.20 |
24,223,570 |
0.98 |
1.10 - 1.70 |
16.51 - 17.21 |
|||||||||||||||||||||||||
2020 |
2,324,890 |
10.86 - 12.11 |
27,733,915 |
1.24 |
1.10 - 2.00 |
18.77 - 19.85 |
|||||||||||||||||||||||||
2019 |
2,701,656 |
9.09 - 10.11 |
26,913,827 |
0.34 |
1.10 - 2.05 |
10.07 - 11.12 |
|||||||||||||||||||||||||
BHFTII Western Asset |
2023 |
8,168,008 |
1.14 - 43.07 |
266,841,085 |
6.44 |
0.50 - 2.25 |
5.10 - 8.67 |
||||||||||||||||||||||||
Management Strategic Bond |
2022 |
9,126,574 |
1.05 - 39.63 |
273,191,553 |
5.86 |
0.50 - 2.25 |
(18.78) - (17.34) |
||||||||||||||||||||||||
Opportunities Division |
2021 |
10,455,449 |
1.28 - 47.95 |
381,592,675 |
3.61 |
0.50 - 2.25 |
0.33 - 2.10 |
||||||||||||||||||||||||
2020 |
11,354,141 |
1.26 - 46.96 |
408,706,045 |
5.77 |
0.50 - 2.15 |
4.39 - 6.08 |
|||||||||||||||||||||||||
2019 |
12,363,002 |
1.20 - 44.27 |
422,719,703 |
4.75 |
0.50 - 2.15 |
11.86 - 13.66 |
|||||||||||||||||||||||||
BHFTII Western Asset |
2023 |
5,288,107 |
1.87 - 22.31 |
91,560,733 |
2.13 |
0.50 - 2.00 |
2.47 - 4.07 |
||||||||||||||||||||||||
Management U.S. Government |
2022 |
5,660,639 |
1.81 - 21.44 |
94,709,309 |
2.09 |
0.50 - 2.15 |
(11.05) - (9.62) |
||||||||||||||||||||||||
Division |
2021 |
6,670,779 |
2.01 - 23.72 |
123,805,731 |
2.50 |
0.50 - 2.15 |
(3.71) - (2.26) |
||||||||||||||||||||||||
2020 |
7,382,234 |
2.07 - 24.27 |
139,252,019 |
2.82 |
0.50 - 2.15 |
2.77 - 4.39 |
|||||||||||||||||||||||||
2019 |
7,078,457 |
2.00 - 23.25 |
130,271,257 |
2.56 |
0.50 - 2.15 |
3.63 - 5.25 |
|||||||||||||||||||||||||
BlackRock Global Allocation |
2023 |
604 |
26.91 - 28.30 |
17,055 |
2.54 |
1.35 - 1.60 |
10.71 - 10.99 |
||||||||||||||||||||||||
V.I. Division |
2022 |
637 |
24.31 - 25.50 |
16,216 |
|
1.35 - 1.60 |
(17.40) - (17.20) |
||||||||||||||||||||||||
2021 |
652 |
29.43 - 32.22 |
20,050 |
0.67 |
1.10 - 1.60 |
4.73 - 5.25 |
|||||||||||||||||||||||||
2020 |
4,081 |
28.10 - 30.61 |
118,145 |
1.31 |
1.10 - 1.60 |
18.79 - 19.38 |
|||||||||||||||||||||||||
2019 |
4,191 |
23.66 - 25.64 |
102,023 |
1.30 |
1.10 - 1.60 |
15.89 - 16.47 |
|||||||||||||||||||||||||
Calvert VP SRI Balanced |
2023 |
747,583 |
51.34 - 69.02 |
47,614,556 |
1.59 |
0.50 - 1.45 |
7.26 - 16.24 |
||||||||||||||||||||||||
Division |
2022 |
812,083 |
44.59 - 59.38 |
44,856,941 |
1.17 |
0.50 - 1.45 |
(16.63) - (15.83) |
||||||||||||||||||||||||
2021 |
894,700 |
53.48 - 70.93 |
59,231,523 |
1.15 |
0.50 - 1.45 |
13.46 - 14.54 |
|||||||||||||||||||||||||
2020 |
954,567 |
47.13 - 62.39 |
55,610,315 |
1.51 |
0.50 - 1.45 |
13.60 - 14.68 |
|||||||||||||||||||||||||
2019 |
1,030,290 |
40.38 - 54.81 |
52,926,119 |
1.57 |
0.50 - 1.55 |
22.49 - 23.78 |
|||||||||||||||||||||||||
Calvert VP SRI Mid Cap |
2023 |
70,591 |
82.53 |
5,826,123 |
0.19 |
0.95 |
5.55 - 10.59 |
||||||||||||||||||||||||
Division |
2022 |
79,527 |
74.63 |
5,934,994 |
|
0.95 |
(20.24) |
||||||||||||||||||||||||
2021 |
84,007 |
93.57 |
7,860,497 |
0.19 |
0.95 |
13.95 |
|||||||||||||||||||||||||
2020 |
92,109 |
82.12 |
7,563,766 |
0.42 |
0.95 |
11.19 |
|||||||||||||||||||||||||
2019 |
109,291 |
73.85 |
8,071,600 |
0.45 |
0.95 |
30.13 |
|||||||||||||||||||||||||
Delaware VIP®​ Small Cap |
2023 |
448 |
1.90 |
853 |
0.95 |
0.90 |
8.47 |
||||||||||||||||||||||||
Value Division |
2022 |
448 |
1.75 |
786 |
0.83 |
0.90 |
(12.88) |
||||||||||||||||||||||||
2021 |
448 |
2.01 |
902 |
0.83 |
0.90 |
33.21 |
|||||||||||||||||||||||||
2020 |
448 |
1.51 |
677 |
1.35 |
0.90 |
(2.78) |
|||||||||||||||||||||||||
2019 |
448 |
1.55 |
697 |
2.01 |
0.90 |
26.99 |
|||||||||||||||||||||||||
Fidelity®​ VIP Contrafund®​ |
2023 |
37,005 |
15.81 - 17.00 |
621,134 |
0.23 |
0.90 - 1.15 |
31.60 - 31.93 |
||||||||||||||||||||||||
Division |
2022 |
52,746 |
12.01 - 12.89 |
674,486 |
0.26 |
0.90 - 1.15 |
(27.33) - (27.15) |
||||||||||||||||||||||||
2021 |
55,851 |
16.53 - 17.69 |
981,724 |
0.03 |
0.90 - 1.15 |
26.05 - 26.37 |
|||||||||||||||||||||||||
2020 |
61,965 |
13.12 - 14.00 |
860,110 |
0.08 |
0.90 - 1.15 |
28.74 - 29.06 |
|||||||||||||||||||||||||
2019 |
66,654 |
10.19 - 10.84 |
717,804 |
0.22 |
0.90 - 1.15 |
29.77 - 30.10 |
E-104
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
Fidelity®​ VIP |
2023 |
1,013,494 |
15.95 - 135.05 |
63,328,315 |
1.89 |
0.95 - 1.35 |
7.01 - 9.61 |
||||||||||||||||||||||||
Equity-Income Division |
2022 |
1,130,142 |
14.61 - 123.21 |
63,533,471 |
1.86 |
0.95 - 1.35 |
(6.23) - (5.85) |
||||||||||||||||||||||||
2021 |
1,248,036 |
15.59 - 130.86 |
72,640,456 |
1.88 |
0.95 - 1.35 |
23.22 - 23.72 |
|||||||||||||||||||||||||
2020 |
1,351,903 |
12.65 - 105.77 |
63,502,205 |
1.78 |
0.95 - 1.35 |
5.26 - 13.76 |
|||||||||||||||||||||||||
2019 |
1,544,624 |
12.02 - 100.08 |
67,252,015 |
1.89 |
0.95 - 1.35 |
25.73 - 26.24 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2020 |
2023 |
136,824 |
23.56 - 25.12 |
3,355,305 |
2.79 |
0.90 - 1.25 |
4.54 - 11.22 |
||||||||||||||||||||||||
Division |
2022 |
178,252 |
21.26 - 22.59 |
3,950,620 |
1.94 |
0.90 - 1.25 |
(17.00) - (16.72) |
||||||||||||||||||||||||
2021 |
163,380 |
25.62 - 27.12 |
4,368,234 |
0.83 |
0.90 - 1.25 |
7.91 - 8.28 |
|||||||||||||||||||||||||
2020 |
175,053 |
23.74 - 25.05 |
4,340,434 |
1.25 |
0.90 - 1.25 |
13.30 - 13.69 |
|||||||||||||||||||||||||
2019 |
135,554 |
20.95 - 22.03 |
2,956,078 |
2.17 |
0.90 - 1.25 |
18.40 - 18.80 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2025 |
2023 |
210,314 |
24.84 - 27.52 |
5,544,778 |
2.52 |
0.90 - 1.45 |
4.81 - 12.31 |
||||||||||||||||||||||||
Division |
2022 |
269,214 |
22.23 - 24.51 |
6,369,847 |
1.79 |
0.90 - 1.45 |
(17.84) - (17.38) |
||||||||||||||||||||||||
2021 |
287,972 |
27.75 - 29.66 |
8,278,233 |
0.89 |
0.90 - 1.30 |
9.12 - 9.56 |
|||||||||||||||||||||||||
2020 |
270,297 |
25.43 - 27.08 |
7,124,363 |
1.39 |
0.90 - 1.30 |
14.18 - 14.64 |
|||||||||||||||||||||||||
2019 |
158,625 |
22.46 - 23.62 |
3,657,061 |
2.24 |
0.90 - 1.25 |
8.00 - 20.42 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2030 |
2023 |
312,993 |
26.18 - 31.27 |
8,790,818 |
2.41 |
0.50 - 1.45 |
5.28 - 13.89 |
||||||||||||||||||||||||
Division |
2022 |
265,213 |
23.83 - 27.46 |
6,617,431 |
1.84 |
0.50 - 1.30 |
(18.16) - (17.50) |
||||||||||||||||||||||||
2021 |
290,180 |
29.12 - 33.28 |
8,836,620 |
0.97 |
0.50 - 1.30 |
10.62 - 11.51 |
|||||||||||||||||||||||||
2020 |
232,863 |
26.32 - 29.84 |
6,430,259 |
1.11 |
0.50 - 1.30 |
15.13 - 16.06 |
|||||||||||||||||||||||||
2019 |
178,878 |
23.03 - 24.25 |
4,308,863 |
1.87 |
0.90 - 1.25 |
8.63 - 23.00 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2035 |
2023 |
209,345 |
37.44 - 42.44 |
8,242,631 |
1.97 |
0.60 - 1.45 |
5.90 - 15.83 |
||||||||||||||||||||||||
Division |
2022 |
157,298 |
32.60 - 34.94 |
5,368,259 |
1.60 |
0.95 - 1.45 |
(19.07) - (18.66) |
||||||||||||||||||||||||
2021 |
112,239 |
40.28 - 42.96 |
4,718,083 |
1.08 |
0.95 - 1.45 |
13.52 - 14.09 |
|||||||||||||||||||||||||
2020 |
56,150 |
35.49 - 37.65 |
2,068,090 |
1.18 |
0.95 - 1.45 |
16.25 - 16.84 |
|||||||||||||||||||||||||
2019 |
15,788 |
31.21 - 32.22 |
499,141 |
2.87 |
0.95 - 1.25 |
8.77 - 25.93 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2040 |
2023 |
145,453 |
39.83 - 45.47 |
6,078,248 |
1.56 |
0.50 - 1.40 |
6.63 - 18.02 |
||||||||||||||||||||||||
Division |
2022 |
97,979 |
34.52 - 38.53 |
3,499,738 |
1.51 |
0.50 - 1.30 |
(19.46) - (18.82) |
||||||||||||||||||||||||
2021 |
68,494 |
42.86 - 47.46 |
3,038,775 |
0.89 |
0.50 - 1.30 |
15.98 - 16.91 |
|||||||||||||||||||||||||
2020 |
49,758 |
36.96 - 40.60 |
1,912,754 |
0.83 |
0.50 - 1.30 |
17.45 - 18.40 |
|||||||||||||||||||||||||
2019 |
39,636 |
31.47 - 34.29 |
1,297,820 |
2.04 |
0.50 - 1.30 |
9.54 - 27.08 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2045 |
2023 |
132,855 |
40.48 - 43.28 |
5,642,196 |
1.44 |
0.95 - 1.40 |
6.82 - 18.06 |
||||||||||||||||||||||||
Division |
2022 |
98,313 |
34.92 - 36.66 |
3,548,884 |
1.52 |
0.95 - 1.30 |
(19.51) - (19.22) |
||||||||||||||||||||||||
2021 |
68,496 |
43.38 - 45.38 |
3,065,206 |
0.79 |
0.95 - 1.30 |
16.01 - 16.43 |
|||||||||||||||||||||||||
2020 |
48,514 |
37.39 - 38.98 |
1,866,574 |
0.98 |
0.95 - 1.30 |
17.42 - 17.84 |
|||||||||||||||||||||||||
2019 |
26,012 |
32.04 - 33.08 |
851,015 |
2.46 |
0.95 - 1.25 |
9.66 - 27.05 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2050 |
2023 |
274,477 |
40.87 - 50.23 |
11,774,186 |
1.37 |
0.00 - 1.40 |
6.84 - 19.19 |
||||||||||||||||||||||||
Division |
2022 |
213,772 |
34.53 - 42.14 |
7,783,968 |
1.51 |
0.00 - 1.45 |
(19.64) - (18.47) |
||||||||||||||||||||||||
2021 |
149,456 |
42.97 - 48.50 |
6,746,794 |
0.83 |
0.50 - 1.45 |
15.82 - 16.93 |
|||||||||||||||||||||||||
2020 |
104,593 |
37.10 - 41.48 |
4,073,510 |
1.06 |
0.50 - 1.45 |
17.28 - 18.40 |
|||||||||||||||||||||||||
2019 |
41,247 |
31.63 - 33.56 |
1,369,729 |
2.34 |
0.90 - 1.45 |
9.43 - 27.07 |
|||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2055 |
2023 |
281,250 |
1.11 |
312,579 |
3.20 |
0.95 - 1.40 |
6.79 - 11.37 |
||||||||||||||||||||||||
Fidelity®​ VIP Freedom 2060 |
2023 |
361,576 |
1.11 |
401,587 |
4.22 |
0.90 - 1.30 |
6.87 - 11.44 |
E-105
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
Fidelity®​ VIP FundsManager |
2023 |
9,449,013 |
17.74 - 18.21 |
170,242,605 |
2.41 |
1.90 - 2.05 |
10.68 - 10.84 |
||||||||||||||||||||||||
50% Division |
2022 |
11,378,214 |
16.02 - 16.43 |
185,164,874 |
1.94 |
1.90 - 2.05 |
(15.68) - (15.55) |
||||||||||||||||||||||||
2021 |
12,481,990 |
19.00 - 19.46 |
240,652,047 |
1.12 |
1.90 - 2.05 |
7.79 - 7.95 |
|||||||||||||||||||||||||
2020 |
13,833,224 |
17.63 - 18.03 |
247,253,463 |
1.13 |
1.90 - 2.05 |
11.66 - 11.83 |
|||||||||||||||||||||||||
2019 |
15,805,863 |
15.79 - 16.12 |
252,823,113 |
1.61 |
1.90 - 2.05 |
15.50 - 15.67 |
|||||||||||||||||||||||||
Fidelity®​ VIP FundsManager |
2023 |
9,190,753 |
17.85 - 22.45 |
168,062,667 |
2.24 |
0.70 - 2.10 |
11.81 - 13.38 |
||||||||||||||||||||||||
60% Division |
2022 |
10,734,842 |
15.97 - 19.80 |
175,394,593 |
1.73 |
0.70 - 2.10 |
(16.82) - (15.65) |
||||||||||||||||||||||||
2021 |
12,336,639 |
19.20 - 23.48 |
241,915,885 |
1.09 |
0.70 - 2.10 |
10.01 - 11.56 |
|||||||||||||||||||||||||
2020 |
13,649,023 |
17.45 - 21.04 |
242,924,543 |
1.05 |
0.70 - 2.10 |
12.73 - 14.32 |
|||||||||||||||||||||||||
2019 |
15,189,665 |
15.48 - 15.97 |
239,540,942 |
1.49 |
1.85 - 2.10 |
17.98 - 18.28 |
|||||||||||||||||||||||||
Fidelity®​ VIP Government |
2023 |
228,222 |
16.84 |
3,843,390 |
4.77 |
0.95 |
1.45 - 3.91 |
||||||||||||||||||||||||
Money Market Division |
2022 |
253,220 |
16.21 |
4,103,960 |
1.36 |
0.95 |
0.49 |
||||||||||||||||||||||||
2021 |
306,845 |
16.13 |
4,949,044 |
0.01 |
0.95 |
(0.93) |
|||||||||||||||||||||||||
2020 |
366,357 |
16.28 |
5,964,444 |
0.33 |
0.95 |
(0.63) |
|||||||||||||||||||||||||
2019 |
330,518 |
16.38 |
5,414,916 |
1.99 |
0.95 |
1.06 |
|||||||||||||||||||||||||
Fidelity®​ VIP Growth |
2023 |
514,347 |
232.61 |
119,643,479 |
0.13 |
0.95 |
10.79 - 34.96 |
||||||||||||||||||||||||
Division |
2022 |
563,124 |
172.36 |
97,058,589 |
0.62 |
0.95 |
(25.17) - (17.38) |
||||||||||||||||||||||||
2021 |
611,993 |
230.32 |
140,954,875 |
|
0.95 |
22.06 |
|||||||||||||||||||||||||
2020 |
663,454 |
188.70 |
125,194,940 |
0.08 |
0.95 |
42.54 |
|||||||||||||||||||||||||
2019 |
744,359 |
132.39 |
98,544,772 |
0.25 |
0.95 |
33.05 |
|||||||||||||||||||||||||
Fidelity®​ VIP Investment |
2023 |
164,301 |
36.19 |
5,945,807 |
2.46 |
0.95 |
3.01 - 5.21 |
||||||||||||||||||||||||
Grade Bond Division |
2022 |
206,147 |
34.40 |
7,090,969 |
2.15 |
0.95 |
(13.78) - (12.15) |
||||||||||||||||||||||||
2021 |
223,841 |
39.89 |
8,929,968 |
2.02 |
0.95 |
(1.54) |
|||||||||||||||||||||||||
2020 |
235,580 |
40.52 |
9,545,422 |
1.76 |
0.95 |
8.36 |
|||||||||||||||||||||||||
2019 |
240,865 |
37.39 |
9,006,440 |
2.66 |
0.95 |
8.63 |
|||||||||||||||||||||||||
Fidelity®​ VIP Mid Cap |
2023 |
23,535 |
11.97 |
281,600 |
0.31 |
0.90 |
13.78 |
||||||||||||||||||||||||
Division |
2022 |
41,057 |
10.52 |
431,773 |
0.27 |
0.90 |
(15.73) |
||||||||||||||||||||||||
2021 |
43,732 |
12.48 |
545,739 |
0.36 |
0.90 |
24.18 |
|||||||||||||||||||||||||
2020 |
47,935 |
10.05 |
481,692 |
0.40 |
0.90 |
16.81 |
|||||||||||||||||||||||||
2019 |
51,631 |
8.60 |
444,178 |
0.66 |
0.90 |
22.07 |
|||||||||||||||||||||||||
FTVIPT Templeton Developing |
2023 |
20,276 |
1.79 |
36,258 |
2.07 |
0.90 |
11.62 |
||||||||||||||||||||||||
Markets VIP Division |
2022 |
20,276 |
1.60 |
32,485 |
2.66 |
0.90 |
(22.68) |
||||||||||||||||||||||||
2021 |
24,007 |
2.07 |
49,747 |
0.88 |
0.90 |
(6.58) |
|||||||||||||||||||||||||
2020 |
24,767 |
2.22 |
54,938 |
4.12 |
0.90 |
16.13 |
|||||||||||||||||||||||||
2019 |
24,767 |
1.91 |
47,307 |
1.06 |
0.90 |
25.56 |
|||||||||||||||||||||||||
FTVIPT Templeton Foreign |
2023 |
441 |
4.72 |
2,078 |
3.13 |
0.90 |
19.68 |
||||||||||||||||||||||||
VIP Division (Had no net |
2022 |
262 |
3.94 |
1,033 |
2.73 |
0.90 |
(8.43) |
||||||||||||||||||||||||
assets at December 31, |
2021 |
112 |
4.31 |
482 |
1.59 |
0.90 |
3.23 |
||||||||||||||||||||||||
2020 and 2019) |
2020 |
|
4.17 |
|
|
0.90 |
(2.05) |
||||||||||||||||||||||||
2019 |
|
4.26 |
|
|
0.90 |
11.52 |
|||||||||||||||||||||||||
Janus Henderson Enterprise |
2023 |
3,154 |
17.07 |
53,849 |
0.08 |
0.90 |
16.72 |
||||||||||||||||||||||||
Division |
2022 |
4,078 |
14.63 |
59,641 |
0.10 |
0.90 |
(16.90) |
||||||||||||||||||||||||
2021 |
8,707 |
17.60 |
153,237 |
0.24 |
0.90 |
15.50 |
|||||||||||||||||||||||||
2020 |
10,328 |
15.24 |
157,391 |
|
0.90 |
18.11 |
|||||||||||||||||||||||||
2019 |
10,195 |
12.90 |
131,537 |
0.04 |
0.90 |
33.95 |
E-106
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7. FINANCIAL HIGHLIGHTS (Continued)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
LMPVET ClearBridge Variable |
2023 |
4,368 |
13.43 |
58,650 |
0.97 |
0.90 |
18.64 |
||||||||||||||||||||||||
Appreciation Division |
2022 |
4,454 |
11.32 |
50,407 |
1.06 |
0.90 |
(13.23) |
||||||||||||||||||||||||
2021 |
4,610 |
13.04 |
60,139 |
0.63 |
0.90 |
22.55 |
|||||||||||||||||||||||||
2020 |
4,985 |
10.64 |
53,060 |
1.00 |
0.90 |
13.74 |
|||||||||||||||||||||||||
2019 |
5,773 |
9.36 |
54,018 |
1.43 |
0.90 |
28.70 |
|||||||||||||||||||||||||
LMPVET ClearBridge Variable |
2023 |
35,214 |
2.53 |
89,238 |
2.12 |
0.90 |
13.17 |
||||||||||||||||||||||||
Dividend Strategy Division |
2022 |
36,359 |
2.24 |
81,414 |
1.34 |
0.90 |
(8.92) |
||||||||||||||||||||||||
2021 |
42,161 |
2.46 |
103,656 |
1.51 |
0.90 |
25.66 |
|||||||||||||||||||||||||
2020 |
43,961 |
1.96 |
86,009 |
1.53 |
0.90 |
6.70 |
|||||||||||||||||||||||||
2019 |
41,412 |
1.83 |
75,932 |
1.45 |
0.90 |
30.41 |
|||||||||||||||||||||||||
LMPVET ClearBridge Variable |
2023 |
61,104 |
7.05 - 7.52 |
452,143 |
|
0.90 - 1.15 |
42.38 - 42.74 |
||||||||||||||||||||||||
Large Cap Growth Division |
2022 |
61,685 |
4.95 - 5.27 |
320,759 |
|
0.90 - 1.15 |
(33.02) - (32.85) |
||||||||||||||||||||||||
2021 |
71,487 |
7.39 - 7.84 |
555,917 |
|
0.90 - 1.15 |
20.55 - 20.85 |
|||||||||||||||||||||||||
2020 |
78,691 |
6.13 - 6.49 |
507,611 |
0.02 |
0.90 - 1.15 |
29.24 - 29.56 |
|||||||||||||||||||||||||
2019 |
92,711 |
4.74 - 5.01 |
462,772 |
0.31 |
0.90 - 1.15 |
30.65 - 30.98 |
|||||||||||||||||||||||||
LMPVET ClearBridge Variable |
2023 |
5,797 |
5.86 - 6.22 |
35,053 |
|
0.90 - 1.15 |
7.17 - 7.43 |
||||||||||||||||||||||||
Small Cap Growth Division |
2022 |
5,200 |
5.46 - 5.79 |
29,416 |
|
0.90 - 1.15 |
(29.66) - (29.48) |
||||||||||||||||||||||||
2021 |
7,572 |
7.77 - 8.21 |
61,501 |
|
0.90 - 1.15 |
11.32 - 11.60 |
|||||||||||||||||||||||||
2020 |
8,447 |
6.98 - 7.36 |
61,746 |
|
0.90 - 1.15 |
41.62 - 41.98 |
|||||||||||||||||||||||||
2019 |
8,421 |
4.93 - 5.18 |
43,535 |
|
0.90 - 1.15 |
25.42 - 25.74 |
|||||||||||||||||||||||||
LMPVIT Western Asset Core |
2023 |
108 |
3.31 |
359 |
3.92 |
0.90 |
5.86 |
||||||||||||||||||||||||
Plus Division |
2022 |
108 |
3.13 |
339 |
2.05 |
0.90 |
(17.97) |
||||||||||||||||||||||||
2021 |
108 |
3.82 |
414 |
0.04 |
0.90 |
(2.85) |
|||||||||||||||||||||||||
2020 |
9,712 |
3.93 |
38,145 |
2.08 |
0.90 |
8.33 |
|||||||||||||||||||||||||
2019 |
10,910 |
3.63 |
39,557 |
3.02 |
0.90 |
11.17 |
|||||||||||||||||||||||||
Morgan Stanley VIF Global |
2023 |
2,939 |
14.70 - 16.54 |
46,903 |
2.30 |
1.10 - 1.60 |
2.62 - 3.13 |
||||||||||||||||||||||||
Infrastructure Division |
2022 |
3,594 |
14.32 - 16.03 |
55,503 |
2.65 |
1.10 - 1.60 |
(9.77) - (9.32) |
||||||||||||||||||||||||
2021 |
3,851 |
15.87 - 17.68 |
65,736 |
2.29 |
1.10 - 1.60 |
12.19 - 12.76 |
|||||||||||||||||||||||||
2020 |
4,056 |
14.15 - 15.68 |
60,741 |
1.45 |
1.10 - 1.60 |
(3.00) - (2.52) |
|||||||||||||||||||||||||
2019 |
4,476 |
14.59 - 16.09 |
68,714 |
2.55 |
1.10 - 1.60 |
25.84 - 26.47 |
|||||||||||||||||||||||||
PIMCO VIT |
2023 |
8,796 |
8.28 - 8.67 |
74,498 |
15.87 |
1.10 - 1.60 |
(9.56) - (9.11) |
||||||||||||||||||||||||
CommodityRealReturn®​ |
2022 |
9,106 |
9.15 - 9.53 |
85,063 |
18.50 |
1.10 - 1.60 |
6.70 - 7.24 |
||||||||||||||||||||||||
Strategy Division |
2021 |
4,451 |
8.58 - 8.89 |
38,881 |
3.94 |
1.10 - 1.60 |
30.64 - 31.29 |
||||||||||||||||||||||||
2020 |
5,152 |
6.57 - 6.77 |
34,311 |
6.18 |
1.10 - 1.60 |
(0.53) - (0.03) |
|||||||||||||||||||||||||
2019 |
5,237 |
6.60 - 6.77 |
34,970 |
4.21 |
1.10 - 1.60 |
9.22 - 9.77 |
|||||||||||||||||||||||||
PIMCO VIT Dynamic Bond |
2023 |
962 |
10.24 - 10.72 |
10,257 |
3.39 |
1.10 - 1.60 |
5.09 - 5.62 |
||||||||||||||||||||||||
Division |
2022 |
1,184 |
9.75 - 10.15 |
11,939 |
1.64 |
1.10 - 1.60 |
(8.12) - (7.66) |
||||||||||||||||||||||||
2021 |
1,880 |
10.61 - 10.99 |
20,565 |
1.76 |
1.10 - 1.60 |
(0.62) - (0.12) |
|||||||||||||||||||||||||
2020 |
3,381 |
10.67 - 11.01 |
36,833 |
1.80 |
1.10 - 1.60 |
2.83 - 3.35 |
|||||||||||||||||||||||||
2019 |
8,103 |
10.38 - 10.65 |
85,343 |
2.49 |
1.10 - 1.60 |
2.96 - 3.48 |
|||||||||||||||||||||||||
PIMCO VIT Emerging Markets |
2023 |
1,270 |
10.43 - 10.91 |
13,644 |
5.38 |
1.10 - 1.60 |
9.03 - 9.57 |
||||||||||||||||||||||||
Bond Division |
2022 |
1,675 |
9.56 - 9.96 |
16,429 |
4.43 |
1.10 - 1.60 |
(17.30) - (16.88) |
||||||||||||||||||||||||
2021 |
3,430 |
11.56 - 11.98 |
40,608 |
3.91 |
1.10 - 1.60 |
(4.40) - (3.92) |
|||||||||||||||||||||||||
2020 |
4,012 |
12.09 - 12.47 |
49,384 |
3.91 |
1.10 - 1.60 |
4.69 - 5.22 |
|||||||||||||||||||||||||
2019 |
5,135 |
11.55 - 11.85 |
60,178 |
4.12 |
1.10 - 1.60 |
12.61 - 13.17 |
E-107
METROPOLITAN LIFE SEPARATE ACCOUNT E
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS (Concluded)
7. FINANCIAL HIGHLIGHTS (Concluded)
As of December 31 |
For the year ended December 31 |
||||||||||||||||||||||||||||||
Units |
Unit Value |
Net |
Investment1​ |
Expense Ratio2​ |
Total Return3​ |
||||||||||||||||||||||||||
TAP 1919 Variable Socially |
2023 |
1,085 |
8.97 |
9,730 |
1.09 |
0.90 |
19.13 |
||||||||||||||||||||||||
Responsive Balanced Division |
2022 |
1,085 |
7.53 |
8,167 |
0.70 |
0.90 |
(21.64) |
||||||||||||||||||||||||
2021 |
1,085 |
9.61 |
10,423 |
0.25 |
0.90 |
17.47 |
|||||||||||||||||||||||||
2020 |
4,540 |
8.18 |
37,136 |
0.79 |
0.90 |
21.83 |
|||||||||||||||||||||||||
2019 |
4,540 |
6.71 |
30,482 |
0.94 |
0.90 |
25.57 |
1 These amounts represent the dividends, excluding distributions of capital gains, received by the Division from the underlying fund, series, or portfolio, net of management fees assessed by the fund manager, divided by the average net assets, regardless of share class, if any. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against Contract owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Division is affected by the timing of the declaration of dividends by the underlying fund, series, or portfolio in which the Division invests. The investment income ratio is calculated as a weighted average ratio since the Division may invest in two or more share classes, within the underlying fund, series, or portfolio of the Trusts which may have unique investment income ratios.
2 These amounts represent annualized Contract expenses of each of the applicable Divisions, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Contract owner accounts through the redemption of units and expenses of the underlying fund, series, or portfolio have been excluded.
3 These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, series, or portfolio, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on the minimum and maximum returns within each product grouping of the applicable Division.
4 Due to system limitations, the Units Outstanding for this fund were increased and accordingly the Unit Values decreased during the year ended December 31, 2023. There was no impact to the net assets of the division.
E-108
Page | |||||
Report
of Independent Registered Public Accounting Firm
(PCAOB ID 34) |
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Financial
Statements at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021: |
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Financial
Statement Schedules at December 31, 2023 and 2022 and for the Years Ended December 31, 2023, 2022 and 2021: |
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MLIC
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2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Investments: | ||||||||||||||
Fixed
maturity securities available-for-sale, at estimated fair value (net of allowance for credit loss of $132 and $114, respectively); and
amortized cost: $152,080 and $160,477, respectively |
$ | 142,805 | $ | 145,576 | ||||||||||
Mortgage
loans (net of allowance for credit loss of $509 and $448, respectively; includes $166 and $144, respectively, relating to variable interest
entities) |
62,584 | 62,570 | ||||||||||||
Policy loans | 5,671 | 5,729 | ||||||||||||
Real
estate and real estate joint ventures (includes $1,427 and $1,358, respectively, relating to variable interest entities, $317 and $299,
respectively, under the fair value option) |
8,690 | 8,416 | ||||||||||||
Other limited partnership interests | 7,765 | 7,887 | ||||||||||||
Short-term investments, at estimated fair value | 3,048 | 2,759 | ||||||||||||
Other
invested assets (net of allowance for credit loss of $14 and $19, respectively; includes $805 and $858, respectively, of leveraged and
direct financing leases; $117 and $161, respectively, relating to variable interest entities) |
17,040 | 19,148 | ||||||||||||
Total investments | 247,603 | 252,085 | ||||||||||||
Cash and cash equivalents, principally at estimated fair value | 6,795 | 9,405 | ||||||||||||
Accrued investment income | 2,026 | 1,949 | ||||||||||||
Premiums, reinsurance and other receivables | 28,236 | 20,791 | ||||||||||||
Market risk benefits, at estimated fair value | 177 | 174 | ||||||||||||
Deferred policy acquisition costs and value of business acquired | 3,305 | 3,757 | ||||||||||||
Current income tax recoverable | 112 | 165 | ||||||||||||
Deferred income tax asset | 2,922 | 2,920 | ||||||||||||
Other assets | 4,312 | 4,352 | ||||||||||||
Separate account assets | 83,197 | 89,241 | ||||||||||||
Total assets | $ | 378,685 | $ | 384,839 | ||||||||||
Liabilities and Equity | ||||||||||||||
Liabilities | ||||||||||||||
Future policy benefits | $ | 129,182 | $ | 126,914 | ||||||||||
Policyholder account balances | 103,894 | 103,407 | ||||||||||||
Market risk benefits, at estimated fair value | 2,878 | 3,270 | ||||||||||||
Other policy-related balances | 8,289 | 7,931 | ||||||||||||
Policyholder dividends payable | 233 | 240 | ||||||||||||
Payables for collateral under securities loaned and other transactions | 11,790 | 14,171 | ||||||||||||
Short-term debt | — | 99 | ||||||||||||
Long-term debt | 1,887 | 1,676 | ||||||||||||
Other liabilities | 23,719 | 24,495 | ||||||||||||
Separate account liabilities | 83,197 | 89,241 | ||||||||||||
Total liabilities | 365,069 | 371,444 | ||||||||||||
Contingencies, Commitments and Guarantees (Note 19) | ||||||||||||||
Equity | ||||||||||||||
Metropolitan Life Insurance Company stockholder’s equity: | ||||||||||||||
Common
stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding |
5 | 5 | ||||||||||||
Additional paid-in capital | 12,475 | 12,476 | ||||||||||||
Retained earnings | 7,645 | 9,022 | ||||||||||||
Accumulated other comprehensive income (loss) | (6,872) | (8,320) | ||||||||||||
Total Metropolitan Life Insurance Company stockholder’s equity | 13,253 | 13,183 | ||||||||||||
Noncontrolling interests | 363 | 212 | ||||||||||||
Total equity | 13,616 | 13,395 | ||||||||||||
Total liabilities and equity | $ | 378,685 | $ | 384,839 |
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Premiums | $ | 24,718 | $ | 31,189 | $ | 26,188 | |||||||||||
Universal
life and investment-type product policy fees |
1,664 | 1,817 | 1,874 | ||||||||||||||
Net
investment income |
11,206 | 10,122 | 12,486 | ||||||||||||||
Other
revenues |
1,673 | 1,694 | 1,616 | ||||||||||||||
Net
investment gains (losses) |
(1,375) | (127) | 652 | ||||||||||||||
Net
derivative gains (losses) |
(1,537) | 752 | (1,629) | ||||||||||||||
Total
revenues |
36,349 | 45,447 | 41,187 | ||||||||||||||
Expenses | |||||||||||||||||
Policyholder
benefits and claims |
26,150 | 33,133 | 29,084 | ||||||||||||||
Policyholder liability remeasurement (gains) losses | (150) | (11) | — | ||||||||||||||
Market
risk benefit remeasurement (gains) losses |
(703) | (3,379) | (758) | ||||||||||||||
Interest
credited to policyholder account balances |
3,602 | 2,509 | 2,185 | ||||||||||||||
Policyholder
dividends |
470 | 563 | 732 | ||||||||||||||
Other
expenses |
5,785 | 5,703 | 5,700 | ||||||||||||||
Total
expenses |
35,154 | 38,518 | 36,943 | ||||||||||||||
Income
(loss) before provision for income tax |
1,195 | 6,929 | 4,244 | ||||||||||||||
Provision
for income tax expense (benefit) |
60 | 1,273 | 529 | ||||||||||||||
Net
income (loss) |
1,135 | 5,656 | 3,715 | ||||||||||||||
Less:
Net income (loss) attributable to noncontrolling interests |
41 | 28 | 5 | ||||||||||||||
Net
income (loss) attributable to Metropolitan Life Insurance Company |
$ | 1,094 | $ | 5,628 | $ | 3,710 |
2023 | 2022 | 2021 | ||||||||||||||||||
Net
income (loss) |
$ | 1,135 | $ | 5,656 | $ | 3,715 | ||||||||||||||
Other
comprehensive income (loss): |
||||||||||||||||||||
Unrealized
investment gains (losses), net of related offsets |
5,841 | (30,335) | (5,341) | |||||||||||||||||
Deferred gains (losses) on derivatives | (1,078) | (399) | 111 | |||||||||||||||||
Future policy benefits discount rate remeasurement gains (losses) | (2,957) | 21,623 | 5,118 | |||||||||||||||||
Market
risk benefit instrument-specific credit risk remeasurement gains (losses) |
(59) | (236) | 311 | |||||||||||||||||
Foreign
currency translation adjustments |
56 | (177) | 9 | |||||||||||||||||
Defined
benefit plans adjustment |
(34) | 325 | 82 | |||||||||||||||||
Other
comprehensive income (loss), before income tax |
1,769 | (9,199) | 290 | |||||||||||||||||
Income
tax (expense) benefit related to items of other comprehensive income (loss) |
(321) | 1,934 | (20) | |||||||||||||||||
Other
comprehensive income (loss), net of income tax |
1,448 | (7,265) | 270 | |||||||||||||||||
Comprehensive
income (loss) |
2,583 | (1,609) | 3,985 | |||||||||||||||||
Less:
Comprehensive income (loss) attributable to noncontrolling interest, net of income tax |
41 | 28 | 5 | |||||||||||||||||
Comprehensive
income (loss) attributable to Metropolitan Life Insurance Company |
$ | 2,542 | $ | (1,637) | $ | 3,980 |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Metropolitan Life Insurance Company Stockholder’s Equity |
Noncontrolling Interests |
Total Equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 5 | $ | 12,460 | $ | 10,548 | $ | 11,662 | $ | 34,675 | $ | 183 | $ | 34,858 | |||||||||||||||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | (3,932) | (12,987) | (16,919) | (16,919) | |||||||||||||||||||||||||||||||||||||
Capital
contributions from MetLife, Inc. |
4 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||
Dividends
to MetLife, Inc. |
(3,393) | (3,393) | (3,393) | ||||||||||||||||||||||||||||||||||||||
Change
in equity of noncontrolling interests |
— | (14) | (14) | ||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
3,710 | 3,710 | 5 | 3,715 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss), net of
income
tax |
270 | 270 | 270 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 5 | 12,464 | 6,933 | (1,055) | 18,347 | 174 | 18,521 | ||||||||||||||||||||||||||||||||||
Capital contributions from MetLife, Inc. | 12 | 12 | 12 | ||||||||||||||||||||||||||||||||||||||
Dividends
to MetLife, Inc. |
(3,539) | (3,539) | (3,539) | ||||||||||||||||||||||||||||||||||||||
Change
in equity of noncontrolling interests |
— | 10 | 10 | ||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
5,628 | 5,628 | 28 | 5,656 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss), net of
income
tax |
(7,265) | (7,265) | (7,265) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 5 | 12,476 | 9,022 | (8,320) | 13,183 | 212 | 13,395 | ||||||||||||||||||||||||||||||||||
Returns
of capital |
(1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||||
Dividends
to MetLife, Inc. |
(2,471) | (2,471) | (2,471) | ||||||||||||||||||||||||||||||||||||||
Change
in equity of noncontrolling interests |
— | 110 | 110 | ||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
1,094 | 1,094 | 41 | 1,135 | |||||||||||||||||||||||||||||||||||||
Other
comprehensive income (loss), net of
income
tax |
1,448 | 1,448 | 1,448 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 5 | $ | 12,475 | $ | 7,645 | $ | (6,872) | $ | 13,253 | $ | 363 | $ | 13,616 |
2023 | 2022 | 2021 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income (loss) | $ | 1,135 | $ | 5,656 | $ | 3,715 | |||||||||||
Adjustments
to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|||||||||||||||||
Depreciation
and amortization expenses |
124 | 127 | 136 | ||||||||||||||
Amortization
of premiums and accretion of discounts associated with investments, net |
(858) | (595) | (656) | ||||||||||||||
(Gains)
losses on investments and from sales of businesses, net |
1,353 | 127 | (652) | ||||||||||||||
(Gains)
losses on derivatives, net |
2,461 | 935 | 2,712 | ||||||||||||||
(Income)
loss from equity method investments, net of dividends or distributions |
1,098 | 890 | (1,873) | ||||||||||||||
Interest
credited to policyholder account balances |
3,623 | 2,293 | 2,104 | ||||||||||||||
Universal
life and investment-type product policy fees |
(1,175) | (1,163) | (1,091) | ||||||||||||||
Change
in fair value option and trading securities |
39 | 123 | (125) | ||||||||||||||
Change
in accrued investment income |
(146) | (230) | 69 | ||||||||||||||
Change
in premiums, reinsurance and other receivables |
(992) | 215 | 590 | ||||||||||||||
Change in market risk benefits | (455) | (3,141) | (476) | ||||||||||||||
Change
in deferred policy acquisition costs and value of business acquired, net |
452 | 108 | 278 | ||||||||||||||
Change
in income tax |
(267) | 853 | 4 | ||||||||||||||
Change
in other assets |
(77) | 187 | (303) | ||||||||||||||
Change
in insurance-related liabilities and policy-related balances |
(1,546) | (1,330) | (257) | ||||||||||||||
Change
in other liabilities |
84 | (63) | (372) | ||||||||||||||
Other,
net |
(18) | 148 | (74) | ||||||||||||||
Net cash provided by (used in) operating activities | 4,835 | 5,140 | 3,729 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Sales, maturities and repayments of: | |||||||||||||||||
Fixed
maturity securities available-for-sale |
30,090 | 54,515 | 51,010 | ||||||||||||||
Equity
securities |
104 | 213 | 565 | ||||||||||||||
Mortgage
loans |
6,129 | 8,912 | 16,790 | ||||||||||||||
Real
estate and real estate joint ventures |
354 | 925 | 1,329 | ||||||||||||||
Other
limited partnership interests |
415 | 992 | 541 | ||||||||||||||
Short-term investments | 7,271 | 8,914 | 10,309 | ||||||||||||||
Purchases and originations of: | |||||||||||||||||
Fixed
maturity securities available-for-sale |
(27,700) | (49,620) | (52,513) | ||||||||||||||
Equity
securities |
(162) | (127) | (48) | ||||||||||||||
Mortgage
loans |
(6,087) | (12,083) | (10,502) | ||||||||||||||
Real
estate and real estate joint ventures |
(931) | (589) | (1,042) | ||||||||||||||
Other
limited partnership interests |
(715) | (1,036) | (1,896) | ||||||||||||||
Short-term investments | (7,438) | (6,727) | (12,604) | ||||||||||||||
Cash received in connection with freestanding derivatives | 1,628 | 2,967 | 1,720 | ||||||||||||||
Cash paid in connection with freestanding derivatives | (2,998) | (3,971) | (5,181) | ||||||||||||||
Cash received from the redemption of an investment in affiliated preferred stock | — | — | 315 | ||||||||||||||
Receipts on loans to affiliates | 100 | — | 87 | ||||||||||||||
Purchases of loans to affiliates | — | (19) | (15) | ||||||||||||||
Net change in policy loans | 58 | 87 | 157 | ||||||||||||||
Net change in other invested assets | 6 | 114 | 74 | ||||||||||||||
Net change in property, equipment and leasehold improvements | 2 | 12 | 15 | ||||||||||||||
Other, net | 41 | 19 | 14 | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 167 | $ | 3,498 | $ | (875) |
2023 | 2022 | 2021 | |||||||||||||||
Cash
flows from financing activities |
|||||||||||||||||
Policyholder
account balances: |
|||||||||||||||||
Deposits |
$ | 69,794 | $ | 85,285 | $ | 78,129 | |||||||||||
Withdrawals |
(72,788) | (80,492) | (80,850) | ||||||||||||||
Net
change in payables for collateral under securities loaned and other transactions |
(2,381) | (10,695) | 1,744 | ||||||||||||||
Long-term
debt issued |
210 | 64 | 35 | ||||||||||||||
Long-term
debt repaid |
— | (57) | (26) | ||||||||||||||
Derivatives
with certain financing elements and other derivative related transactions, net |
24 | 308 | 173 | ||||||||||||||
Dividends
paid to MetLife, Inc. |
(2,471) | (3,539) | (3,393) | ||||||||||||||
Other,
net |
(2) | (57) | (42) | ||||||||||||||
Net
cash provided by (used in) financing activities |
(7,614) | (9,183) | (4,230) | ||||||||||||||
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 2 | (7) | (4) | ||||||||||||||
Change
in cash and cash equivalents |
(2,610) | (552) | (1,380) | ||||||||||||||
Cash
and cash equivalents, beginning of year |
9,405 | 9,957 | 11,337 | ||||||||||||||
Cash
and cash equivalents, end of year |
$ | 6,795 | $ | 9,405 | $ | 9,957 | |||||||||||
Supplemental
disclosures of cash flow information |
|||||||||||||||||
Net
cash paid (received) for: |
|||||||||||||||||
Interest | $ | 131 | $ | 102 | $ | 95 | |||||||||||
Income tax | $ | 374 | $ | 344 | $ | 388 | |||||||||||
Non-cash transactions: | |||||||||||||||||
Fixed maturity securities available-for-sale disposed of in connection with a reinsurance transaction | $ | 6,527 | $ | — | $ | — | |||||||||||
Fixed maturity securities available-for-sale received in connection with pension risk transfer transactions | $ | 1,113 | $ | 7,450 | $ | — | |||||||||||
Fixed maturity securities available-for-sale received from an affiliate | $ | 502 | $ | 139 | $ | — | |||||||||||
Policyholder account balances received in connection with affiliated reinsurance transactions | $ | 502 | $ | — | $ | — | |||||||||||
Mortgage loans disposed of in connection with a reinsurance transaction | $ | 110 | $ | — | $ | — | |||||||||||
Equity securities received due to in-kind distributions from other limited partnership interests | $ | 64 | $ | 84 | $ | 337 | |||||||||||
Real estate and real estate joint ventures acquired in satisfaction of debt | $ | 34 | $ | 313 | $ | 174 | |||||||||||
Fixed maturity securities available-for-sale transferred to an affiliate | $ | — | $ | 328 | $ | — | |||||||||||
Fair
value option securities received from an affiliate |
$ | — | $ | 186 | $ | — | |||||||||||
Real estate and real estate joint ventures received from an affiliate | $ | — | $ | 144 | $ | — | |||||||||||
Real estate and real estate joint ventures transferred to an affiliate | $ | — | $ | 144 | $ | — | |||||||||||
Other invested assets received in connection with an affiliated reinsurance transaction | $ | — | $ | — | $ | 3,140 | |||||||||||
Accounting
Policy |
Note | ||||
Future
Policy Benefit Liabilities |
3 | ||||
Policyholder
Account Balances |
4 | ||||
Market
Risk Benefits |
5 | ||||
Deferred
Policy Acquisition Costs, Value of Business Acquired, Unearned Revenue and Other Intangibles |
7 | ||||
Reinsurance | 8 | ||||
Investments | 10 | ||||
Derivatives | 11 | ||||
Fair Value | 12 | ||||
Employee Benefit Plans | 17 | ||||
Income Tax | 18 | ||||
Litigation Contingencies | 19 |
Statement of Operations Presentation: | Derivative: | |||||||
Net investment income | • | Economic hedges of equity method investments in joint ventures | ||||||
• |
Economic
hedges of FVO securities which are linked to equity indices |
Premiums, Reinsurance and Other Receivables | Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Tax Asset | Other
Assets |
Future Policy Benefits | Policyholder Account Balances | Market Risk Benefit Liabilities | Deferred Income Tax Liability | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as reported, December 31, 2020 | $ | 21,478 | $ | 2,649 | $ | — | $ | 4,276 | $ | 133,921 | $ | 96,635 | $ | — | $ | 1,980 | $ | 10,548 | $ | 11,662 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification
of carrying amounts of contracts and contract features that are market risk benefits |
(59) | — | — | — | (1,447) | (495) | 1,883 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments
for the difference between previous carrying amounts and fair value measurements for market risk benefits |
— | — | — | — | — | — | 4,906 | (1,030) | (3,897) | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Removal of related amounts in accumulated other comprehensive income | — | 1,482 | — | 29 | (6,835) | — | — | 1,751 | — | 6,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 32 | — | — | — | 89 | — | — | (12) | (45) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 403 | — | — | — | 25,208 | — | — | (5,209) | — | (19,596) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities | 29 | — | — | — | 36 | — | — | — | — | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | 2 | 12 | 2,518 | — | (4,794) | 4,794 | — | 2,520 | 10 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as adjusted, January 1, 2021 | $ | 21,885 | $ | 4,143 | $ | 2,518 | $ | 4,305 | $ | 146,178 | $ | 100,934 | $ | 6,789 | $ | — | $ | 6,616 | $ | (1,325) |
December 31, 2022 | ||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 20,704 | $ | 87 | $ | 20,791 | ||||||||||||||
Market risk benefits | $ | — | $ | 174 | $ | 174 | ||||||||||||||
Deferred policy acquisition costs and value of business acquired | $ | 5,263 | $ | (1,506) | $ | 3,757 | ||||||||||||||
Deferred income tax asset | $ | 2,661 | $ | 259 | $ | 2,920 | ||||||||||||||
Other assets | $ | 4,367 | $ | (15) | $ | 4,352 | ||||||||||||||
Total assets | $ | 385,840 | $ | (1,001) | $ | 384,839 | ||||||||||||||
Liabilities | ||||||||||||||||||||
Future policy benefits | $ | 133,725 | $ | (6,811) | $ | 126,914 | ||||||||||||||
Policyholder account balances | $ | 99,967 | $ | 3,440 | $ | 103,407 | ||||||||||||||
Market risk benefits | $ | — | $ | 3,270 | $ | 3,270 | ||||||||||||||
Other policy-related balances | $ | 7,863 | $ | 68 | $ | 7,931 | ||||||||||||||
Other liabilities | $ | 24,489 | $ | 6 | $ | 24,495 | ||||||||||||||
Total liabilities | $ | 371,471 | $ | (27) | $ | 371,444 | ||||||||||||||
Equity | ||||||||||||||||||||
Retained earnings | $ | 10,572 | $ | (1,550) | $ | 9,022 | ||||||||||||||
Accumulated other comprehensive income (loss) | $ | (8,896) | $ | 576 | $ | (8,320) | ||||||||||||||
Total Metropolitan Life Insurance Company stockholder’s equity | $ | 14,157 | $ | (974) | $ | 13,183 | ||||||||||||||
Total equity | $ | 14,369 | $ | (974) | $ | 13,395 | ||||||||||||||
Total liabilities and equity | $ | 385,840 | $ | (1,001) | $ | 384,839 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption |
As Previously Reported | Adoption Adjustment |
Post Adoption | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Premiums | $ | 31,198 | $ | (9) | $ | 31,189 | $ | 26,191 | $ | (3) | $ | 26,188 | ||||||||||||||||||||||||||
Universal life and investment-type product policy fees | $ | 1,997 | $ | (180) | $ | 1,817 | $ | 2,062 | $ | (188) | $ | 1,874 | ||||||||||||||||||||||||||
Other revenues | $ | 1,698 | $ | (4) | $ | 1,694 | $ | 1,616 | $ | — | $ | 1,616 | ||||||||||||||||||||||||||
Net derivative gains (losses) | $ | 472 | $ | 280 | $ | 752 | $ | (964) | $ | (665) | $ | (1,629) | ||||||||||||||||||||||||||
Total revenues | $ | 45,360 | $ | 87 | $ | 45,447 | $ | 42,043 | $ | (856) | $ | 41,187 | ||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims | $ | 32,954 | $ | 179 | $ | 33,133 | $ | 29,423 | $ | (339) | $ | 29,084 | ||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | $ | — | $ | (11) | $ | (11) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Market risk benefits remeasurement (gains) losses | $ | — | $ | (3,379) | $ | (3,379) | $ | — | $ | (758) | $ | (758) | ||||||||||||||||||||||||||
Interest credited to policyholder account balances | $ | 2,382 | $ | 127 | $ | 2,509 | $ | 2,027 | $ | 158 | $ | 2,185 | ||||||||||||||||||||||||||
Policyholder dividends | $ | 559 | $ | 4 | $ | 563 | $ | 728 | $ | 4 | $ | 732 | ||||||||||||||||||||||||||
Other expenses | $ | 5,555 | $ | 148 | $ | 5,703 | $ | 5,617 | $ | 83 | $ | 5,700 | ||||||||||||||||||||||||||
Total expenses | $ | 41,450 | $ | (2,932) | $ | 38,518 | $ | 37,795 | $ | (852) | $ | 36,943 | ||||||||||||||||||||||||||
Income
(loss) before provision for income tax |
$ | 3,910 | $ | 3,019 | $ | 6,929 | $ | 4,248 | $ | (4) | $ | 4,244 | ||||||||||||||||||||||||||
Provision for income tax expense (benefit) | $ | 639 | $ | 634 | $ | 1,273 | $ | 530 | $ | (1) | $ | 529 | ||||||||||||||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||||||||||||||
Net income (loss) attributable to Metropolitan Life Insurance Company | $ | 3,243 | $ | 2,385 | $ | 5,628 | $ | 3,713 | $ | (3) | $ | 3,710 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption |
As Previously Reported | Adoption Adjustment |
Post Adoption | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||||||||||||||
Unrealized investment gains (losses), net of related offsets | $ | (23,566) | $ | (6,769) | $ | (30,335) | $ | (2,462) | $ | (2,879) | $ | (5,341) | ||||||||||||||||||||||||||
Future policy benefits discount rate remeasurement gains (losses) | $ | — | $ | 21,623 | $ | 21,623 | $ | — | $ | 5,118 | $ | 5,118 | ||||||||||||||||||||||||||
Market risk benefits instrument-specific credit risk remeasurement gains (losses) | $ | — | $ | (236) | $ | (236) | $ | — | $ | 311 | $ | 311 | ||||||||||||||||||||||||||
Other comprehensive income (loss), before income tax | $ | (23,817) | $ | 14,618 | $ | (9,199) | $ | (2,260) | $ | 2,550 | $ | 290 | ||||||||||||||||||||||||||
Income tax (expense) benefit related to items of other comprehensive income (loss) | $ | 5,004 | $ | (3,070) | $ | 1,934 | $ | 515 | $ | (535) | $ | (20) | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (15,542) | $ | 13,933 | $ | (1,609) | $ | 1,973 | $ | 2,012 | $ | 3,985 | ||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $ | (15,570) | $ | 13,933 | $ | (1,637) | $ | 1,968 | $ | 2,012 | $ | 3,980 |
As Previously Reported | Adoption Adjustment |
Post Adoption | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 10,548 | $ | — | $ | 10,548 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (3,932) | $ | (3,932) | ||||||||||||||
Net income (loss) | $ | 3,713 | $ | (3) | $ | 3,710 | ||||||||||||||
Balance at December 31, 2021 | $ | 10,868 | $ | (3,935) | $ | 6,933 | ||||||||||||||
Net income (loss) | $ | 3,243 | $ | 2,385 | $ | 5,628 | ||||||||||||||
Balance at December 31, 2022 | $ | 10,572 | $ | (1,550) | $ | 9,022 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 11,662 | $ | — | $ | 11,662 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (12,987) | $ | (12,987) | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||
Balance at December 31, 2021 | $ | 9,917 | $ | (10,972) | $ | (1,055) | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | ||||||||||||||
Balance at December 31, 2022 | $ | (8,896) | $ | 576 | $ | (8,320) | ||||||||||||||
Total
Metropolitan Life Insurance Company Stockholder’s Equity |
||||||||||||||||||||
Balance at December 31, 2020 | $ | 34,675 | $ | — | $ | 34,675 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (16,919) | $ | (16,919) | ||||||||||||||
Net income (loss) | $ | 3,713 | $ | (3) | $ | 3,710 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||
Balance at December 31, 2021 | $ | 33,254 | $ | (14,907) | $ | 18,347 | ||||||||||||||
Net income (loss) | $ | 3,243 | $ | 2,385 | $ | 5,628 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | ||||||||||||||
Balance at December 31, 2022 | $ | 14,157 | $ | (974) | $ | 13,183 | ||||||||||||||
Total Equity | ||||||||||||||||||||
Balance at December 31, 2020 | $ | 34,858 | $ | — | $ | 34,858 | ||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | $ | — | $ | (16,919) | $ | (16,919) | ||||||||||||||
Net income (loss) | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (1,745) | $ | 2,015 | $ | 270 | ||||||||||||||
Balance at December 31, 2021 | $ | 33,428 | $ | (14,907) | $ | 18,521 | ||||||||||||||
Change in equity of noncontrolling interests | $ | 10 | $ | — | $ | 10 | ||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | ||||||||||||||
Other comprehensive income (loss), net of income tax | $ | (18,813) | $ | 11,548 | $ | (7,265) | ||||||||||||||
Balance at December 31, 2022 | $ | 14,369 | $ | (974) | $ | 13,395 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
As Previously Reported | Adoption Adjustment |
Post Adoption |
As Previously Reported | Adoption Adjustment |
Post Adoption | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,271 | $ | 2,385 | $ | 5,656 | $ | 3,718 | $ | (3) | $ | 3,715 | ||||||||||||||||||||||||||
(Gains) losses on derivatives, net | $ | 1,122 | $ | (187) | $ | 935 | $ | 2,480 | $ | 232 | $ | 2,712 | ||||||||||||||||||||||||||
Interest credited to policyholder account balances | $ | 2,344 | $ | (51) | $ | 2,293 | $ | 1,988 | $ | 116 | $ | 2,104 | ||||||||||||||||||||||||||
Universal life and investment-type product policy fees | $ | (1,162) | $ | (1) | $ | (1,163) | $ | (1,070) | $ | (21) | $ | (1,091) | ||||||||||||||||||||||||||
Change in premiums, reinsurance and other receivables | $ | 146 | $ | 69 | $ | 215 | $ | 752 | $ | (162) | $ | 590 | ||||||||||||||||||||||||||
Change in market risk benefits | $ | — | $ | (3,141) | $ | (3,141) | $ | — | $ | (476) | $ | (476) | ||||||||||||||||||||||||||
Change in deferred policy acquisition costs and value of business acquired, net | $ | (39) | $ | 147 | $ | 108 | $ | 194 | $ | 84 | $ | 278 | ||||||||||||||||||||||||||
Change in income tax | $ | 219 | $ | 634 | $ | 853 | $ | 5 | $ | (1) | $ | 4 | ||||||||||||||||||||||||||
Change in other assets | $ | 201 | $ | (14) | $ | 187 | $ | (308) | $ | 5 | $ | (303) | ||||||||||||||||||||||||||
Change in insurance-related liabilities and policy-related balances | $ | (1,958) | $ | 628 | $ | (1,330) | $ | (957) | $ | 700 | $ | (257) | ||||||||||||||||||||||||||
Change
in other liabilities |
$ | (67) | $ | 4 | $ | (63) | $ | (370) | $ | (2) | $ | (372) | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4,667 | $ | 473 | $ | 5,140 | $ | 3,257 | $ | 472 | $ | 3,729 | ||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Policyholder account balances - deposits | $ | 85,294 | $ | (9) | $ | 85,285 | $ | 78,129 | $ | — | $ | 78,129 | ||||||||||||||||||||||||||
Policyholder account balances - withdrawals | $ | (80,028) | $ | (464) | $ | (80,492) | $ | (80,378) | $ | (472) | $ | (80,850) | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | $ | (8,710) | $ | (473) | $ | (9,183) | $ | (3,758) | $ | (472) | $ | (4,230) |
Standard | Description | Effective 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 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, the Company adopted, using a prospective approach. |
The
new guidance has reduced the complexity involved with evaluating and accounting for certain loan modifications. The adoption of the guidance
did not have a material impact on the Company’s consolidated financial statements, other than expanded disclosures in Note 10. | ||||||||
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; as
amended by ASU 2022-06, Reference
Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848 |
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. The amendments in ASU
2022-06 extend the sunset date of the reference rate reform optional expedients and exceptions to December 31, 2024. |
Effective
for contract modifications made between March 12, 2020 and December 31, 2024. |
The
guidance has reduced the operational and financial impacts of contract modifications that replace a reference rate, such as London Interbank
Offered Rate, affected by reference rate reform.
Contract
modifications to replace reference rates affected by the reform occurred during 2021, 2022 and 2023. The adoption of the guidance did
not have a material impact on the Company’s consolidated financial statements. |
Standard | Description | Effective Date and Method of Adoption | Impact on Financial Statements | ||||||||
ASU
2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures |
Among
other things, the amendments in this update require that public business entities, on an annual basis: (i) disclose specific categories
in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. In addition,
the amendments in this update require that all entities disclose on an annual basis the following information about income taxes paid:
(i) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and (ii) the
amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds
received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). |
Effective
for annual periods beginning January 1, 2025, to be applied prospectively with an option for retrospective application (with early adoption
permitted). |
The
Company is evaluating the impact of the guidance on its consolidated financial statements. | ||||||||
ASU
2023-07, Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures |
The
amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about
significant segment expenses. The key amendments include:
(i)
disclosures on significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within
each reported measure of segment profit or loss on an annual and interim basis;
(ii)
disclosures on an amount for other segment items by reportable segment and a description of its composition on an annual and interim basis.
The other segment items category is the difference between segment revenue less the significant expenses disclosed and each reported measure
of segment profit or loss;
(iii)
providing all annual disclosures on a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment
Reporting in interim periods; and
(iv)
specifying the title and position of the CODM. |
Effective
for annual periods beginning January 1, 2024 and
interim
periods beginning January 1, 2025, to be applied on a retrospective basis unless it is impracticable (with early adoption permitted).
|
The
Company is evaluating the impact of the guidance on its annual disclosures to be included in its 2024 consolidated financial statements
and interim condensed consolidated financial statements to be issued thereafter. | ||||||||
ASU
2023-02,
Investments—Equity Method and Joint Ventures
(Topic
323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
|
The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. In addition, disclosures describing the nature of the investments and related income tax credits and benefits will be required. | January 1, 2024, to be applied on either a modified retrospective or a retrospective basis subject to certain exceptions (with early adoption permitted). |
Effective
January 1, 2024, the Company will elect to account for its tax equity investments using the proportional amortization method if certain
criteria are met. The adoption of the proportional amortization method will be
applied
on a modified retrospective basis and the Company estimates that the January 1, 2024 transition date impact from adoption will result
in a decrease to total equity not to exceed $250 million, net of income tax. |
Year Ended December 31, 2023 |
Group
Benefits |
RIS |
MetLife Holdings | Corporate
& Other |
Total | Adjustments |
Total Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Premiums |
$ | 20,593 | $ | 1,776 | $ | 2,346 | $ | 3 | $ | 24,718 | $ | — | $ | 24,718 | ||||||||||||||||||||||||||||||
Universal
life and investment-type product policy fees |
878 | 264 | 519 | 3 | 1,664 | — | 1,664 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 1,272 | 6,508 | 3,991 | 224 | 11,995 | (789) | 11,206 | |||||||||||||||||||||||||||||||||||||
Other
revenues |
711 | 256 | 197 | 499 | 1,663 | 10 | 1,673 | |||||||||||||||||||||||||||||||||||||
Net
investment gains (losses) |
— | — | — | — | — | (1,375) | (1,375) | |||||||||||||||||||||||||||||||||||||
Net
derivative gains (losses) |
— | — | — | — | — | (1,537) | (1,537) | |||||||||||||||||||||||||||||||||||||
Total
revenues |
23,454 | 8,804 | 7,053 | 729 | 40,040 | (3,691) | 36,349 | |||||||||||||||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||||||||||||||
Policyholder
benefits and claims and policyholder dividends |
17,976 | 4,163 | 4,462 | 1 | 26,602 | 18 | 26,620 | |||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | (26) | (158) | 34 | — | (150) | — | (150) | |||||||||||||||||||||||||||||||||||||
Market risk benefit remeasurement (gains) losses | — | — | — | — | — | (703) | (703) | |||||||||||||||||||||||||||||||||||||
Interest
credited to policyholder account balances |
193 | 2,492 | 582 | 317 | 3,584 | 18 | 3,602 | |||||||||||||||||||||||||||||||||||||
Capitalization of DAC |
(18) | (46) | 1 | (55) | (118) | — | (118) | |||||||||||||||||||||||||||||||||||||
Amortization of DAC and VOBA |
26 | 31 | 224 | 17 | 298 | — | 298 | |||||||||||||||||||||||||||||||||||||
Interest expense
on debt |
2 | 14 | 13 | 103 | 132 | — | 132 | |||||||||||||||||||||||||||||||||||||
Other
expenses |
3,318 | 559 | 794 | 852 | 5,523 | (50) | 5,473 | |||||||||||||||||||||||||||||||||||||
Total
expenses |
21,471 | 7,055 | 6,110 | 1,235 | 35,871 | (717) | 35,154 | |||||||||||||||||||||||||||||||||||||
Provision
for income tax expense (benefit) |
416 | 365 | 182 | (283) | 680 | (620) | 60 | |||||||||||||||||||||||||||||||||||||
Adjusted
earnings |
$ | 1,567 | $ | 1,384 | $ | 761 | $ | (223) | 3,489 | |||||||||||||||||||||||||||||||||||
Adjustments
to: |
||||||||||||||||||||||||||||||||||||||||||||
Total
revenues |
(3,691) | |||||||||||||||||||||||||||||||||||||||||||
Total
expenses |
717 | |||||||||||||||||||||||||||||||||||||||||||
Provision
for income tax (expense) benefit |
620 | |||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
$ | 1,135 | $ | 1,135 |
At December 31, 2023 |
Group
Benefits |
RIS |
MetLife Holdings |
Corporate
& Other |
Total | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Total
assets |
$ | 34,185 | $ | 180,625 | $ | 133,219 | $ | 30,656 | $ | 378,685 | ||||||||||||||||||||||
Separate
account assets |
$ | 1,159 | $ | 47,310 | $ | 34,728 | $ | — | $ | 83,197 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 1,159 | $ | 47,310 | $ | 34,728 | $ | — | $ | 83,197 |
Year Ended December 31, 2022 |
Group
Benefits |
RIS |
MetLife Holdings | Corporate & Other |
Total |
Adjustments |
Total Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Premiums |
$ | 20,269 | $ | 8,425 | $ | 2,495 | $ | — | $ | 31,189 | $ | — | $ | 31,189 | ||||||||||||||||||||||||||||||
Universal
life and investment-type product policy fees |
855 | 267 | 695 | — | 1,817 | — | 1,817 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 1,126 | 5,236 | 4,393 | (45) | 10,710 | (588) | 10,122 | |||||||||||||||||||||||||||||||||||||
Other
revenues |
653 | 407 | 149 | 485 | 1,694 | — | 1,694 | |||||||||||||||||||||||||||||||||||||
Net
investment gains (losses) |
— | — | — | — | — | (127) | (127) | |||||||||||||||||||||||||||||||||||||
Net
derivative gains (losses) |
— | — | — | — | — | 752 | 752 | |||||||||||||||||||||||||||||||||||||
Total
revenues |
22,903 | 14,335 | 7,732 | 440 | 45,410 | 37 | 45,447 | |||||||||||||||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and
policyholder dividends |
18,157 | 10,666 | 4,757 | — | 33,580 | 116 | 33,696 | |||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | 7 | (85) | 67 | — | (11) | — | (11) | |||||||||||||||||||||||||||||||||||||
Market risk benefit remeasurement (gains) losses | — | — | — | — | — | (3,379) | (3,379) | |||||||||||||||||||||||||||||||||||||
Interest
credited to policyholder account balances |
143 | 1,687 | 643 | 67 | 2,540 | (31) | 2,509 | |||||||||||||||||||||||||||||||||||||
Capitalization of DAC |
(18) | (51) | — | (120) | (189) | — | (189) | |||||||||||||||||||||||||||||||||||||
Amortization of DAC and VOBA |
26 | 28 | 237 | 6 | 297 | — | 297 | |||||||||||||||||||||||||||||||||||||
Interest expense
on debt |
1 | 8 | 8 | 87 | 104 | — | 104 | |||||||||||||||||||||||||||||||||||||
Other
expenses |
3,073 | 391 | 801 | 1,249 | 5,514 | (23) | 5,491 | |||||||||||||||||||||||||||||||||||||
Total
expenses |
21,389 | 12,644 | 6,513 | 1,289 | 41,835 | (3,317) | 38,518 | |||||||||||||||||||||||||||||||||||||
Provision
for income tax expense (benefit) |
318 | 350 | 240 | (339) | 569 | 704 | 1,273 | |||||||||||||||||||||||||||||||||||||
Adjusted
earnings |
$ | 1,196 | $ | 1,341 | $ | 979 | $ | (510) | 3,006 | |||||||||||||||||||||||||||||||||||
Adjustments
to: |
||||||||||||||||||||||||||||||||||||||||||||
Total
revenues |
37 | |||||||||||||||||||||||||||||||||||||||||||
Total
expenses |
3,317 | |||||||||||||||||||||||||||||||||||||||||||
Provision
for income tax (expense) benefit |
(704) | |||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
$ | 5,656 | $ | 5,656 |
At December 31, 2022 |
Group
Benefits |
RIS |
MetLife
Holdings |
Corporate & Other |
Total | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Total
assets |
$ | 33,179 | $ | 187,479 | $ | 133,393 | $ | 30,788 | $ | 384,839 | ||||||||||||||||||||||
Separate
account assets |
$ | 990 | $ | 55,020 | $ | 33,231 | $ | — | $ | 89,241 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 990 | $ | 55,020 | $ | 33,231 | $ | — | $ | 89,241 |
Year Ended December 31, 2021 |
Group
Benefits |
RIS |
MetLife Holdings | Corporate & Other |
Total |
Adjustments |
Total Consolidated | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||
Premiums |
$ | 19,640 | $ | 3,823 | $ | 2,725 | $ | — | $ | 26,188 | $ | — | $ | 26,188 | ||||||||||||||||||||||||||||||
Universal
life and investment-type product policy fees |
829 | 272 | 773 | — | 1,874 | — | 1,874 | |||||||||||||||||||||||||||||||||||||
Net investment income (1) | 1,152 | 6,097 | 5,768 | 48 | 13,065 | (579) | 12,486 | |||||||||||||||||||||||||||||||||||||
Other
revenues |
617 | 244 | 243 | 512 | 1,616 | — | 1,616 | |||||||||||||||||||||||||||||||||||||
Net
investment gains (losses) |
— | — | — | — | — | 652 | 652 | |||||||||||||||||||||||||||||||||||||
Net
derivative gains (losses) |
— | — | — | — | — | (1,629) | (1,629) | |||||||||||||||||||||||||||||||||||||
Total
revenues |
22,238 | 10,436 | 9,509 | 560 | 42,743 | (1,556) | 41,187 | |||||||||||||||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||||||||||||||
Policyholder
benefits and claims and policyholder dividends |
18,820 | 5,813 | 5,154 | — | 29,787 | 29 | 29,816 | |||||||||||||||||||||||||||||||||||||
Policyholder liability remeasurement (gains) losses | (4) | (11) | 15 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Market risk benefit remeasurement (gains) losses | — | — | — | — | — | (758) | (758) | |||||||||||||||||||||||||||||||||||||
Interest
credited to policyholder account balances |
127 | 1,397 | 666 | 1 | 2,191 | (6) | 2,185 | |||||||||||||||||||||||||||||||||||||
Capitalization of DAC |
(19) | (40) | 2 | (6) | (63) | — | (63) | |||||||||||||||||||||||||||||||||||||
Amortization of DAC and VOBA |
26 | 29 | 286 | — | 341 | — | 341 | |||||||||||||||||||||||||||||||||||||
Interest expense
on debt |
1 | 5 | 5 | 85 | 96 | — | 96 | |||||||||||||||||||||||||||||||||||||
Other
expenses |
2,819 | 447 | 839 | 1,230 | 5,335 | (9) | 5,326 | |||||||||||||||||||||||||||||||||||||
Total
expenses |
21,770 | 7,640 | 6,967 | 1,310 | 37,687 | (744) | 36,943 | |||||||||||||||||||||||||||||||||||||
Provision
for income tax expense (benefit) |
100 | 580 | 514 | (505) | 689 | (160) | 529 | |||||||||||||||||||||||||||||||||||||
Adjusted
earnings |
$ | 368 | $ | 2,216 | $ | 2,028 | $ | (245) | 4,367 | |||||||||||||||||||||||||||||||||||
Adjustments
to: |
||||||||||||||||||||||||||||||||||||||||||||
Total
revenues |
(1,556) | |||||||||||||||||||||||||||||||||||||||||||
Total
expenses |
744 | |||||||||||||||||||||||||||||||||||||||||||
Provision
for income tax (expense) benefit |
160 | |||||||||||||||||||||||||||||||||||||||||||
Net
income (loss) |
$ | 3,715 | $ | 3,715 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Life
insurance |
$ | 14,721 | $ | 14,809 | $ | 15,396 | |||||||||||
Accident &
health insurance |
10,460 | 10,111 | 9,493 | ||||||||||||||
Annuities |
2,412 | 9,346 | 4,386 | ||||||||||||||
Other |
462 | 434 | 403 | ||||||||||||||
Total |
$ | 28,055 | $ | 34,700 | $ | 29,678 |
RIS
Annuities |
MetLife
Holdings Long-Term Care |
MetLife Holdings Participating Life |
Other
Long-Duration |
Short-Duration and Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Balance,
future policy benefits, at December 31, 2020 |
$ | 54,535 | $ | 14,281 | $ | 45,349 | $ | 9,625 | $ | 10,131 | $ | 133,921 | ||||||||||||||||||||||||||
Removal of additional insurance liabilities for separate presentation (1) | (4) | — | — | (2,925) | — | (2,929) | ||||||||||||||||||||||||||||||||
Subtotal - pre-adoption balance, excluding additional liabilities | 54,531 | 14,281 | 45,349 | 6,700 | 10,131 | 130,992 | ||||||||||||||||||||||||||||||||
Removal of related amounts in AOCI | (5,571) | (1,210) | — | (54) | — | (6,835) | ||||||||||||||||||||||||||||||||
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach | 41 | — | — | 48 | — | 89 | ||||||||||||||||||||||||||||||||
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate | 15,011 | 8,270 | — | 1,927 | — | 25,208 | ||||||||||||||||||||||||||||||||
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard | (4,747) | — | — | (47) | — | (4,794) | ||||||||||||||||||||||||||||||||
Removal of remeasured deferred profit liabilities for separate presentation (1) | (2,413) | — | — | (250) | — | (2,663) | ||||||||||||||||||||||||||||||||
Balance, traditional and limited-payment contracts, at January 1, 2021 | $ | 56,852 | $ | 21,341 | $ | 45,349 | $ | 8,324 | $ | 10,131 | $ | 141,997 | ||||||||||||||||||||||||||
Balance,
deferred profit liabilities at January 1, 2021 |
$ | 2,413 | $ | — | $ | — | $ | 250 | $ | — | $ | 2,663 | ||||||||||||||||||||||||||
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 | $ | 203 | $ | — | $ | 752 | $ | 955 | ||||||||||||||||||||||||||||||
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate | 135 | — | 268 | 403 | ||||||||||||||||||||||||||||||||||
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach | — | — | 32 | 32 | ||||||||||||||||||||||||||||||||||
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract | 6 | — | 20 | 26 | ||||||||||||||||||||||||||||||||||
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 | $ | 344 | $ | — | $ | 1,072 | $ | 1,416 |
MetLife
Holdings Universal and Variable Universal Life |
Other
Long-Duration |
Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Additional insurance liabilities at December 31, 2020 | $ | 1,478 | $ | 1,451 | $ | 2,929 | ||||||||||||||
Reclassification of carrying amount of contracts and contract features that are market risk benefits | — | (1,447) | (1,447) | |||||||||||||||||
Adjustments for the cumulative effect of adoption on additional insurance liabilities | 36 | — | 36 | |||||||||||||||||
Additional insurance liabilities at January 1, 2021 | $ | 1,514 | $ | 4 | $ | 1,518 | ||||||||||||||
Ceded recoverables on additional insurance liabilities at December 31, 2020 | $ | 554 | $ | — | $ | 554 | ||||||||||||||
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities | 9 | — | 9 | |||||||||||||||||
Ceded recoverables on additional insurance liabilities at January 1, 2021 | $ | 563 | $ | — | $ | 563 | ||||||||||||||
Balance, traditional and limited-payment contracts, at January 1, 2021 | $ | 141,997 | ||||||||||||||||||
Balance, deferred profit liabilities at January 1, 2021 | 2,663 | |||||||||||||||||||
Balance, additional insurance liabilities at January 1, 2021 | 1,518 | |||||||||||||||||||
Total future policy benefits at January 1, 2021 | $ | 146,178 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In millions) | ||||||||||||||
Traditional
and Limited-Payment Contracts: |
||||||||||||||
RIS
- Annuities |
$ | 48,695 | $ | 47,990 | ||||||||||
MetLife Holdings - Long-term care | 15,240 | 13,845 | ||||||||||||
Deferred Profit Liabilities: | ||||||||||||||
RIS
- Annuities |
3,000 | 2,699 | ||||||||||||
Additional Insurance Liabilities: | ||||||||||||||
MetLife Holdings - Universal and variable universal life | 1,841 | 1,641 | ||||||||||||
MetLife Holdings - Participating life | 43,586 | 44,434 | ||||||||||||
Other long-duration (1) | 6,605 | 6,297 | ||||||||||||
Short-duration and other | 10,215 | 10,008 | ||||||||||||
Total | $ | 129,182 | $ | 126,914 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Present Value of Expected Net Premiums | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | — | $ | — | $ | — | ||||||||||||||
Balance
at January 1, at original discount rate |
$ | — | $ | — | $ | — | ||||||||||||||
Effect of changes in cash flow assumptions (1) | — | — | — | |||||||||||||||||
Effect
of actual variances from expected experience (2) |
(44) | — | — | |||||||||||||||||
Adjusted
balance |
(44) | — | — | |||||||||||||||||
Issuances | 1,607 | 8,326 | 3,370 | |||||||||||||||||
Net
premiums collected |
(1,563) | (8,326) | (3,370) | |||||||||||||||||
Balance
at December 31, at original discount rate |
— | — | — | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
$ | — | $ | — | $ | — | ||||||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | 48,190 | $ | 54,172 | $ | 55,778 | ||||||||||||||
Balance at January 1, at original discount rate | $ | 49,194 | $ | 42,453 | $ | 40,767 | ||||||||||||||
Effect of changes in cash flow assumptions (1) | (193) | (99) | (112) | |||||||||||||||||
Effect of actual variances from expected experience (2) | (411) | (136) | (183) | |||||||||||||||||
Adjusted
balance |
48,590 | 42,218 | 40,472 | |||||||||||||||||
Issuances | 1,642 | 8,427 | 3,419 | |||||||||||||||||
Interest accrual | 2,377 | 2,182 | 2,098 | |||||||||||||||||
Benefit payments | (4,618) | (3,633) | (3,536) | |||||||||||||||||
Balance
at December 31, at original discount rate |
47,991 | 49,194 | 42,453 | |||||||||||||||||
Effect of changes in discount rate assumptions | 895 | (1,004) | 11,719 | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
48,886 | 48,190 | 54,172 | |||||||||||||||||
Cumulative
amount of fair value hedging adjustments |
(191) | (200) | 727 | |||||||||||||||||
Net
liability for future policy benefits |
48,695 | 47,990 | 54,899 | |||||||||||||||||
Less:
Reinsurance recoverables |
— | — | 312 | |||||||||||||||||
Net
liability for future policy benefits, net of reinsurance |
$ | 48,695 | $ | 47,990 | $ | 54,587 | ||||||||||||||
Undiscounted
- Expected future benefit payments |
$ | 93,959 | $ | 95,493 | $ | 80,524 | ||||||||||||||
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) | $ | 48,886 | $ | 48,190 | $ | 54,172 | ||||||||||||||
Weighted-average duration of the liability | 9 years | 9 years | 12 years | |||||||||||||||||
Weighted-average interest accretion (original locked-in) rate | 5.0 | % | 4.9 | % | 5.2 | % | ||||||||||||||
Weighted-average current discount rate at balance sheet date | 5.1 | % | 5.5 | % | 2.9 | % |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Present Value of Expected Net Premiums | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | 5,775 | $ | 7,058 | $ | 7,142 | ||||||||||||||
Balance
at January 1, at original discount rate |
$ | 5,807 | $ | 5,699 | $ | 5,516 | ||||||||||||||
Effect
of changes in cash flow assumptions |
(152) | 272 | 270 | |||||||||||||||||
Effect
of actual variances from expected experience |
199 | 120 | 183 | |||||||||||||||||
Adjusted
balance |
5,854 | 6,091 | 5,969 | |||||||||||||||||
Interest accrual | 294 | 298 | 287 | |||||||||||||||||
Net
premiums collected |
(582) | (582) | (557) | |||||||||||||||||
Balance
at December 31, at original discount rate |
5,566 | 5,807 | 5,699 | |||||||||||||||||
Effect of changes in discount rate assumptions | 121 | (32) | 1,359 | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
$ | 5,687 | $ | 5,775 | $ | 7,058 | ||||||||||||||
Present Value of Expected Future Policy Benefits | ||||||||||||||||||||
Balance
at January 1, at current discount rate at balance sheet date |
$ | 19,619 | $ | 27,627 | $ | 28,483 | ||||||||||||||
Balance at January 1, at original discount rate | $ | 20,165 | $ | 19,406 | $ | 18,586 | ||||||||||||||
Effect of changes in cash flow assumptions | (190) | 301 | 276 | |||||||||||||||||
Effect of actual variances from expected experience | 223 | 115 | 188 | |||||||||||||||||
Adjusted
balance |
20,198 | 19,822 | 19,050 | |||||||||||||||||
Interest accrual | 1,070 | 1,043 | 998 | |||||||||||||||||
Benefit payments | (774) | (700) | (642) | |||||||||||||||||
Balance
at December 31, at original discount rate |
20,494 | 20,165 | 19,406 | |||||||||||||||||
Effect of changes in discount rate assumptions | 433 | (546) | 8,221 | |||||||||||||||||
Balance
at December 31, at current discount rate at balance sheet date |
20,927 | 19,619 | 27,627 | |||||||||||||||||
Other
adjustments |
— | 1 | — | |||||||||||||||||
Net
liability for future policy benefits |
$ | 15,240 | $ | 13,845 | $ | 20,569 | ||||||||||||||
Undiscounted:
|
||||||||||||||||||||
Expected
future gross premiums |
$ | 10,603 | $ | 11,201 | $ | 11,404 | ||||||||||||||
Expected
future benefit payments |
$ | 45,016 | $ | 45,872 | $ | 45,835 | ||||||||||||||
Discounted (at current discount rate at balance sheet date): | ||||||||||||||||||||
Expected future gross premiums | $ | 7,139 | $ | 7,200 | $ | 9,049 | ||||||||||||||
Expected future benefit payments | $ | 20,927 | $ | 19,619 | $ | 27,627 | ||||||||||||||
Weighted-average duration of the liability | 15 years | 15 years | 18 years | |||||||||||||||||
Weighted
-average interest accretion (original locked-in) rate |
5.4 | % | 5.5 | % | 5.5 | % | ||||||||||||||
Weighted-average current discount rate at balance sheet date | 5.2 | % | 5.6 | % | 3.0 | % |
Years
Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Universal and Variable Universal Life | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Balance, at January 1 | $ | 1,642 | $ | 1,623 | $ | 1,514 | ||||||||||||||
Less:
AOCI adjustment |
(63) | 66 | 78 | |||||||||||||||||
Balance,
at January 1, before AOCI adjustment |
1,705 | 1,557 | 1,436 | |||||||||||||||||
Effect of changes in cash flow assumptions | 26 | 18 | — | |||||||||||||||||
Effect of actual variances from expected experience | 16 | 31 | 13 | |||||||||||||||||
Adjusted
balance |
1,747 | 1,606 | 1,449 | |||||||||||||||||
Assessments accrual | 91 | 90 | 100 | |||||||||||||||||
Interest accrual | 90 | 82 | 75 | |||||||||||||||||
Excess benefits paid | (73) | (73) | (67) | |||||||||||||||||
Balance, at December 31, before AOCI adjustment | 1,855 | 1,705 | 1,557 | |||||||||||||||||
Add:
AOCI adjustment |
(14) | (63) | 66 | |||||||||||||||||
Balance, at December 31 | 1,841 | 1,642 | 1,623 | |||||||||||||||||
Less:
Reinsurance recoverables |
1,841 | 627 | 605 | |||||||||||||||||
Balance,
at December 31, net of reinsurance |
$ | — | $ | 1,015 | $ | 1,018 | ||||||||||||||
Weighted-average duration of the liability | 17 years | 18 years | 18 years | |||||||||||||||||
Weighted-average interest accretion rate | 5.2 | % | 5.2 | % | 5.2 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Gross Premiums or Assessments (1) | Interest Expense (2) | Gross Premiums or Assessments (1) | Interest Expense (2) | Gross Premiums or Assessments (1) | Interest Expense (2) | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Traditional and Limited-Payment Contracts: | ||||||||||||||||||||||||||||||||||||||
RIS
- Annuities |
$ | 1,584 | $ | 2,377 | $ | 8,353 | $ | 2,182 | $ | 3,383 | $ | 2,098 | ||||||||||||||||||||||||||
MetLife Holdings - Long-term care | 731 | 776 | 734 | 745 | 736 | 711 | ||||||||||||||||||||||||||||||||
Deferred Profit Liabilities: | ||||||||||||||||||||||||||||||||||||||
RIS
- Annuities |
N/A | 144 | N/A | 136 | N/A | 132 | ||||||||||||||||||||||||||||||||
Additional Insurance Liabilities: | ||||||||||||||||||||||||||||||||||||||
MetLife Holdings - Universal and variable universal life | 452 | 90 | 470 | 82 | 535 | 75 | ||||||||||||||||||||||||||||||||
Other long-duration | 887 | 304 | 821 | 301 | 1,131 | 304 | ||||||||||||||||||||||||||||||||
Total | $ | 3,654 | $ | 3,691 | $ | 10,378 | $ | 3,446 | $ | 5,785 | $ | 3,320 |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | At December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Total
IBNR Liabilities Plus Expected Development on Reported Claims |
Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 6,986 | $ | 6,919 | $ | 6,913 | $ | 6,910 | $ | 6,914 | $ | 6,919 | $ | 6,920 | $ | 6,918 | $ | 6,920 | $ | 6,921 | $ | 1 | 216,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 7,040 | 7,015 | 7,014 | 7,021 | 7,024 | 7,025 | 7,026 | 7,026 | 7,028 | 1 | 219,102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 7,125 | 7,085 | 7,095 | 7,104 | 7,105 | 7,104 | 7,107 | 7,109 | 2 | 221,155 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 7,432 | 7,418 | 7,425 | 7,427 | 7,428 | 7,428 | 7,432 | 2 | 264,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 7,757 | 7,655 | 7,646 | 7,650 | 7,651 | 7,652 | 2 | 252,744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 7,935 | 7,900 | 7,907 | 7,917 | 7,914 | 4 | 254,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 8,913 | 9,367 | 9,389 | 9,384 | 11 | 299,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 10,555 | 10,795 | 10,777 | 23 | 332,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 9,640 | 9,653 | 44 | 331,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 9,584 | 1,198 | 263,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 83,454 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | (80,287) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All
outstanding liabilities for incurral years prior to 2014, net of reinsurance |
20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unpaid claims and claim adjustment expenses, net of reinsurance | $ | 3,187 |
Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 5,428 | $ | 6,809 | $ | 6,858 | $ | 6,869 | $ | 6,902 | $ | 6,912 | $ | 6,915 | $ | 6,916 | $ | 6,917 | $ | 6,919 | ||||||||||||||||||||||||||||||||||||||||||
2015 | 5,524 | 6,913 | 6,958 | 6,974 | 7,008 | 7,018 | 7,022 | 7,024 | 7,027 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 5,582 | 6,980 | 7,034 | 7,053 | 7,086 | 7,096 | 7,100 | 7,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 5,761 | 7,292 | 7,355 | 7,374 | 7,400 | 7,414 | 7,427 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 6,008 | 7,521 | 7,578 | 7,595 | 7,629 | 7,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 6,178 | 7,756 | 7,820 | 7,853 | 7,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 6,862 | 9,103 | 9,242 | 9,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 8,008 | 10,476 | 10,640 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 7,101 | 9,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 6,929 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ | 80,287 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group Life - Term | 76.3% | 21.1% | 0.9% | 0.3% | 0.5% | 0.2% | 0.1% | —% | —% | —% |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | At December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, |
Total
IBNR
Liabilities
Plus
Expected
Development
on
Reported
Claims |
Cumulative
Number
of
Reported
Claims | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 1,076 | $ | 1,077 | $ | 1,079 | $ | 1,101 | $ | 1,109 | $ | 1,098 | $ | 1,097 | $ | 1,081 | $ | 1,078 | $ | 1,071 | $ | — | 22,854 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 1,082 | 1,105 | 1,093 | 1,100 | 1,087 | 1,081 | 1,067 | 1,086 | 1,078 | — | 21,218 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 1,131 | 1,139 | 1,159 | 1,162 | 1,139 | 1,124 | 1,123 | 1,086 | — | 17,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,244 | 1,202 | 1,203 | 1,195 | 1,165 | 1,181 | 1,101 | — | 16,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,240 | 1,175 | 1,163 | 1,147 | 1,170 | 1,102 | — | 15,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 1,277 | 1,212 | 1,169 | 1,177 | 1,103 | — | 15,408 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 1,253 | 1,223 | 1,155 | 1,100 | — | 15,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 1,552 | 1,608 | 1,477 | 9 | 19,557 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 1,641 | 1,732 | 46 | 18,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 1,725 | 793 | 10,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 12,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | (6,295) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities for incurral years prior to 2014, net of reinsurance | 1,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
unpaid claims and claim adjustment expenses, net of reinsurance |
$ | 7,757 |
Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurral Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | $ | 51 | $ | 266 | $ | 428 | $ | 526 | $ | 609 | $ | 677 | $ | 732 | $ | 778 | $ | 818 | $ | 850 | ||||||||||||||||||||||||||||||||||||||||||
2015 | 50 | 264 | 427 | 524 | 601 | 665 | 718 | 764 | 801 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 49 | 267 | 433 | 548 | 628 | 696 | 750 | 769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 56 | 290 | 476 | 579 | 655 | 719 | 718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 54 | 314 | 497 | 594 | 666 | 663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 57 | 342 | 522 | 620 | 621 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 59 | 355 | 535 | 560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 95 | 505 | 620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 76 | 609 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance | $ | 6,295 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group
Long-Term Disability |
5.0% | 24.0% | 14.9% | 8.3% | 6.0% | 4.8% | 3.7% | 3.4% | 3.6% | 3.0% |
December 31, 2023 | |||||||||||
(In millions) | |||||||||||
Short-Duration: |
|||||||||||
Unpaid
claims and allocated claims adjustment expenses, net of reinsurance: |
|||||||||||
Group
Benefits: |
|||||||||||
Group
Life - Term |
$ | 3,187 | |||||||||
Group
Long-Term Disability |
7,757 | ||||||||||
Total | $ | 10,944 | |||||||||
Other insurance lines - all segments combined | 894 | ||||||||||
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance | 11,838 | ||||||||||
Reinsurance
recoverables on unpaid claims: |
|||||||||||
Group
Benefits: |
|||||||||||
Group
Life - Term |
8 | ||||||||||
Group
Long-Term Disability |
272 | ||||||||||
Total | 280 | ||||||||||
Other
insurance lines - all segments combined |
31 | ||||||||||
Total
reinsurance recoverable on unpaid claims |
311 | ||||||||||
Total
unpaid claims and allocated claims adjustment expense |
12,149 | ||||||||||
Discounting |
(1,325) | ||||||||||
Liability
for unpaid claims and claim adjustment liabilities - short-duration |
10,824 | ||||||||||
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines | 785 | ||||||||||
Total
liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) |
$ | 11,609 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at January 1, | $ | 11,300 | $ | 10,820 | $ | 9,791 | ||||||||||||||
Less:
Reinsurance recoverables |
1,633 | 1,857 | 1,209 | |||||||||||||||||
Net balance at January 1, | 9,667 | 8,963 | 8,582 | |||||||||||||||||
Incurred related to: | ||||||||||||||||||||
Current
year |
19,983 | 19,997 | 19,876 | |||||||||||||||||
Prior
years (1) |
14 | 359 | 567 | |||||||||||||||||
Total
incurred |
19,997 | 20,356 | 20,443 | |||||||||||||||||
Paid related to: | ||||||||||||||||||||
Current
year |
(14,484) | (14,439) | (15,331) | |||||||||||||||||
Prior
years |
(5,311) | (5,213) | (4,731) | |||||||||||||||||
Total
paid |
(19,795) | (19,652) | (20,062) | |||||||||||||||||
Net balance at December 31, | 9,869 | 9,667 | 8,963 | |||||||||||||||||
Add:
Reinsurance recoverables |
1,740 | 1,633 | 1,857 | |||||||||||||||||
Balance at December 31, | $ | 11,609 | $ | 11,300 | $ | 10,820 |
Group
Benefits
Group
Life |
RIS
Capital
Markets Investment Products and Stable Value GICs |
RIS
Annuities
and Risk Solutions |
MetLife Holdings Annuities | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 7,585 | $ | 60,641 | $ | 5,316 | $ | 15,012 | $ | 8,081 | $ | 96,635 | ||||||||||||||||||||||||||
Reclassification
of carrying amounts of contracts and contract features that are market risk benefits |
— | — | (1) | (494) | — | (495) | ||||||||||||||||||||||||||||||||
Other
balance sheet reclassifications and adjustments upon adoption of the LDTI standard |
— | — | 4,747 | — | 47 | 4,794 | ||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 7,585 | $ | 60,641 | $ | 10,062 | $ | 14,518 | $ | 8,128 | $ | 100,934 |
December 31, 2023 | December 31, 2022 | |||||||||||||
(In millions) | ||||||||||||||
Group
Benefits - Group Life |
$ | 7,605 | $ | 7,954 | ||||||||||
RIS: |
||||||||||||||
Capital Markets Investment Products and Stable Value GICs | 58,554 | 58,508 | ||||||||||||
Annuities and Risk Solutions | 10,650 | 10,244 | ||||||||||||
MetLife Holdings - Annuities | 10,888 | 12,598 | ||||||||||||
Other | 16,197 | 14,103 | ||||||||||||
Total | $ | 103,894 | $ | 103,407 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 7,954 | $ | 7,889 | $ | 7,585 | ||||||||||||||
Deposits |
3,227 | 3,227 | 3,444 | |||||||||||||||||
Policy
charges |
(635) | (612) | (589) | |||||||||||||||||
Surrenders and withdrawals | (3,121) | (2,680) | (2,667) | |||||||||||||||||
Benefit
payments |
(12) | (10) | (9) | |||||||||||||||||
Net
transfers from (to) separate accounts |
— | (2) | (1) | |||||||||||||||||
Interest credited | 192 | 142 | 126 | |||||||||||||||||
Balance
at December 31, |
$ | 7,605 | $ | 7,954 | $ | 7,889 | ||||||||||||||
Weighted-average
annual crediting rate |
2.5 | % | 1.8 | % | 1.6 | % | ||||||||||||||
At
period end: |
||||||||||||||||||||
Cash surrender value | $ | 7,543 | $ | 7,900 | $ | 7,837 | ||||||||||||||
Net
amount at risk, excluding offsets from reinsurance: |
||||||||||||||||||||
In
the event of death (1) |
$ | 250,033 | $ | 244,638 | $ | 238,062 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 863 | $ | 4,558 | $ | 5,421 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,196 | 9 | 62 | 2 | 1,269 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
727 | 1 | 43 | 34 | 805 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 110 | |||||||||||||||||||||||||||
Total | $ | 1,923 | $ | 10 | $ | 968 | $ | 4,594 | $ | 7,605 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | 899 | $ | 4,471 | $ | 236 | $ | 5,606 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,303 | 52 | 21 | — | 1,376 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
803 | 1 | 11 | 30 | 845 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 127 | |||||||||||||||||||||||||||
Total | $ | 2,106 | $ | 952 | $ | 4,503 | $ | 266 | $ | 7,954 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 5,228 | $ | 132 | $ | — | $ | 131 | $ | 5,491 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,374 | 50 | 23 | — | 1,447 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
793 | — | — | 29 | 822 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 129 | |||||||||||||||||||||||||||
Total | $ | 7,395 | $ | 182 | $ | 23 | $ | 160 | $ | 7,889 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 58,508 | $ | 58,495 | $ | 60,641 | ||||||||||||||
Deposits |
62,605 | 74,689 | 72,504 | |||||||||||||||||
Surrenders and withdrawals | (65,444) | (75,129) | (75,079) | |||||||||||||||||
Interest credited | 1,907 | 1,190 | 885 | |||||||||||||||||
Effect
of foreign currency translation and other, net |
978 | (737) | (456) | |||||||||||||||||
Balance
at December 31, |
$ | 58,554 | $ | 58,508 | $ | 58,495 | ||||||||||||||
Weighted-average
annual crediting rate |
3.3 | % | 2.1 | % | 1.5 | % | ||||||||||||||
Cash
surrender value at period end |
$ | 1,583 | $ | 1,706 | $ | 1,571 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 1 | $ | 2,621 | $ | 2,622 | ||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 55,932 | |||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1 | $ | 2,621 | $ | 58,554 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 1 | $ | 3,053 | $ | 3,054 | ||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 55,454 | |||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1 | $ | 3,053 | $ | 58,508 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | 632 | $ | 3,542 | $ | 10 | $ | 4,184 | ||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 54,311 | |||||||||||||||||||||||||||
Total | $ | — | $ | 632 | $ | 3,542 | $ | 10 | $ | 58,495 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 10,244 | $ | 10,009 | $ | 10,062 | ||||||||||||||
Deposits |
850 | 912 | 754 | |||||||||||||||||
Policy
charges |
(160) | (135) | (108) | |||||||||||||||||
Surrenders and withdrawals | (215) | (176) | (444) | |||||||||||||||||
Benefit
payments |
(547) | (555) | (570) | |||||||||||||||||
Net
transfers from (to) separate accounts |
53 | (1) | 10 | |||||||||||||||||
Interest credited | 427 | 396 | 388 | |||||||||||||||||
Other |
(2) | (206) | (83) | |||||||||||||||||
Balance
at December 31, |
$ | 10,650 | $ | 10,244 | $ | 10,009 | ||||||||||||||
Weighted-average
annual crediting rate |
4.2 | % | 4.0 | % | 4.0 | % | ||||||||||||||
At
period end: |
||||||||||||||||||||
Cash surrender value | $ | 6,798 | $ | 6,365 | $ | 5,637 | ||||||||||||||
Net
amount at risk, excluding offsets from ceded reinsurance: |
||||||||||||||||||||
In
the event of death (1) |
$ | 33,148 | $ | 33,908 | $ | 32,158 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 20 | $ | 1,490 | $ | 1,510 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
249 | 34 | 7 | 432 | 722 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
3,607 | — | 165 | 5 | 3,777 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 4,641 | |||||||||||||||||||||||||||
Total | $ | 3,856 | $ | 34 | $ | 192 | $ | 1,927 | $ | 10,650 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 64 | $ | 1,201 | $ | 1,265 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
301 | 39 | 40 | 375 | 755 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
3,657 | 122 | 1 | 4 | 3,784 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 4,440 | |||||||||||||||||||||||||||
Total | $ | 3,958 | $ | 161 | $ | 105 | $ | 1,580 | $ | 10,244 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | — | $ | — | $ | 114 | $ | 490 | $ | 604 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
258 | 36 | 41 | 469 | 804 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
3,650 | 126 | 1 | 5 | 3,782 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 4,819 | |||||||||||||||||||||||||||
Total | $ | 3,908 | $ | 162 | $ | 156 | $ | 964 | $ | 10,009 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(Dollars
in millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 12,598 | $ | 13,692 | $ | 14,518 | ||||||||||||||
Deposits | 172 | 229 | 274 | |||||||||||||||||
Policy
charges |
(12) | (13) | (13) | |||||||||||||||||
Surrenders and withdrawals | (1,916) | (1,453) | (1,341) | |||||||||||||||||
Benefit payments | (408) | (406) | (404) | |||||||||||||||||
Net transfers from (to) separate accounts | 72 | 198 | 237 | |||||||||||||||||
Interest credited | 359 | 375 | 394 | |||||||||||||||||
Other |
23 | (24) | 27 | |||||||||||||||||
Balance
at December 31, |
$ | 10,888 | $ | 12,598 | $ | 13,692 | ||||||||||||||
Weighted-average
annual crediting rate |
3.1 | % | 2.9 | % | 2.9 | % | ||||||||||||||
At
period end: |
||||||||||||||||||||
Cash surrender value | $ | 10,181 | $ | 11,688 | $ | 12,554 | ||||||||||||||
Net
amount at risk, excluding offsets from ceded reinsurance (1): |
||||||||||||||||||||
In
the event of death (2) |
$ | 2,821 | $ | 4,354 | $ | 1,119 | ||||||||||||||
At
annuitization or exercise of other living benefits (3) |
$ | 646 | $ | 917 | $ | 538 |
Range of GMCR | At GMCR | Greater
than 0% but less than 0.50% above GMCR |
Equal
to or greater than 0.50% but less than 1.50% above GMCR |
Equal to or greater than 1.50% above GMCR | Total
Account Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 36 | $ | 307 | $ | 378 | $ | 252 | $ | 973 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
1,033 | 7,197 | 454 | 202 | 8,886 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
426 | 145 | 27 | — | 598 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 431 | |||||||||||||||||||||||||||
Total | $ | 1,495 | $ | 7,649 | $ | 859 | $ | 454 | $ | 10,888 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 934 | $ | 4 | $ | 8 | $ | 16 | $ | 962 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
9,381 | 892 | 186 | 12 | 10,471 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
593 | 43 | — | — | 636 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 529 | |||||||||||||||||||||||||||
Total | $ | 10,908 | $ | 939 | $ | 194 | $ | 28 | $ | 12,598 | ||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Equal
to or greater than 0% but less than 2% |
$ | 1,066 | $ | 7 | $ | 14 | $ | 11 | $ | 1,098 | ||||||||||||||||||||||
Equal
to or greater than 2% but less than 4% |
10,671 | 299 | 192 | 1 | 11,163 | |||||||||||||||||||||||||||
Equal
to or greater than 4% |
623 | 40 | — | — | 663 | |||||||||||||||||||||||||||
Products with either a fixed rate or no guaranteed minimum crediting rate | N/A | N/A | N/A | N/A | 768 | |||||||||||||||||||||||||||
Total | $ | 12,360 | $ | 346 | $ | 206 | $ | 12 | $ | 13,692 |
MetLife
Holdings Annuities |
Other | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Direct and assumed MRB liabilities at December 31, 2020 | $ | — | $ | — | $ | — | ||||||||||||||
Reclassification
of carrying amounts of contracts and contract features that are market risk benefits |
1,882 | 1 | 1,883 | |||||||||||||||||
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date | (9) | (17) | (26) | |||||||||||||||||
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value | 4,728 | 204 | 4,932 | |||||||||||||||||
Direct and assumed MRB liabilities at January 1, 2021 | $ | 6,601 | $ | 188 | $ | 6,789 |
December
31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Asset | Liability | Net | Asset | Liability | Net | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
MetLife Holdings - Annuities | $ | 156 | $ | 2,858 | $ | 2,702 | $ | 153 | $ | 3,224 | $ | 3,071 | ||||||||||||||||||||||||||
Other |
21 | 20 | (1) | 21 | 46 | 25 | ||||||||||||||||||||||||||||||||
Total |
$ | 177 | $ | 2,878 | $ | 2,701 | $ | 174 | $ | 3,270 | $ | 3,096 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 3,071 | $ | 5,715 | $ | 6,601 | ||||||||||||||
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | $ | 3,164 | $ | 6,017 | $ | 6,610 | ||||||||||||||
Attributed fees collected | 315 | 316 | 320 | |||||||||||||||||
Benefit payments | (57) | (42) | (41) | |||||||||||||||||
Effect of changes in interest rates | (156) | (3,584) | (524) | |||||||||||||||||
Effect of changes in capital markets | (734) | 896 | (934) | |||||||||||||||||
Effect of changes in equity index volatility | (120) | 41 | 20 | |||||||||||||||||
Actual policyholder behavior different from expected behavior | 115 | 3 | (46) | |||||||||||||||||
Effect of changes in future expected policyholder behavior and other assumptions (1) | 9 | (317) | 557 | |||||||||||||||||
Effect of foreign currency translation and other, net (2) | 219 | 72 | 399 | |||||||||||||||||
Effect of changes in risk margin | (14) | (238) | (344) | |||||||||||||||||
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2,741 | 3,164 | 6,017 | |||||||||||||||||
Cumulative effect of changes in the instrument-specific credit risk | (39) | (93) | (302) | |||||||||||||||||
Balance at December 31, | $ | 2,702 | $ | 3,071 | $ | 5,715 | ||||||||||||||
At
period end: |
||||||||||||||||||||
Net amount at risk, excluding offsets from hedging (3): | ||||||||||||||||||||
In the event of death (4) | $ | 2,821 | $ | 4,354 | $ | 1,119 | ||||||||||||||
At annuitization or exercise of other living benefits (5) | $ | 646 | $ | 917 | $ | 538 | ||||||||||||||
Weighted-average
attained age of contractholders: |
||||||||||||||||||||
In the event of death (4) | 70 years | 69 years | 70 years | |||||||||||||||||
At annuitization or exercise of other living benefits (5) | 70 years | 69 years | 67 years |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | 25 | $ | 286 | $ | 188 | ||||||||||||||
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk | $ | 34 | $ | 322 | $ | 205 | ||||||||||||||
Attributed fees collected | 2 | 2 | 2 | |||||||||||||||||
Effect of changes in interest rates | (9) | (156) | (63) | |||||||||||||||||
Effect of changes in capital markets | — | (2) | (5) | |||||||||||||||||
Actual policyholder behavior different from expected behavior | (26) | (5) | (4) | |||||||||||||||||
Effect of changes in future expected policyholder behavior and other assumptions | 1 | (2) | 63 | |||||||||||||||||
Effect of foreign currency translation and other, net | — | (125) | 124 | |||||||||||||||||
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk | 2 | 34 | 322 | |||||||||||||||||
Cumulative effect of changes in the instrument-specific credit risk | (3) | (9) | (36) | |||||||||||||||||
Balance at December 31, | $ | (1) | $ | 25 | $ | 286 | ||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
(In millions) | |||||||||||
RIS: |
|||||||||||
Stable
Value and Risk Solutions |
$ | 35,562 | $ | 43,249 | |||||||
Annuities |
11,659 | 11,694 | |||||||||
MetLife Holdings - Annuities | 29,162 | 28,443 | |||||||||
Other |
6,814 | 5,855 | |||||||||
Total
|
$ | 83,197 | $ | 89,241 |
RIS Stable Value and Risk Solutions |
RIS Annuities |
MetLife
Holdings Annuities | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance, January 1, 2021 | $ | 58,704 | $ | 21,895 | $ | 40,755 | ||||||||||||||
Premiums and deposits | 3,411 | 944 | 298 | |||||||||||||||||
Policy charges | (263) | (35) | (788) | |||||||||||||||||
Surrenders and withdrawals | (8,170) | (2,457) | (4,454) | |||||||||||||||||
Benefit payments | (137) | — | (500) | |||||||||||||||||
Investment performance | 400 | 1,189 | 5,023 | |||||||||||||||||
Net transfers from (to) general account | (41) | 30 | (237) | |||||||||||||||||
Other
|
487 | (274) | (1) | |||||||||||||||||
Balance, December 31, 2021 | $ | 54,391 | $ | 21,292 | $ | 40,096 | ||||||||||||||
Premiums and deposits | 4,329 | 1,233 | 266 | |||||||||||||||||
Policy charges | (263) | (25) | (665) | |||||||||||||||||
Surrenders and withdrawals | (5,882) | (7,481) | (2,906) | |||||||||||||||||
Benefit payments | (108) | — | (431) | |||||||||||||||||
Investment performance | (4,492) | (2,823) | (7,722) | |||||||||||||||||
Net transfers from (to) general account | 57 | (56) | (199) | |||||||||||||||||
Other (1) | (4,783) | (446) | 4 | |||||||||||||||||
Balance, December 31, 2022 | $ | 43,249 | $ | 11,694 | $ | 28,443 | ||||||||||||||
Premiums and deposits | 1,643 | 175 | 256 | |||||||||||||||||
Policy charges | (232) | (21) | (608) | |||||||||||||||||
Surrenders and withdrawals | (11,087) | (944) | (2,942) | |||||||||||||||||
Benefit payments | (95) | — | (464) | |||||||||||||||||
Investment performance | 2,241 | 774 | 4,548 | |||||||||||||||||
Net transfers from (to) general account | (56) | 3 | (73) | |||||||||||||||||
Other
|
(101) | (22) | 2 | |||||||||||||||||
Balance, December 31, 2023 | $ | 35,562 | $ | 11,659 | $ | 29,162 | ||||||||||||||
Cash surrender value at December 31, 2021 (2) | $ | 44,774 | N/A | $ | 39,855 | |||||||||||||||
Cash surrender value at December 31, 2022 (2) | $ | 38,420 | N/A | $ | 28,292 | |||||||||||||||
Cash surrender value at December 31, 2023 (2) | $ | 30,841 | N/A | 29,016 |
December 31, 2023 | ||||||||||||||||||||||||||
Group
Benefits |
RIS |
MetLife Holdings | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed
maturity securities: |
||||||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||
Foreign government | $ | — | $ | 509 | $ | — | $ | 509 | ||||||||||||||||||
U.S. government and agency | — | 9,603 | — | 9,603 | ||||||||||||||||||||||
Public utilities | — | 1,066 | — | 1,066 | ||||||||||||||||||||||
Municipals | — | 346 | — | 346 | ||||||||||||||||||||||
Corporate
bonds: |
||||||||||||||||||||||||||
Materials | — | 143 | — | 143 | ||||||||||||||||||||||
Communications | — | 883 | — | 883 | ||||||||||||||||||||||
Consumer | — | 1,843 | — | 1,843 | ||||||||||||||||||||||
Energy | — | 906 | — | 906 | ||||||||||||||||||||||
Financial | — | 2,670 | — | 2,670 | ||||||||||||||||||||||
Industrial and other | — | 757 | — | 757 | ||||||||||||||||||||||
Technology | — | 541 | — | 541 | ||||||||||||||||||||||
Foreign | — | 1,889 | — | 1,889 | ||||||||||||||||||||||
Total corporate bonds | — | 9,632 | — | 9,632 | ||||||||||||||||||||||
Total bonds | — | 21,156 | — | 21,156 | ||||||||||||||||||||||
Mortgage-backed securities | — | 9,515 | — | 9,515 | ||||||||||||||||||||||
Asset-backed
securities and collateralized loan obligations |
— | 2,341 | — | 2,341 | ||||||||||||||||||||||
Redeemable preferred stock | — | 9 | — | 9 | ||||||||||||||||||||||
Total
fixed maturity securities |
— | 33,021 | — | 33,021 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common stock: | ||||||||||||||||||||||||||
Industrial, miscellaneous and all other | — | 2,338 | — | 2,338 | ||||||||||||||||||||||
Banks, trust and insurance companies | — | 716 | — | 716 | ||||||||||||||||||||||
Public utilities | — | 65 | — | 65 | ||||||||||||||||||||||
Non-redeemable preferred stock | — | — | — | — | ||||||||||||||||||||||
Mutual funds | 1,159 | 3,672 | 34,728 | 39,559 | ||||||||||||||||||||||
Total equity securities | 1,159 | 6,791 | 34,728 | 42,678 | ||||||||||||||||||||||
Other invested assets | — | 1,425 | — | 1,425 | ||||||||||||||||||||||
Total investments | 1,159 | 41,237 | 34,728 | 77,124 | ||||||||||||||||||||||
Other
assets |
— | 6,073 | — | 6,073 | ||||||||||||||||||||||
Total | $ | 1,159 | $ | 47,310 | $ | 34,728 | $ | 83,197 |
December 31, 2022 | ||||||||||||||||||||||||||
Group
Benefits (1) |
RIS
(1) |
MetLife Holdings | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed
maturity securities: |
||||||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||
Foreign government | $ | — | $ | 588 | $ | — | $ | 588 | ||||||||||||||||||
U.S. government and agency | — | 11,189 | — | 11,189 | ||||||||||||||||||||||
Public utilities | — | 1,174 | — | 1,174 | ||||||||||||||||||||||
Municipals | — | 475 | — | 475 | ||||||||||||||||||||||
Corporate
bonds: |
||||||||||||||||||||||||||
Materials | — | 242 | — | 242 | ||||||||||||||||||||||
Communications | — | 1,174 | — | 1,174 | ||||||||||||||||||||||
Consumer | — | 2,365 | — | 2,365 | ||||||||||||||||||||||
Energy | — | 861 | — | 861 | ||||||||||||||||||||||
Financial | — | 3,495 | — | 3,495 | ||||||||||||||||||||||
Industrial and other | — | 876 | — | 876 | ||||||||||||||||||||||
Technology | — | 711 | — | 711 | ||||||||||||||||||||||
Foreign | — | 2,451 | — | 2,451 | ||||||||||||||||||||||
Total corporate bonds | — | 12,175 | — | 12,175 | ||||||||||||||||||||||
Total bonds | — | 25,601 | — | 25,601 | ||||||||||||||||||||||
Mortgage-backed securities | — | 12,202 | — | 12,202 | ||||||||||||||||||||||
Asset-backed
securities and collateralized loan obligations |
— | 2,763 | — | 2,763 | ||||||||||||||||||||||
Redeemable preferred stock | — | 4 | — | 4 | ||||||||||||||||||||||
Total
fixed maturity securities |
— | 40,570 | — | 40,570 | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common stock: | ||||||||||||||||||||||||||
Industrial, miscellaneous and all other | — | 2,853 | — | 2,853 | ||||||||||||||||||||||
Banks, trust and insurance companies | — | 586 | — | 586 | ||||||||||||||||||||||
Public utilities | — | 94 | — | 94 | ||||||||||||||||||||||
Non-redeemable preferred stock | — | 2 | — | 2 | ||||||||||||||||||||||
Mutual funds | 988 | 3,367 | 33,231 | 37,586 | ||||||||||||||||||||||
Total equity securities | 988 | 6,902 | 33,231 | 41,121 | ||||||||||||||||||||||
Other invested assets | 2 | 1,634 | — | 1,636 | ||||||||||||||||||||||
Total investments | 990 | 49,106 | 33,231 | 83,327 | ||||||||||||||||||||||
Other
assets |
— | 5,914 | — | 5,914 | ||||||||||||||||||||||
Total | $ | 990 | $ | 55,020 | $ | 33,231 | $ | 89,241 |
Group
Benefits (1) |
RIS
(1) |
MetLife Holdings | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
DAC: | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | 278 | $ | 100 | $ | 2,248 | $ | 2,626 | |||||||||||||||
Removal of related amounts in AOCI | — | — | 1,480 | 1,480 | |||||||||||||||||||
Other adjustments upon adoption of the LDTI standard | — | — | 12 | 12 | |||||||||||||||||||
Balance at January 1, 2021 | $ | 278 | $ | 100 | $ | 3,740 | $ | 4,118 | |||||||||||||||
VOBA: | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 20 | $ | 3 | $ | 23 | |||||||||||||||
Removal of related amounts in AOCI | — | — | 2 | 2 | |||||||||||||||||||
Balance at January 1, 2021 | $ | — | $ | 20 | $ | 5 | $ | 25 | |||||||||||||||
UREV: | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 22 | $ | 157 | $ | 179 | |||||||||||||||
Removal of related amounts in AOCI | — | — | — | — | |||||||||||||||||||
Balance at January 1, 2021 | $ | — | $ | 22 | $ | 157 | $ | 179 |
Group
Benefits (1) |
RIS
(1) |
MetLife
Holdings (2) |
Corporate & Other | Total | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
DAC: |
|||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 278 | $ | 100 | $ | 3,740 | $ | — | $ | 4,118 | |||||||||||||||||||
Capitalizations | 19 | 40 | (2) | 6 | 63 | ||||||||||||||||||||||||
Amortization | (25) | (28) | (281) | — | (334) | ||||||||||||||||||||||||
Balance at December 31, 2021 | 272 | 112 | 3,457 | 6 | 3,847 | ||||||||||||||||||||||||
Capitalizations | 18 | 51 | — | 120 | 189 | ||||||||||||||||||||||||
Amortization | (26) | (26) | (237) | (6) | (295) | ||||||||||||||||||||||||
Balance at December 31, 2022 | 264 | 137 | 3,220 | 120 | 3,741 | ||||||||||||||||||||||||
Capitalizations | 18 | 46 | (1) | 55 | 118 | ||||||||||||||||||||||||
Amortization | (27) | (28) | (224) | (17) | (296) | ||||||||||||||||||||||||
Other
(3) |
— | — | (272) | — | (272) | ||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 255 | $ | 155 | $ | 2,723 | $ | 158 | $ | 3,291 | |||||||||||||||||||
Total
DAC and VOBA: |
|||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 3,865 | |||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 3,757 | |||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 3,305 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
VODA and VOCRA: | ||||||||||||||||||||
Balance
at January 1, |
$ | 99 | $ | 116 | $ | 135 | ||||||||||||||
Amortization |
(15) | (17) | (19) | |||||||||||||||||
Balance
at December 31, |
$ | 84 | $ | 99 | $ | 116 | ||||||||||||||
Accumulated
amortization |
$ | 373 | $ | 358 | $ | 341 |
RIS
(1) |
MetLife Holdings | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at January 1, 2021 | $ | 22 | $ | 157 | $ | 179 | ||||||||||||||
Deferrals | 3 | 49 | 52 | |||||||||||||||||
Amortization | (4) | (11) | (15) | |||||||||||||||||
Balance at December 31, 2021 | 21 | 195 | 216 | |||||||||||||||||
Deferrals | 1 | 45 | 46 | |||||||||||||||||
Amortization | (4) | (13) | (17) | |||||||||||||||||
Balance at December 31, 2022 | 18 | 227 | 245 | |||||||||||||||||
Deferrals | 2 | 33 | 35 | |||||||||||||||||
Amortization | (4) | (14) | (18) | |||||||||||||||||
Other
(2) |
— | (241) | (241) | |||||||||||||||||
Balance at December 31, 2023 | $ | 16 | $ | 5 | $ | 21 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Premiums | |||||||||||||||||
Direct premiums | $ | 25,027 | $ | 31,265 | $ | 23,005 | |||||||||||
Reinsurance assumed | 847 | 872 | 4,121 | ||||||||||||||
Reinsurance ceded | (1,156) | (948) | (938) | ||||||||||||||
Net premiums | $ | 24,718 | $ | 31,189 | $ | 26,188 | |||||||||||
Universal life and investment-type product policy fees | |||||||||||||||||
Direct universal life and investment-type product policy fees | $ | 2,019 | $ | 2,079 | $ | 2,173 | |||||||||||
Reinsurance assumed | (17) | 30 | (16) | ||||||||||||||
Reinsurance ceded | (338) | (292) | (283) | ||||||||||||||
Net universal life and investment-type product policy fees | $ | 1,664 | $ | 1,817 | $ | 1,874 | |||||||||||
Other revenues | |||||||||||||||||
Direct other revenues | $ | 1,025 | $ | 1,025 | $ | 1,066 | |||||||||||
Reinsurance assumed | 125 | 54 | 13 | ||||||||||||||
Reinsurance ceded | 523 | 615 | 537 | ||||||||||||||
Net other revenues | $ | 1,673 | $ | 1,694 | $ | 1,616 | |||||||||||
Policyholder benefits and claims | |||||||||||||||||
Direct policyholder benefits and claims | $ | 26,768 | $ | 33,433 | $ | 26,322 | |||||||||||
Reinsurance assumed | 708 | 856 | 3,962 | ||||||||||||||
Reinsurance ceded | (1,326) | (1,156) | (1,200) | ||||||||||||||
Net policyholder benefits and claims | $ | 26,150 | $ | 33,133 | $ | 29,084 | |||||||||||
Policyholder liability remeasurement (gains) losses | |||||||||||||||||
Direct policyholder liability remeasurement (gains) losses | $ | (87) | $ | 43 | $ | (19) | |||||||||||
Reinsurance assumed | (48) | (39) | 31 | ||||||||||||||
Reinsurance ceded | (15) | (15) | (12) | ||||||||||||||
Net policyholder liability remeasurement (gains) losses | $ | (150) | $ | (11) | $ | — | |||||||||||
Market risk benefits remeasurement (gains) losses | |||||||||||||||||
Direct market risk benefits remeasurement (gains) losses | $ | (701) | $ | (3,389) | $ | (758) | |||||||||||
Reinsurance assumed | (2) | 10 | — | ||||||||||||||
Reinsurance ceded | — | — | — | ||||||||||||||
Net market risk benefits remeasurement (gains) losses | $ | (703) | $ | (3,379) | $ | (758) | |||||||||||
Interest credited to policyholder account balances | |||||||||||||||||
Direct interest credited to policyholder account balances | $ | 3,276 | $ | 2,418 | $ | 2,157 | |||||||||||
Reinsurance assumed | 354 | 109 | 43 | ||||||||||||||
Reinsurance ceded | (28) | (18) | (15) | ||||||||||||||
Net interest credited to policyholder account balances | $ | 3,602 | $ | 2,509 | $ | 2,185 | |||||||||||
Other expenses | |||||||||||||||||
Direct other expenses | $ | 5,365 | $ | 5,026 | $ | 4,551 | |||||||||||
Reinsurance assumed | 280 | 97 | 162 | ||||||||||||||
Reinsurance ceded | 140 | 580 | 987 | ||||||||||||||
Net other expenses | $ | 5,785 | $ | 5,703 | $ | 5,700 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Direct | Assumed | Ceded | Total
Balance Sheet |
Direct | Assumed | Ceded | Total
Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Premiums,
reinsurance and other
receivables |
$ | 3,287 | $ | 736 | $ | 24,213 | $ | 28,236 | $ | 2,952 | $ | 1,302 | $ | 16,537 | $ | 20,791 | |||||||||||||||||||||||||||||||
Market risk benefits | 170 | 7 | — | 177 | 167 | 7 | — | 174 | |||||||||||||||||||||||||||||||||||||||
Deferred
policy acquisition costs and
value
of business acquired |
3,628 | 158 | (481) | 3,305 | 3,860 | 120 | (223) | 3,757 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,085 | $ | 901 | $ | 23,732 | $ | 31,718 | $ | 6,979 | $ | 1,429 | $ | 16,314 | $ | 24,722 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Future policy benefits | $ | 125,885 | $ | 3,297 | $ | — | $ | 129,182 | $ | 123,335 | $ | 3,579 | $ | — | $ | 126,914 | |||||||||||||||||||||||||||||||
Policyholder account balances | 94,825 | 9,069 | — | 103,894 | 97,162 | 6,245 | — | 103,407 | |||||||||||||||||||||||||||||||||||||||
Market risk benefits | 2,863 | 15 | — | 2,878 | 3,255 | 15 | — | 3,270 | |||||||||||||||||||||||||||||||||||||||
Other policy-related balances | 8,186 | 384 | (281) | 8,289 | 7,596 | 358 | (23) | 7,931 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 7,800 | 2,112 | 13,807 | 23,719 | 8,718 | 2,160 | 13,617 | 24,495 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 239,559 | $ | 14,877 | $ | 13,526 | $ | 267,962 | $ | 240,066 | $ | 12,357 | $ | 13,594 | $ | 266,017 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Premiums | |||||||||||||||||
Reinsurance assumed | $ | (19) | $ | 7 | $ | 3,237 | |||||||||||
Reinsurance ceded | (372) | (139) | (114) | ||||||||||||||
Net premiums | $ | (391) | $ | (132) | $ | 3,123 | |||||||||||
Universal life and investment-type product policy fees | |||||||||||||||||
Reinsurance assumed | $ | 4 | $ | — | $ | 1 | |||||||||||
Reinsurance ceded | (6) | (4) | (9) | ||||||||||||||
Net universal life and investment-type product policy fees | $ | (2) | $ | (4) | $ | (8) | |||||||||||
Other revenues | |||||||||||||||||
Reinsurance assumed | $ | 91 | $ | 78 | $ | (11) | |||||||||||
Reinsurance ceded | 471 | 472 | 505 | ||||||||||||||
Net other revenues | $ | 562 | $ | 550 | $ | 494 | |||||||||||
Policyholder benefits and claims | |||||||||||||||||
Reinsurance assumed | $ | (121) | $ | 52 | $ | 3,141 | |||||||||||
Reinsurance ceded | (310) | (142) | (146) | ||||||||||||||
Net policyholder benefits and claims | $ | (431) | $ | (90) | $ | 2,995 | |||||||||||
Policyholder liability remeasurement (gains) losses | |||||||||||||||||
Reinsurance assumed | $ | (40) | $ | (47) | $ | 10 | |||||||||||
Reinsurance ceded | (11) | (9) | (2) | ||||||||||||||
Net policyholder liability remeasurement (gains) losses | $ | (51) | $ | (56) | $ | 8 | |||||||||||
Interest credited to policyholder account balances | |||||||||||||||||
Reinsurance assumed | $ | 344 | $ | 97 | $ | 31 | |||||||||||
Reinsurance ceded | (11) | (12) | (12) | ||||||||||||||
Net interest credited to policyholder account balances | $ | 333 | $ | 85 | $ | 19 | |||||||||||
Other expenses | |||||||||||||||||
Reinsurance assumed | $ | 239 | $ | 36 | $ | 89 | |||||||||||
Reinsurance ceded | 220 | 651 | 1,065 | ||||||||||||||
Net other expenses | $ | 459 | $ | 687 | $ | 1,154 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Assumed | Ceded | Assumed | Ceded | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 164 | $ | 11,302 | $ | 723 | $ | 11,303 | ||||||||||||||||||
Deferred policy acquisition costs and value of business acquired | 158 | (160) | 120 | (164) | ||||||||||||||||||||||
Total assets | $ | 322 | $ | 11,142 | $ | 843 | $ | 11,139 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Future policy benefits | $ | 2,236 | $ | — | $ | 2,484 | $ | — | ||||||||||||||||||
Policyholder account balances | 9,040 | — | 6,216 | — | ||||||||||||||||||||||
Other policy-related balances | 65 | (35) | 61 | (23) | ||||||||||||||||||||||
Other liabilities | 957 | 10,267 | 910 | 10,380 | ||||||||||||||||||||||
Total liabilities | $ | 12,298 | $ | 10,232 | $ | 9,671 | $ | 10,357 |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In millions) | ||||||||||||||
Closed
Block Liabilities |
||||||||||||||
Future
policy benefits |
$ | 36,142 | $ | 37,222 | ||||||||||
Other
policy-related balances |
319 | 273 | ||||||||||||
Policyholder
dividends payable |
174 | 181 | ||||||||||||
Other
liabilities |
668 | 455 | ||||||||||||
Total
closed block liabilities |
37,303 | 38,131 | ||||||||||||
Assets
Designated to the Closed Block |
||||||||||||||
Investments: |
||||||||||||||
Fixed
maturity securities available-for-sale, at estimated fair value |
19,939 | 19,648 | ||||||||||||
Mortgage
loans |
6,151 | 6,564 | ||||||||||||
Policy
loans |
3,960 | 4,084 | ||||||||||||
Real
estate and real estate joint ventures |
668 | 635 | ||||||||||||
Other
invested assets |
506 | 705 | ||||||||||||
Total
investments |
31,224 | 31,636 | ||||||||||||
Cash
and cash equivalents |
717 | 437 | ||||||||||||
Accrued
investment income |
383 | 375 | ||||||||||||
Premiums,
reinsurance and other receivables |
54 | 52 | ||||||||||||
Current
income tax recoverable |
3 | 88 | ||||||||||||
Deferred
income tax asset |
312 | 423 | ||||||||||||
Total
assets designated to the closed block |
32,693 | 33,011 | ||||||||||||
Excess
of closed block liabilities over assets designated to the closed block |
4,610 | 5,120 | ||||||||||||
AOCI: | ||||||||||||||
Unrealized
investment gains (losses), net of income tax |
(820) | (1,357) | ||||||||||||
Unrealized
gains (losses) on derivatives, net of income tax |
130 | 262 | ||||||||||||
Total
amounts included in AOCI |
(690) | (1,095) | ||||||||||||
Maximum
future earnings to be recognized from closed block assets and liabilities |
$ | 3,920 | $ | 4,025 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance
at January 1, |
$ | — | $ | 1,682 | $ | 2,969 | ||||||||||||||
Change
in unrealized investment and derivative gains (losses) |
— | (1,682) | (1,287) | |||||||||||||||||
Balance
at December 31, |
$ | — | $ | — | $ | 1,682 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues |
||||||||||||||||||||
Premiums |
$ | 922 | $ | 1,104 | $ | 1,298 | ||||||||||||||
Net
investment income |
1,362 | 1,382 | 1,541 | |||||||||||||||||
Net
investment gains (losses) |
7 | (51) | (36) | |||||||||||||||||
Net
derivative gains (losses) |
— | 33 | 18 | |||||||||||||||||
Total
revenues |
2,291 | 2,468 | 2,821 | |||||||||||||||||
Expenses |
||||||||||||||||||||
Policyholder
benefits and claims |
1,706 | 1,890 | 2,150 | |||||||||||||||||
Policyholder
dividends |
366 | 458 | 626 | |||||||||||||||||
Other
expenses |
86 | 90 | 96 | |||||||||||||||||
Total
expenses |
2,158 | 2,438 | 2,872 | |||||||||||||||||
Revenues,
net of expenses before provision for income tax expense (benefit) |
133 | 30 | (51) | |||||||||||||||||
Provision
for income tax expense (benefit) |
28 | 6 | (11) | |||||||||||||||||
Revenues,
net of expenses and provision for income tax expense (benefit) |
$ | 105 | $ | 24 | $ | (40) |
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized
Cost |
Gross Unrealized | Estimated Fair Value |
Amortized
Cost |
Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sector | Allowance for Credit Loss | Gains | Losses | Allowance for Credit Loss | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
corporate |
$ | 52,479 | $ | (62) | $ | 1,126 | $ | 3,050 | $ | 50,493 | $ | 55,280 | $ | (28) | $ | 649 | $ | 4,811 | $ | 51,090 | ||||||||||||||||||||||||||||||||||||||||||
Foreign
corporate |
27,520 | (2) | 536 | 2,839 | 25,215 | 28,328 | (3) | 206 | 4,538 | 23,993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
government and agency |
23,100 | — | 243 | 2,283 | 21,060 | 24,409 | — | 333 | 2,384 | 22,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS |
20,700 | (1) | 228 | 1,979 | 18,948 | 21,539 | — | 177 | 2,383 | 19,333 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS & CLO | 12,049 | (6) | 30 | 432 | 11,641 | 12,639 | — | 9 | 812 | 11,836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipals |
6,429 | — | 318 | 428 | 6,319 | 7,880 | — | 256 | 672 | 7,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CMBS |
6,387 | (11) | 28 | 570 | 5,834 | 6,691 | (15) | 7 | 640 | 6,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
government |
3,416 | (50) | 156 | 227 | 3,295 | 3,711 | (68) | 140 | 324 | 3,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
fixed maturity securities AFS |
$ | 152,080 | $ | (132) | $ | 2,665 | $ | 11,808 | $ | 142,805 | $ | 160,477 | $ | (114) | $ | 1,777 | $ | 16,564 | $ | 145,576 |
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 | $ | 4,011 | $ | 24,416 | $ | 27,330 | $ | 57,073 | $ | 39,118 | $ | 151,948 | |||||||||||||||||||||||
Estimated
fair value |
$ | 3,949 | $ | 23,787 | $ | 26,459 | $ | 52,187 | $ | 36,423 | $ | 142,805 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 |
2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | Equal
to or Greater than 12 Months |
Less than 12 Months | Equal
to or Greater than 12 Months | ||||||||||||||||||||||||||||||||||||||||||||
Sector & Credit Quality | Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses | |||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 3,537 | $ | 95 | $ | 25,752 | $ | 2,924 | $ | 34,358 | $ | 3,953 | $ | 3,383 | $ | 856 | |||||||||||||||||||||||||||||||
Foreign corporate | 714 | 64 | 16,982 | 2,775 | 16,834 | 3,350 | 3,977 | 1,188 | |||||||||||||||||||||||||||||||||||||||
U.S. government and agency | 4,322 | 228 | 9,980 | 2,055 | 13,489 | 1,895 | 2,756 | 489 | |||||||||||||||||||||||||||||||||||||||
RMBS | 1,470 | 37 | 12,813 | 1,941 | 11,622 | 1,280 | 4,585 | 1,103 | |||||||||||||||||||||||||||||||||||||||
ABS & CLO | 937 | 20 | 8,250 | 410 | 7,725 | 499 | 3,009 | 313 | |||||||||||||||||||||||||||||||||||||||
Municipals | 262 | 10 | 2,102 | 418 | 3,526 | 616 | 133 | 56 | |||||||||||||||||||||||||||||||||||||||
CMBS | 587 | 23 | 4,096 | 542 | 4,376 | 426 | 1,254 | 213 | |||||||||||||||||||||||||||||||||||||||
Foreign government | 431 | 12 | 1,452 | 212 | 1,803 | 209 | 306 | 115 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities AFS | $ | 12,260 | $ | 489 | $ | 81,427 | $ | 11,277 | $ | 93,733 | $ | 12,228 | $ | 19,403 | $ | 4,333 | |||||||||||||||||||||||||||||||
Investment grade | $ | 11,499 | $ | 453 | $ | 77,325 | $ | 10,849 | $ | 88,059 | $ | 11,710 | $ | 17,470 | $ | 3,897 | |||||||||||||||||||||||||||||||
Below investment grade | 761 | 36 | 4,102 | 428 | 5,674 | 518 | 1,933 | 436 | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities AFS | $ | 12,260 | $ | 489 | $ | 81,427 | $ | 11,277 | $ | 93,733 | $ | 12,228 | $ | 19,403 | $ | 4,333 | |||||||||||||||||||||||||||||||
Total
number of securities in an unrealized loss position |
1,679 | 8,441 | 10,688 | 2,110 |
U.S. Corporate |
Foreign Corporate |
Foreign Government |
RMBS |
ABS
& CLO |
CMBS | Total | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | (In millions) | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 28 | $ | 3 | $ | 68 | $ | — | $ | — | $ | 15 | $ | 114 | ||||||||||||||||||||||||||||||
ACL not previously recorded | 31 | — | — | 2 | 6 | 1 | 40 | |||||||||||||||||||||||||||||||||||||
Changes for securities with previously recorded ACL | 7 | (1) | (2) | (1) | — | 5 | 8 | |||||||||||||||||||||||||||||||||||||
Securities sold or exchanged | (4) | — | (16) | — | — | (10) | (30) | |||||||||||||||||||||||||||||||||||||
Write-offs | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 62 | $ | 2 | $ | 50 | $ | 1 | $ | 6 | $ | 11 | $ | 132 |
U.S. Corporate |
Foreign Corporate |
Foreign Government |
RMBS |
ABS
& CLO |
CMBS | Total | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | (In millions) | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 30 | $ | 10 | $ | — | $ | — | $ | — | $ | 13 | $ | 53 | ||||||||||||||||||||||||||||||
ACL not previously recorded | 13 | 12 | 103 | — | — | 2 | 130 | |||||||||||||||||||||||||||||||||||||
Changes for securities with previously recorded ACL | 17 | 3 | (15) | — | — | — | 5 | |||||||||||||||||||||||||||||||||||||
Securities
sold or exchanged |
(10) | (22) | (20) | — | — | — | (52) | |||||||||||||||||||||||||||||||||||||
Write-offs | (22) | — | — | — | — | — | (22) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 28 | $ | 3 | $ | 68 | $ | — | $ | — | $ | 15 | $ | 114 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Portfolio Segment | Carrying Value |
%
of Total |
Carrying Value |
%
of Total | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Commercial | $ | 37,129 | 59.3 | % | $ | 37,196 | 59.4 | % | ||||||||||||||||||
Agricultural | 15,831 | 25.3 | 15,869 | 25.4 | ||||||||||||||||||||||
Residential | 10,133 | 16.2 | 9,953 | 15.9 | ||||||||||||||||||||||
Total amortized cost | 63,093 | 100.8 | 63,018 | 100.7 | ||||||||||||||||||||||
Allowance for credit loss | (509) | (0.8) | (448) | (0.7) | ||||||||||||||||||||||
Total
mortgage loans |
$ | 62,584 | 100.0 | % | $ | 62,570 | 100.0 | % |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential | Total | Commercial | Agricultural | Residential | Total | Commercial | Agricultural | Residential | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 174 | $ | 105 | $ | 169 | $ | 448 | $ | 260 | $ | 79 | $ | 197 | $ | 536 | $ | 199 | $ | 97 | $ | 221 | $ | 517 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision (release) | 50 | 83 | (22) | 111 | (3) | 47 | (20) | 24 | 61 | 6 | (25) | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial
credit losses on PCD loans (1) |
— | — | — | — | — | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (14) | (36) | — | (50) | (83) | (21) | (8) | (112) | — | (24) | (2) | (26) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 210 | $ | 152 | $ | 147 | $ | 509 | $ | 174 | $ | 105 | $ | 169 | $ | 448 | $ | 260 | $ | 79 | $ | 197 | $ | 536 |
December 31, 2023 | |||||||||||||||||
Maturity Extension |
Weighted
Average Life Increase |
% of Total BV | |||||||||||||||
Amortized Cost | Affected Loans (in Years) | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commercial | $ | 419 | Less than one year | 1.0 | % | ||||||||||||
Credit Quality Indicator | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans |
Total | %
of Total | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 1,609 | $ | 1,228 | $ | 1,795 | $ | 989 | $ | 1,980 | $ | 8,873 | $ | 2,698 | $ | 19,172 | 51.7 | % | ||||||||||||||||||||||||||||||||||||||
65% to 75% | 226 | 3,030 | 1,416 | 937 | 1,024 | 3,549 | — | 10,182 | 27.4 | |||||||||||||||||||||||||||||||||||||||||||||||
76% to 80% | — | 359 | 227 | 111 | 843 | 996 | — | 2,536 | 6.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 80% | 31 | 587 | 723 | 611 | 659 | 2,628 | — | 5,239 | 14.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,866 | $ | 5,204 | $ | 4,161 | $ | 2,648 | $ | 4,506 | $ | 16,046 | $ | 2,698 | $ | 37,129 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
DSCR: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
> 1.20x | $ | 1,309 | $ | 4,221 | $ | 3,777 | $ | 2,375 | $ | 3,963 | $ | 13,609 | $ | 2,698 | $ | 31,952 | 86.1 | % | ||||||||||||||||||||||||||||||||||||||
1.00x - 1.20x | 459 | 393 | 368 | — | 331 | 1,427 | — | 2,978 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||
<1.00x | 98 | 590 | 16 | 273 | 212 | 1,010 | — | 2,199 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,866 | $ | 5,204 | $ | 4,161 | $ | 2,648 | $ | 4,506 | $ | 16,046 | $ | 2,698 | $ | 37,129 | 100.0 | % |
Credit Quality Indicator | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans |
Total | %
of Total | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 772 | $ | 1,985 | $ | 1,474 | $ | 1,977 | $ | 1,512 | $ | 5,596 | $ | 1,293 | $ | 14,609 | 92.3 | % | ||||||||||||||||||||||||||||||||||||||
65% to 75% | 22 | 82 | 201 | 126 | 24 | 489 | 118 | 1,062 | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||
76% to 80% | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 80% | 5 | — | — | 5 | 133 | 12 | 5 | 160 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 799 | $ | 2,067 | $ | 1,675 | $ | 2,108 | $ | 1,669 | $ | 6,097 | $ | 1,416 | $ | 15,831 | 100.0 | % |
Credit Quality Indicator | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans |
Total | %
of Total | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance indicators: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 243 | $ | 1,855 | $ | 880 | $ | 151 | $ | 565 | $ | 6,096 | $ | — | $ | 9,790 | 96.6 | % | ||||||||||||||||||||||||||||||||||||||
Nonperforming (1) | 1 | 32 | 15 | 8 | 32 | 255 | — | 343 | 3.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 244 | $ | 1,887 | $ | 895 | $ | 159 | $ | 597 | $ | 6,351 | $ | — | $ | 10,133 | 100.0 | % |
Past Due | Past
Due and Still Accruing Interest |
Nonaccrual | ||||||||||||||||||||||||||||||||||||
Portfolio Segment | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Commercial | $ | 19 | $ | — | $ | — | $ | — | $ | 303 | $ | 158 | ||||||||||||||||||||||||||
Agricultural | 40 | 120 | — | 18 | 206 | 131 | ||||||||||||||||||||||||||||||||
Residential | 343 | 428 | — | — | 343 | 429 | ||||||||||||||||||||||||||||||||
Total | $ | 402 | $ | 548 | $ | — | $ | 18 | $ | 852 | $ | 718 |
December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
Income Type | Carrying Value | Income | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Wholly-owned real estate: | ||||||||||||||||||||||||||||||||
Leased real estate | $ | 1,594 | $ | 1,618 | $ | 171 | $ | 198 | $ | 209 | ||||||||||||||||||||||
Other real estate | 506 | 487 | 287 | 243 | 186 | |||||||||||||||||||||||||||
Real
estate joint ventures |
6,590 | 6,311 | (75) | 308 | 180 | |||||||||||||||||||||||||||
Total real estate and real estate joint ventures | $ | 8,690 | $ | 8,416 | $ | 383 | $ | 749 | $ | 575 |
December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
Property
Type |
Carrying Value | Income | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Leased real estate investments: | ||||||||||||||||||||||||||||||||
Office |
$ | 848 | $ | 797 | $ | 114 | $ | 74 | $ | 73 | ||||||||||||||||||||||
Apartment | 324 | 328 | 23 | 34 | 40 | |||||||||||||||||||||||||||
Retail | 280 | 298 | 23 | 35 | 44 | |||||||||||||||||||||||||||
Industrial |
119 | 171 | 11 | 55 | 52 | |||||||||||||||||||||||||||
Land | 23 | 24 | — | — | — | |||||||||||||||||||||||||||
Total
leased real estate investments |
$ | 1,594 | $ | 1,618 | $ | 171 | $ | 198 | $ | 209 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Cost | Net Unrealized Gains (Losses) (1) | Estimated Fair Value | Cost | Net Unrealized Gains (Losses) (1) | Estimated Fair Value | |||||||||||||||||||||||||||||||||
Security Type | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
FVO
securities |
$ | 379 | $ | 367 | $ | 746 | $ | 673 | $ | 171 | $ | 844 | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||
Common stock | $ | 118 | $ | 45 | $ | 163 | $ | 119 | $ | 47 | $ | 166 | ||||||||||||||||||||||||||
Non-redeemable preferred stock | 177 | 7 | 184 | 77 | (3) | 74 | ||||||||||||||||||||||||||||||||
Total equity securities | $ | 295 | $ | 52 | $ | 347 | $ | 196 | $ | 44 | $ | 240 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Securities (1) | Securities (1) | |||||||||||||||||||||||||||||||||||||
Agreement Type | Estimated 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 |
$ | 5,528 | $ | 5,684 | $ | 5,565 | $ | 6,601 | $ | 6,773 | $ | 6,625 | ||||||||||||||||||||||||||
Repurchase
agreements |
$ | 3,029 | $ | 2,975 | $ | 2,913 | $ | 3,176 | $ | 3,125 | $ | 3,057 | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Maturities | Remaining Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Open (1) | 1 Month or Less |
Over
1 Month to 6 Months |
Over 6 Months to 1 Year | Total | Open (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 | $ | 943 | $ | 2,523 | $ | 2,218 | $ | — | $ | 5,684 | $ | 935 | $ | 4,233 | $ | 1,605 | $ | — | $ | 6,773 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and agency | $ | — | $ | 2,975 | $ | — | $ | — | $ | 2,975 | $ | — | $ | 3,125 | $ | — | $ | — | $ | 3,125 | ||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Invested
assets on deposit (regulatory deposits) |
$ | 105 | $ | 98 | |||||||
Invested
assets pledged as collateral (1) |
21,177 | 20,612 | |||||||||
Total
invested assets on deposit and pledged as collateral |
$ | 21,282 | $ | 20,710 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Asset Type | Total
Assets |
Total
Liabilities |
Total
Assets |
Total
Liabilities | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Real estate joint ventures | $ | 1,427 | $ | — | $ | 1,357 | $ | — | ||||||||||||||||||
Mortgage loan joint ventures | 171 | — | 147 | — | ||||||||||||||||||||||
Renewable energy partnership (primarily other invested assets) | 65 | — | 76 | — | ||||||||||||||||||||||
Investment funds (primarily other invested assets) | 61 | — | 98 | — | ||||||||||||||||||||||
Total |
$ | 1,724 | $ | — | $ | 1,678 | $ | — |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Asset Type | Carrying
Amount |
Maximum
Exposure to Loss (1) |
Carrying
Amount |
Maximum
Exposure to Loss (1) | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed maturity securities AFS (2) | $ | 35,370 | $ | 35,370 | $ | 35,813 | $ | 35,813 | ||||||||||||||||||
Other
limited partnership interests |
7,319 | 9,452 | 7,299 | 9,716 | ||||||||||||||||||||||
Other
invested assets |
1,318 | 1,405 | 1,342 | 1,509 | ||||||||||||||||||||||
Real
estate joint ventures |
104 | 267 | 86 | 88 | ||||||||||||||||||||||
Total |
$ | 44,111 | $ | 46,494 | $ | 44,540 | $ | 47,126 |
Years Ended December 31, | ||||||||||||||||||||
Asset Type | 2023 | 2022 | 2021 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed
maturity securities AFS |
$ | 7,492 | $ | 6,458 | $ | 6,101 | ||||||||||||||
Mortgage
loans |
3,302 | 2,615 | 2,661 | |||||||||||||||||
Policy
loans |
294 | 288 | 292 | |||||||||||||||||
Real
estate and REJV |
383 | 749 | 575 | |||||||||||||||||
OLPI |
191 | 433 | 3,161 | |||||||||||||||||
Cash,
cash equivalents and short-term investments |
382 | 147 | 11 | |||||||||||||||||
FVO
securities |
147 | (143) | 102 | |||||||||||||||||
Operating
joint venture |
18 | 34 | 65 | |||||||||||||||||
Equity
securities |
7 | 11 | 16 | |||||||||||||||||
Other |
297 | 410 | 142 | |||||||||||||||||
Subtotal investment income | 12,513 | 11,002 | 13,126 | |||||||||||||||||
Less:
Investment expenses |
1,307 | 880 | 640 | |||||||||||||||||
Net
investment income |
$ | 11,206 | $ | 10,122 | $ | 12,486 | ||||||||||||||
Net Investment Income (“NII”) Information | ||||||||||||||||||||
Net realized and unrealized gains (losses) recognized in NII: | ||||||||||||||||||||
Net
realized gains (losses) from sales and disposals (primarily Residential - FVO mortgage loans and FVO securities) |
$ | — | $ | (13) | $ | 22 | ||||||||||||||
Net
unrealized gains (losses) from changes in estimated fair value (primarily FVO securities and REJV) |
216 | (33) | 168 | |||||||||||||||||
Net realized and unrealized gains (losses) recognized in NII | $ | 216 | $ | (46) | $ | 190 | ||||||||||||||
Changes
in estimated fair value subsequent to purchase of FVO securities still held at the end of the respective periods and recognized in NII: |
$ | 140 | $ | (145) | $ | 77 | ||||||||||||||
Equity
method investments NII (primarily REJV, OLPI, tax credit and renewable energy partnerships and an operating joint venture) |
$ | 51 | $ | 625 | $ | 3,235 |
Years Ended December 31, | ||||||||||||||||||||
Asset Type | 2023 | 2022 | 2021 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed
maturity securities AFS (1) |
$ | (1,284) | $ | (851) | $ | (49) | ||||||||||||||
Equity securities | 5 | 6 | 40 | |||||||||||||||||
Mortgage
loans (1) |
(174) | (42) | (34) | |||||||||||||||||
Real
estate and REJV (excluding changes in estimated fair value) |
102 | 561 | 568 | |||||||||||||||||
OLPI
(excluding changes in estimated fair value) |
9 | 4 | (15) | |||||||||||||||||
Other gains (losses) | 18 | 72 | 109 | |||||||||||||||||
Subtotal | (1,324) | (250) | 619 | |||||||||||||||||
Change
in estimated fair value of OLPI and REJV |
(6) | (14) | 45 | |||||||||||||||||
Non-investment portfolio gains (losses) | (45) | 137 | (12) | |||||||||||||||||
Subtotal | (51) | 123 | 33 | |||||||||||||||||
Net investment gains (losses) | $ | (1,375) | $ | (127) | $ | 652 | ||||||||||||||
Transaction Type | ||||||||||||||||||||
Realized gains (losses) on investments sold or disposed | $ | (193) | $ | (146) | $ | 579 | ||||||||||||||
Impairment
(losses) (1) |
(994) | (38) | (24) | |||||||||||||||||
Recognized gains (losses): | ||||||||||||||||||||
Change in allowance for credit loss recognized in earnings | (144) | (77) | (41) | |||||||||||||||||
Unrealized net gains (losses) recognized in earnings | 1 | (3) | 150 | |||||||||||||||||
Total recognized gains (losses) | (1,330) | (264) | 664 | |||||||||||||||||
Non-investment portfolio gains (losses) | (45) | 137 | (12) | |||||||||||||||||
Net investment gains (losses) | $ | (1,375) | $ | (127) | $ | 652 | ||||||||||||||
Net Investment Gains (Losses) (“NIGL”) Information | ||||||||||||||||||||
Changes in estimated fair value subsequent to purchase of equity securities still held at the end of the respective periods and recognized in NIGL | $ | 7 | $ | 8 | $ | 10 | ||||||||||||||
Other gains (losses) include: | ||||||||||||||||||||
Gains (losses) on disposed investments which were previously in a qualified cash flow hedge relationship | $ | (10) | $ | 48 | $ | 91 | ||||||||||||||
Gains (losses) on leveraged leases and renewable energy partnerships | $ | 26 | $ | 33 | $ | 12 | ||||||||||||||
Foreign currency gains (losses) | $ | (61) | $ | 97 | $ | 62 | ||||||||||||||
Net Realized Investment Gains (Losses) From Sales and Disposals of Investments: | ||||||||||||||||||||
Recognized in NIGL | $ | (193) | $ | (146) | $ | 579 | ||||||||||||||
Recognized in NII | — | (13) | 22 | |||||||||||||||||
Net realized investment gains (losses) from sales and disposals of investments | $ | (193) | $ | (159) | $ | 601 | ||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
Fixed
Maturity Securities AFS |
2023 | 2022 | 2021 | |||||||||||||||||
|
(In millions) | |||||||||||||||||||
Proceeds | $ | 19,803 | $ | 42,903 | $ | 27,587 | ||||||||||||||
Gross investment gains | $ | 354 | $ | 469 | $ | 232 | ||||||||||||||
Gross investment (losses) | (655) | (1,221) | (256) | |||||||||||||||||
Realized gains (losses) on sales and disposals | (301) | (752) | (24) | |||||||||||||||||
Net credit loss (provision) release (change in ACL recognized in earnings) | (18) | (61) | (1) | |||||||||||||||||
Impairment (losses) | (965) | (38) | (24) | |||||||||||||||||
Net credit loss (provision) release and impairment (losses) | (983) | (99) | (25) | |||||||||||||||||
Net investment gains (losses) | $ | (1,284) | $ | (851) | $ | (49) | ||||||||||||||
Equity
Securities |
||||||||||||||||||||
Realized gains (losses) on sales and disposals | $ | (2) | $ | (6) | $ | (61) | ||||||||||||||
Unrealized net gains (losses) recognized in earnings | 7 | 12 | 101 | |||||||||||||||||
Net investment gains (losses) | $ | 5 | $ | 6 | $ | 40 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Estimated
fair value of invested assets transferred to affiliates |
$ | 718 | $ | 472 | $ | 795 | ||||||||||||||
Amortized
cost of invested assets transferred to affiliates |
$ | 756 | $ | 432 | $ | 776 | ||||||||||||||
Net
investment gains (losses) recognized on transfers |
$ | (38) | $ | 40 | $ | 19 | ||||||||||||||
Estimated
fair value of invested assets transferred from affiliates |
$ | 1,178 | $ | 497 | $ | 1,346 | ||||||||||||||
Estimated fair value of derivative liabilities transferred from affiliates | $ | — | $ | 64 | $ | — |
December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Investment Type/Balance Sheet Category | Related Party | Carrying Value | Net Investment Income | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Affiliated investments (1) | MetLife, Inc. | $ | 1,130 | $ | 1,207 | $ | 20 | $ | 16 | $ | 31 | |||||||||||||||||||||||||||
Affiliated investments (2) | American Life Insurance Company | — | 100 | 1 | 1 | 2 | ||||||||||||||||||||||||||||||||
Affiliated
investments (3) |
Metropolitan
General Insurance Company |
150 | — | — | — | — | ||||||||||||||||||||||||||||||||
Other invested assets | $ | 1,280 | $ | 1,307 | $ | 21 | $ | 17 | $ | 33 |
Primary Underlying Risk Exposure | December 31, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||
Gross Notional Amount |
Assets | Liabilities | Gross Notional Amount |
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Derivatives
Designated as Hedging Instruments: |
|||||||||||||||||||||||||||||||||||||||||
Fair
value hedges: |
|||||||||||||||||||||||||||||||||||||||||
Interest
rate swaps |
Interest
rate |
$ | 4,443 | $ | 1,257 | $ | 508 | $ | 4,036 | $ | 1,353 | $ | 443 | ||||||||||||||||||||||||||||
Foreign
currency swaps |
Foreign
currency exchange rate |
1,459 | 55 | 1 | 565 | 74 | — | ||||||||||||||||||||||||||||||||||
Subtotal |
5,902 | 1,312 | 509 | 4,601 | 1,427 | 443 | |||||||||||||||||||||||||||||||||||
Cash
flow hedges: |
|||||||||||||||||||||||||||||||||||||||||
Interest
rate swaps |
Interest
rate |
3,789 | 1 | 246 | 3,739 | 7 | 239 | ||||||||||||||||||||||||||||||||||
Interest
rate forwards |
Interest
rate |
970 | — | 175 | 2,227 | — | 404 | ||||||||||||||||||||||||||||||||||
Foreign
currency swaps |
Foreign
currency exchange rate |
30,342 | 1,977 | 846 | 29,290 | 2,453 | 1,364 | ||||||||||||||||||||||||||||||||||
Subtotal |
35,101 | 1,978 | 1,267 | 35,256 | 2,460 | 2,007 | |||||||||||||||||||||||||||||||||||
Total
qualifying hedges |
41,003 | 3,290 | 1,776 | 39,857 | 3,887 | 2,450 | |||||||||||||||||||||||||||||||||||
Derivatives
Not Designated or Not Qualifying as Hedging Instruments: |
|||||||||||||||||||||||||||||||||||||||||
Interest
rate swaps |
Interest
rate |
15,516 | 1,476 | 638 | 15,358 | 1,579 | 704 | ||||||||||||||||||||||||||||||||||
Interest
rate floors |
Interest
rate |
13,921 | 39 | — | 23,371 | 114 | — | ||||||||||||||||||||||||||||||||||
Interest
rate caps |
Interest
rate |
28,890 | 355 | — | 46,666 | 903 | — | ||||||||||||||||||||||||||||||||||
Interest
rate futures |
Interest
rate |
25 | — | — | 414 | — | 1 | ||||||||||||||||||||||||||||||||||
Interest
rate options |
Interest
rate |
39,226 | 361 | 27 | 39,712 | 434 | 36 | ||||||||||||||||||||||||||||||||||
Synthetic
GICs |
Interest
rate |
6,145 | — | — | 13,044 | — | — | ||||||||||||||||||||||||||||||||||
Foreign
currency swaps |
Foreign
currency exchange rate |
4,304 | 446 | 24 | 4,739 | 720 | 5 | ||||||||||||||||||||||||||||||||||
Foreign
currency forwards |
Foreign
currency exchange rate |
1,176 | 8 | 10 | 1,328 | 16 | 25 | ||||||||||||||||||||||||||||||||||
Credit
default swaps — purchased |
Credit |
809 | 3 | 7 | 843 | 16 | — | ||||||||||||||||||||||||||||||||||
Credit
default swaps — written |
Credit |
10,007 | 186 | 4 | 9,074 | 113 | 26 | ||||||||||||||||||||||||||||||||||
Equity
futures |
Equity
market |
941 | 3 | — | 1,063 | 2 | — | ||||||||||||||||||||||||||||||||||
Equity
index options |
Equity
market |
17,703 | 339 | 193 | 14,143 | 585 | 179 | ||||||||||||||||||||||||||||||||||
Equity
variance swaps |
Equity
market |
— | — | — | 90 | 4 | — | ||||||||||||||||||||||||||||||||||
Equity
total return swaps |
Equity
market |
1,912 | — | 218 | 1,922 | 23 | 103 | ||||||||||||||||||||||||||||||||||
Total
non-designated or nonqualifying derivatives |
140,575 | 3,216 | 1,121 | 171,767 | 4,509 | 1,079 | |||||||||||||||||||||||||||||||||||
Total |
$ | 181,578 | $ | 6,506 | $ | 2,897 | $ | 211,624 | $ | 8,396 | $ | 3,529 |
Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gains (Losses) | Net Derivative Gains (Losses) | Policyholder Benefits and Claims | Interest Credited to Policyholder Account Balances | OCI | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Gain
(Loss) on Fair Value Hedges: |
||||||||||||||||||||||||||||||||||||||
Interest rate derivatives: | ||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
$ | (3) | $ | — | N/A | $ | — | $ | 29 | N/A | ||||||||||||||||||||||||||||
Hedged
items |
3 | — | N/A | (26) | (31) | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives: |
||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
(39) | — | N/A | — | 20 | N/A | ||||||||||||||||||||||||||||||||
Hedged
items |
38 | — | N/A | — | (24) | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
(1) | — | N/A | (26) | (6) | N/A | ||||||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | $ | (75) | |||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
50 | 87 | — | — | — | (137) | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate derivatives: (1) | ||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | (177) | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
4 | 684 | — | — | — | (688) | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | (671) | — | — | — | — | ||||||||||||||||||||||||||||||||
Credit
derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
— | 1 | — | — | — | (1) | ||||||||||||||||||||||||||||||||
Subtotal |
54 | 101 | — | — | — | (1,078) | ||||||||||||||||||||||||||||||||
Gain
(Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |
||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives (1) |
— | N/A | (842) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives (1) |
— | N/A | (288) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — purchased (1) |
— | N/A | (22) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — written (1) |
— | N/A | 113 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity
derivatives (1) |
(52) | N/A | (1,042) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | N/A | 85 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
(52) | N/A | (1,996) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Earned
income on derivatives |
184 | — | 808 | 4 | (145) | — | ||||||||||||||||||||||||||||||||
Synthetic GICs | N/A | N/A | 17 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Embedded derivatives | N/A | N/A | (366) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Total |
$ | 185 | $ | 101 | $ | (1,537) | $ | (22) | $ | (151) | $ | (1,078) |
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gains (Losses) | Net Derivative Gains (Losses) | Policyholder Benefits and Claims | Interest Credited to Policyholder Account Balances | OCI | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Gain
(Loss) on Fair Value Hedges: |
||||||||||||||||||||||||||||||||||||||
Interest rate derivatives: | ||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
$ | 8 | $ | — | N/A | $ | (959) | $ | (231) | N/A | ||||||||||||||||||||||||||||
Hedged
items |
(8) | — | N/A | 905 | 226 | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives: |
||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
105 | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Hedged
items |
(105) | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
— | — | N/A | (54) | (5) | N/A | ||||||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | $ | (1,467) | |||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
59 | 51 | — | — | — | (110) | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate derivatives: (1) | ||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | 766 | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
5 | (417) | — | — | — | 412 | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | 411 | — | — | — | — | ||||||||||||||||||||||||||||||||
Credit
derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal |
64 | 45 | — | — | — | (399) | ||||||||||||||||||||||||||||||||
Gain
(Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |
||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives (1) |
3 | N/A | (2,190) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives (1) |
2 | N/A | 564 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — purchased (1) |
— | N/A | 44 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — written (1) |
— | N/A | (66) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity
derivatives (1) |
29 | N/A | 491 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | N/A | (300) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
34 | N/A | (1,457) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Earned
income on derivatives |
370 | — | 599 | 112 | (120) | — | ||||||||||||||||||||||||||||||||
Synthetic GICs | N/A | N/A | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Embedded derivatives | N/A | N/A | 1,610 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Total |
$ | 468 | $ | 45 | $ | 752 | $ | 58 | $ | (125) | $ | (399) |
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Net Investment Income | Net Investment Gains (Losses) | Net Derivative Gains (Losses) | Policyholder Benefits and Claims | Interest Credited to Policyholder Account Balances | OCI | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Gain
(Loss) on Fair Value Hedges: |
||||||||||||||||||||||||||||||||||||||
Interest rate derivatives: | ||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
$ | 6 | $ | — | N/A | $ | (372) | $ | (83) | N/A | ||||||||||||||||||||||||||||
Hedged
items |
(6) | — | N/A | 327 | 78 | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives: |
||||||||||||||||||||||||||||||||||||||
Derivatives
designated as hedging instruments (1) |
49 | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Hedged
items |
(43) | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
6 | — | N/A | (45) | (5) | N/A | ||||||||||||||||||||||||||||||||
Gain (Loss) on Cash Flow Hedges: | ||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | $ | (570) | |||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
57 | 87 | — | — | — | (144) | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate derivatives: (1) | ||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | 600 | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
4 | (229) | — | — | — | 225 | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | 227 | — | — | — | — | ||||||||||||||||||||||||||||||||
Credit
derivatives: (1) |
||||||||||||||||||||||||||||||||||||||
Amount
of gains (losses) deferred in AOCI |
N/A | N/A | N/A | N/A | N/A | — | ||||||||||||||||||||||||||||||||
Amount
of gains (losses) reclassified from AOCI into income |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal |
61 | 85 | — | — | — | 111 | ||||||||||||||||||||||||||||||||
Gain
(Loss) on Derivatives Not Designated or Not Qualifying as Hedging Instruments: |
||||||||||||||||||||||||||||||||||||||
Interest
rate derivatives (1) |
2 | N/A | (1,523) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency exchange rate derivatives (1) |
— | N/A | 264 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — purchased (1) |
— | N/A | 2 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Credit
derivatives — written (1) |
— | N/A | 23 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Equity
derivatives (1) |
(1) | N/A | (1,308) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Foreign
currency transaction gains (losses) on hedged items |
— | N/A | (65) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Subtotal |
1 | N/A | (2,607) | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Earned
income on derivatives |
167 | — | 648 | 168 | (121) | — | ||||||||||||||||||||||||||||||||
Synthetic GICs | N/A | N/A | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Embedded derivatives | N/A | N/A | 330 | — | N/A | N/A | ||||||||||||||||||||||||||||||||
Total |
$ | 235 | $ | 85 | $ | (1,629) | $ | 123 | $ | (126) | $ | 111 |
Balance Sheet Line Item | Carrying
Amount of the Hedged Assets/(Liabilities) |
Cumulative
Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets/(Liabilities) (1) |
||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Fixed maturity securities AFS | $ | 120 | $ | 247 | $ | 1 | $ | 1 | ||||||||||||||||||
Mortgage loans | $ | 345 | $ | 319 | $ | (10) | $ | (18) | ||||||||||||||||||
Future policy benefits | $ | (2,863) | $ | (2,816) | $ | 191 | $ | 200 | ||||||||||||||||||
Policyholder account balances | $ | (1,844) | $ | (1,735) | $ | 2 | $ | 80 |
December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
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) |
$ | — | $ | 10 | 0.5 | $ | 1 | $ | 10 | 1.5 | ||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
80 | 3,831 | 2.7 | 79 | 4,251 | 3.4 | ||||||||||||||||||||||||||||||||
Subtotal |
80 | 3,841 | 2.7 | 80 | 4,261 | 3.4 | ||||||||||||||||||||||||||||||||
Baa |
||||||||||||||||||||||||||||||||||||||
Single
name credit default swaps (3) |
1 | 55 | 2.3 | — | 40 | 2.5 | ||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
102 | 5,982 | 5.6 | 13 | 4,598 | 5.9 | ||||||||||||||||||||||||||||||||
Subtotal |
103 | 6,037 | 5.5 | 13 | 4,638 | 5.8 | ||||||||||||||||||||||||||||||||
Ba |
||||||||||||||||||||||||||||||||||||||
Single
name credit default swaps (3) |
— | — | 0.0 | 1 | 45 | 0.7 | ||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
2 | 25 | 3.0 | 2 | 25 | 4.0 | ||||||||||||||||||||||||||||||||
Subtotal |
2 | 25 | 3.0 | 3 | 70 | 1.9 | ||||||||||||||||||||||||||||||||
B | ||||||||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
1 | 74 | 5.0 | 1 | 75 | 4.5 | ||||||||||||||||||||||||||||||||
Subtotal |
1 | 74 | 5.0 | 1 | 75 | 4.5 | ||||||||||||||||||||||||||||||||
Caa | ||||||||||||||||||||||||||||||||||||||
Credit
default swaps referencing indices |
(4) | 30 | 2.5 | (10) | 30 | 3.5 | ||||||||||||||||||||||||||||||||
Subtotal |
(4) | 30 | 2.5 | (10) | 30 | 3.5 | ||||||||||||||||||||||||||||||||
Total |
$ | 182 | $ | 10,007 | 4.4 | $ | 87 | $ | 9,074 | 4.6 |
December 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Gross
estimated fair value of derivatives: |
||||||||||||||||||||||||||
OTC-bilateral
(1) |
$ | 6,534 | $ | 2,892 | $ | 8,456 | $ | 3,499 | ||||||||||||||||||
OTC-cleared
(1) |
112 | 13 | 57 | 29 | ||||||||||||||||||||||
Exchange-traded |
3 | — | 2 | 1 | ||||||||||||||||||||||
Total gross estimated fair value of derivatives presented on the consolidated balance sheets (1) | 6,649 | 2,905 | 8,515 | 3,529 | ||||||||||||||||||||||
Gross
amounts not offset on the consolidated balance sheets: |
||||||||||||||||||||||||||
Gross
estimated fair value of derivatives: (2) |
||||||||||||||||||||||||||
OTC-bilateral |
(2,350) | (2,350) | (3,317) | (3,317) | ||||||||||||||||||||||
OTC-cleared |
(4) | (4) | (14) | (14) | ||||||||||||||||||||||
Cash
collateral: (3), (4) |
||||||||||||||||||||||||||
OTC-bilateral |
(2,872) | — | (4,044) | — | ||||||||||||||||||||||
OTC-cleared |
(105) | (1) | (18) | (1) | ||||||||||||||||||||||
Securities
collateral: (5) |
||||||||||||||||||||||||||
OTC-bilateral |
(1,283) | (542) | (1,078) | (182) | ||||||||||||||||||||||
OTC-cleared |
— | (8) | — | (14) | ||||||||||||||||||||||
Exchange-traded |
— | — | — | (1) | ||||||||||||||||||||||
Net
amount after application of master netting agreements and collateral |
$ | 35 | $ | — | $ | 44 | $ | — |
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Derivatives
Subject to Financial
Strength-Contingent
Provisions |
||||||||||||||
(In millions) | ||||||||||||||
Estimated fair value of derivatives in a net liability position (1) | $ | 542 | $ | 182 | ||||||||||
Estimated fair value of collateral provided: | ||||||||||||||
Fixed maturity securities AFS | $ | 896 | $ | 221 |
December 31, | |||||||||||||||||
Balance Sheet Location | 2023 | 2022 | |||||||||||||||
(In millions) | |||||||||||||||||
Embedded derivatives within asset host contracts: | |||||||||||||||||
Assumed on affiliated reinsurance | Other invested assets | $ | 41 | $ | 149 | ||||||||||||
Funds withheld on affiliated reinsurance | Other invested assets | (26) | — | ||||||||||||||
Total | $ | 15 | $ | 149 | |||||||||||||
Embedded derivatives within liability host contracts: | |||||||||||||||||
Assumed
on affiliated reinsurance |
Other
liabilities |
$ | 104 | $ | — | ||||||||||||
Funds withheld on affiliated reinsurance | Other liabilities | (304) | (450) | ||||||||||||||
Fixed annuities with equity indexed returns | Policyholder account balances | 163 | 141 | ||||||||||||||
Total | $ | (37) | $ | (309) |
Level
1 |
Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities AFS. |
Level
2 |
Quoted
prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices
for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant
inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term
of the assets or liabilities. |
Level
3 |
Unobservable
inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets
or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants
would use in pricing the asset or liability. |
December 31, 2023 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Fixed
maturity securities AFS: |
|||||||||||||||||||||||
U.S.
corporate |
$ | — | $ | 41,718 | $ | 8,775 | $ | 50,493 | |||||||||||||||
Foreign
corporate |
— | 16,875 | 8,340 | 25,215 | |||||||||||||||||||
U.S. government and agency | 8,963 | 12,097 | — | 21,060 | |||||||||||||||||||
RMBS | 3 | 17,616 | 1,329 | 18,948 | |||||||||||||||||||
ABS & CLO | — | 10,109 | 1,532 | 11,641 | |||||||||||||||||||
Municipals |
— | 6,319 | — | 6,319 | |||||||||||||||||||
CMBS |
— | 5,499 | 335 | 5,834 | |||||||||||||||||||
Foreign government | — | 3,281 | 14 | 3,295 | |||||||||||||||||||
Total
fixed maturity securities AFS |
8,966 | 113,514 | 20,325 | 142,805 | |||||||||||||||||||
Short-term investments | 2,745 | 288 | 15 | 3,048 | |||||||||||||||||||
Other investments | 76 | 77 | 1,317 | 1,470 | |||||||||||||||||||
Derivative assets: (1) | |||||||||||||||||||||||
Interest
rate |
— | 3,489 | — | 3,489 | |||||||||||||||||||
Foreign
currency exchange rate |
— | 2,486 | — | 2,486 | |||||||||||||||||||
Credit |
— | 181 | 8 | 189 | |||||||||||||||||||
Equity
market |
3 | 332 | 7 | 342 | |||||||||||||||||||
Total
derivative assets |
3 | 6,488 | 15 | 6,506 | |||||||||||||||||||
Embedded derivatives within asset host contracts (4) | — | — | 15 | 15 | |||||||||||||||||||
Market risk benefits | — | — | 177 | 177 | |||||||||||||||||||
Separate account assets (2) | 13,945 | 68,284 | 968 | 83,197 | |||||||||||||||||||
Total assets (3) | $ | 25,735 | $ | 188,651 | $ | 22,832 | $ | 237,218 | |||||||||||||||
Liabilities |
|||||||||||||||||||||||
Derivative liabilities: (1) | |||||||||||||||||||||||
Interest
rate |
$ | — | $ | 1,419 | $ | 175 | $ | 1,594 | |||||||||||||||
Foreign
currency exchange rate |
— | 881 | — | 881 | |||||||||||||||||||
Credit |
— | 11 | — | 11 | |||||||||||||||||||
Equity
market |
— | 411 | — | 411 | |||||||||||||||||||
Total
derivative liabilities |
— | 2,722 | 175 | 2,897 | |||||||||||||||||||
Embedded
derivatives within liability host contracts (4) |
— | — | (37) | (37) | |||||||||||||||||||
Market risk benefits | — | — | 2,878 | 2,878 | |||||||||||||||||||
Separate
account liabilities (2) |
4 | 4 | — | 8 | |||||||||||||||||||
Total
liabilities |
$ | 4 | $ | 2,726 | $ | 3,016 | $ | 5,746 |
December 31, 2022 | |||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Assets |
|||||||||||||||||||||||
Fixed
maturity securities AFS: |
|||||||||||||||||||||||
U.S.
corporate |
$ | — | $ | 43,147 | $ | 7,943 | $ | 51,090 | |||||||||||||||
Foreign
corporate |
— | 17,203 | 6,790 | 23,993 | |||||||||||||||||||
U.S. government and agency | 9,126 | 13,232 | — | 22,358 | |||||||||||||||||||
RMBS | 4 | 17,804 | 1,525 | 19,333 | |||||||||||||||||||
ABS & CLO | — | 10,329 | 1,507 | 11,836 | |||||||||||||||||||
Municipals |
— | 7,464 | — | 7,464 | |||||||||||||||||||
CMBS | — | 5,702 | 341 | 6,043 | |||||||||||||||||||
Foreign
government |
— | 3,444 | 15 | 3,459 | |||||||||||||||||||
Total
fixed maturity securities AFS |
9,130 | 118,325 | 18,121 | 145,576 | |||||||||||||||||||
Short-term
investments |
2,677 | 35 | 47 | 2,759 | |||||||||||||||||||
Other
investments |
246 | 212 | 1,022 | 1,480 | |||||||||||||||||||
Derivative
assets: (1) |
|||||||||||||||||||||||
Interest
rate |
— | 4,390 | — | 4,390 | |||||||||||||||||||
Foreign
currency exchange rate |
— | 3,263 | — | 3,263 | |||||||||||||||||||
Credit |
— | 47 | 82 | 129 | |||||||||||||||||||
Equity
market |
2 | 605 | 7 | 614 | |||||||||||||||||||
Total
derivative assets |
2 | 8,305 | 89 | 8,396 | |||||||||||||||||||
Embedded derivatives within asset host contracts (4) | — | — | 149 | 149 | |||||||||||||||||||
Market risk benefits | — | — | 174 | 174 | |||||||||||||||||||
Separate
account assets (2) |
16,206 | 72,022 | 1,013 | 89,241 | |||||||||||||||||||
Total
assets (3) |
$ | 28,261 | $ | 198,899 | $ | 20,615 | $ | 247,775 | |||||||||||||||
Liabilities |
|||||||||||||||||||||||
Derivative
liabilities: (1) |
|||||||||||||||||||||||
Interest
rate |
$ | 1 | $ | 1,421 | $ | 405 | $ | 1,827 | |||||||||||||||
Foreign
currency exchange rate |
— | 1,394 | — | 1,394 | |||||||||||||||||||
Credit |
— | 11 | 15 | 26 | |||||||||||||||||||
Equity
market |
— | 282 | — | 282 | |||||||||||||||||||
Total
derivative liabilities |
1 | 3,108 | 420 | 3,529 | |||||||||||||||||||
Embedded
derivatives within liability host contracts (4) |
— | — | (309) | (309) | |||||||||||||||||||
Market risk benefits | — | — | 3,270 | 3,270 | |||||||||||||||||||
Separate
account liabilities (2) |
8 | 15 | 18 | 41 | |||||||||||||||||||
Total
liabilities |
$ | 9 | $ | 3,123 | $ | 3,399 | $ | 6,531 |
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 |
||||||||||||||||
U.S. government and agency securities, Municipals and Foreign government securities | |||||||||||||||||
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 | |||||||||||||||
Short-term
investments and Other investments | |||||||||||||||||
• | Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active. | • |
Certain
short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described
above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their
valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such
as credit ratings; issuance structures, in addition to those described above for fixed maturities AFS. Other investments also include
certain REJV and use the valuation approach and key inputs as described for OLPI below. | ||||||||||||||
Separate account assets and Separate account liabilities (1) | |||||||||||||||||
Mutual
funds and hedge funds without readily determinable fair values as prices are not published publicly | |||||||||||||||||
Key Input: | • | N/A | |||||||||||||||
• |
quoted
prices or reported NAV provided by the fund managers |
||||||||||||||||
OLPI | |||||||||||||||||
•
|
N/A |
Valued
giving consideration to the underlying holdings
of
the partnerships and adjusting, if appropriate. | |||||||||||||||
Key Inputs: | |||||||||||||||||
• | liquidity; bid/ask spreads; performance record of the fund manager | ||||||||||||||||
• | other relevant variables that may impact the exit value of the particular partnership interest |
Instrument | Interest Rate | Foreign
Currency Exchange Rate |
Credit | Equity 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) | |||||||||||||||||||||||
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 | |||||||||||||||||||||
• |
independent
non-binding broker quotations |
December 31, 2023 | December 31, 2022 | Impact
of Increase in Input on Estimated Fair Value (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation Techniques | Significant Unobservable Inputs |
Range | Weighted Average (1) |
Range | Weighted Average (1) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities AFS (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate and
foreign corporate |
• | Matrix pricing | • | Offered quotes (4) | 4 | - | 131 | 95 | — | - | 126 | 89 | Increase | ||||||||||||||||||||||||||||||||||||||||||||||
• | Market pricing | • | Quoted prices (4) | — | - | 110 | 93 | 20 | - | 107 | 92 | Increase | |||||||||||||||||||||||||||||||||||||||||||||||
RMBS | • | Market pricing | • | Quoted prices (4) | — | - | 112 | 93 | — | - | 106 | 93 | Increase (5) | ||||||||||||||||||||||||||||||||||||||||||||||
ABS & CLO | • | Market pricing | • | Quoted prices (4) | 78 | - | 101 | 94 | 74 | - | 101 | 91 | Increase (5) | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | • |
Present
value techniques |
• | Swap yield (6) | 367 | - | 399 | 385 | 372 | - | 392 | 381 | Increase (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit | • |
Present
value techniques |
• | Credit spreads (8) | — | - | — | — | 84 | - | 138 | 101 | Decrease (7) | ||||||||||||||||||||||||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct
and assumed guaranteed minimum benefits |
• |
Option
pricing techniques |
• | Mortality rates: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ages
0 - 40 |
0.01% | - | 0.13% | 0.05% | 0.01% | - | 0.08% | 0.05% | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ages
41 - 60 |
0.05% | - | 0.67% | 0.22% | 0.05% | - | 0.43% | 0.20% | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ages
61 - 115 |
0.35% | - | 100% | 1.23% | 0.34% | - | 100% | 1.44% | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Lapse rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Durations
1 - 10 |
0.80% | - | 20.10% | 8.72% | 0.50% | - | 37.50% | 8.96% | Decrease (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Durations
11 - 20 |
3.10% | - | 10.10% | 4.34% | 0.70% | - | 35.75% | 6.52% | Decrease (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Durations
21 - 116 |
0.10% | - | 10.10% | 4.59% | 1.60% | - | 35.75% | 2.89% | Decrease (11) | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Utilization rates | 0.20% | - | 22% | 0.44% | 0.20% | - | 22% | 0.38% | Increase (12) | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Withdrawal rates | 0.25% | - | 7.75% | 4.47% | 0.25% | - | 10% | 4.02% | (13) | |||||||||||||||||||||||||||||||||||||||||||||||||
• |
Long-term
equity volatilities |
16.37% | - | 21.85% | 18.55% | 16.46% | - | 22.01% | 18.49% | Increase (14) | |||||||||||||||||||||||||||||||||||||||||||||||||
• |
Nonperformance
risk spread |
0.38% | - | 0.70% | 0.73% | 0.34% | - | 0.74% | 0.75% | Decrease (15) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||
Fixed Maturity Securities AFS | ||||||||||||||||||||||||||
Corporate (6) | Structured Products | Foreign Government |
Short-term
Investments | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | 14,935 | $ | 4,600 | $ | 12 | $ | 2 | ||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
(25) | 38 | (37) | — | ||||||||||||||||||||||
Total realized/unrealized gains (losses) included in AOCI | (3,334) | (356) | 6 | — | ||||||||||||||||||||||
Purchases (3) | 3,168 | 750 | — | 47 | ||||||||||||||||||||||
Sales (3) | (1,231) | (795) | (2) | (2) | ||||||||||||||||||||||
Issuances (3) | — | — | — | — | ||||||||||||||||||||||
Settlements (3) | — | — | — | — | ||||||||||||||||||||||
Transfers into Level 3 (4) | 1,614 | 204 | 45 | — | ||||||||||||||||||||||
Transfers out of Level 3 (4) | (394) | (1,068) | (9) | — | ||||||||||||||||||||||
Balance, December 31, 2022 | 14,733 | 3,373 | 15 | 47 | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
(46) | (2) | 2 | — | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
881 | 44 | (3) | 1 | ||||||||||||||||||||||
Purchases (3) | 3,402 | 268 | — | 15 | ||||||||||||||||||||||
Sales (3) | (1,673) | (609) | — | (48) | ||||||||||||||||||||||
Issuances (3) | — | — | — | — | ||||||||||||||||||||||
Settlements (3) | — | — | — | — | ||||||||||||||||||||||
Transfers into Level 3 (4) | 221 | 195 | — | — | ||||||||||||||||||||||
Transfers out of Level 3 (4) | (403) | (73) | — | — | ||||||||||||||||||||||
Balance, December 31, 2023 | $ | 17,115 | $ | 3,196 | $ | 14 | $ | 15 | ||||||||||||||||||
Changes
in unrealized gains (losses) included in net
income
(loss) for the instruments still held at
December
31, 2021: (5) |
$ | (7) | $ | 41 | $ | — | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in net
income
(loss) for the instruments still held at
December
31, 2022: (5) |
$ | (21) | $ | 32 | $ | (37) | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in net
income
(loss) for the instruments still held at
December
31, 2023: (5) |
$ | (24) | $ | 16 | $ | 2 | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2021: (5) |
$ | (731) | $ | 10 | $ | (1) | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2022: (5) |
$ | (3,326) | $ | (341) | $ | 7 | $ | — | ||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2023: (5) |
$ | 844 | $ | 24 | $ | (3) | $ | — | ||||||||||||||||||
Gains
(Losses) Data for the year ended
December
31, 2021 |
||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
$ | (40) | $ | 45 | $ | — | $ | — | ||||||||||||||||||
Total
realized/unrealized gains (losses) included in
AOCI |
$ | (745) | $ | 8 | $ | (1) | $ | — |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||
Residential
Mortgage Loans - FVO |
Other Investments |
Net
Derivatives
(7) |
Net
Embedded
Derivatives
(8) |
Separate Accounts (9) |
||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | 127 | $ | 894 | $ | 86 | $ | (1,236) | $ | 1,958 | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
(8) | (16) | (140) | 1,610 | 25 | |||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
— | — | (547) | — | — | |||||||||||||||||||||||||||
Purchases (3) | — | 262 | 82 | — | 196 | |||||||||||||||||||||||||||
Sales (3) | (108) | (19) | — | — | (1,164) | |||||||||||||||||||||||||||
Issuances (3) | — | — | (3) | — | (2) | |||||||||||||||||||||||||||
Settlements (3) | (11) | — | 191 | 84 | 4 | |||||||||||||||||||||||||||
Transfers into Level 3 (4) | — | 3 | — | — | 1 | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | (102) | — | — | (23) | |||||||||||||||||||||||||||
Balance, December 31, 2022 | — | 1,022 | (331) | 458 | 995 | |||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
— | 147 | (24) | (366) | (27) | |||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
— | — | (5) | — | — | |||||||||||||||||||||||||||
Purchases (3) | — | 152 | — | — | 166 | |||||||||||||||||||||||||||
Sales (3) | — | (4) | — | — | (176) | |||||||||||||||||||||||||||
Issuances (3) | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements (3) | — | — | 201 | (40) | 1 | |||||||||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | 13 | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | — | (1) | — | (4) | |||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | — | $ | 1,317 | $ | (160) | $ | 52 | $ | 968 | ||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2021: (5) | $ | (10) | $ | 170 | $ | (7) | $ | 330 | $ | — | ||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2022: (5) | $ | — | $ | (22) | $ | (17) | $ | 1,610 | $ | — | ||||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2023: (5) | $ | — | $ | 150 | $ | (24) | $ | (366) | $ | — | ||||||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2021: (5) |
$ | — | $ | — | $ | (128) | $ | — | $ | — | ||||||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2022: (5) |
$ | — | $ | — | $ | (454) | $ | — | $ | — | ||||||||||||||||||||||
Changes
in unrealized gains (losses) included in
AOCI
for the instruments still held at
December
31, 2023: (5) |
$ | — | $ | — | $ | (5) | $ | — | $ | — | ||||||||||||||||||||||
Gains
(Losses) Data for the year ended
December
31, 2021 |
||||||||||||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in
net
income (loss) (1), (2) |
$ | (5) | $ | 183 | $ | (69) | $ | 330 | $ | 8 | ||||||||||||||||||||||
Total
realized/unrealized gains (losses) included in AOCI |
$ | — | $ | — | $ | (352) | $ | — | $ | — |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In
millions) | |||||||||||
Carrying
value after measurement: | |||||||||||
Mortgage
loans (1) |
$ | 295 | $ | 222 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In
millions) | ||||||||||||||||||||
Realized
gains (losses) net: |
||||||||||||||||||||
Mortgage
loans (1) |
$ | (162) | $ | (13) | $ | (91) |
December 31, 2023 | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||
Mortgage loans (1) | $ | 62,584 | $ | — | $ | — | $ | 59,511 | $ | 59,511 | ||||||||||||||||||||||
Policy
loans |
$ | 5,671 | $ | — | $ | — | $ | 6,042 | $ | 6,042 | ||||||||||||||||||||||
Other
invested assets |
$ | 1,778 | $ | — | $ | 1,794 | $ | — | $ | 1,794 | ||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 14,028 | $ | — | $ | 221 | $ | 14,053 | $ | 14,274 | ||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Policyholder
account balances |
$ | 87,518 | $ | — | $ | — | $ | 86,093 | $ | 86,093 | ||||||||||||||||||||||
Long-term
debt |
$ | 1,886 | $ | — | $ | 1,958 | $ | — | $ | 1,958 | ||||||||||||||||||||||
Other
liabilities |
$ | 11,481 | $ | — | $ | 141 | $ | 11,333 | $ | 11,474 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 29,204 | $ | — | $ | 29,204 | $ | — | $ | 29,204 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
Carrying
Value |
Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||
Mortgage loans (1) | $ | 62,570 | $ | — | $ | — | $ | 58,858 | $ | 58,858 | ||||||||||||||||||||||
Policy
loans |
$ | 5,729 | $ | — | $ | — | $ | 6,143 | $ | 6,143 | ||||||||||||||||||||||
Other
invested assets |
$ | 1,978 | $ | — | $ | 1,979 | $ | — | $ | 1,979 | ||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 12,036 | $ | — | $ | 454 | $ | 11,826 | $ | 12,280 | ||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Policyholder
account balances |
$ | 85,957 | $ | — | $ | — | $ | 83,594 | $ | 83,594 | ||||||||||||||||||||||
Long-term
debt |
$ | 1,676 | $ | — | $ | 1,758 | $ | — | $ | 1,758 | ||||||||||||||||||||||
Other
liabilities |
$ | 12,546 | $ | — | $ | 671 | $ | 11,842 | $ | 12,513 | ||||||||||||||||||||||
Separate
account liabilities |
$ | 38,391 | $ | — | $ | 38,391 | $ | — | $ | 38,391 |
December 31, 2023 | December 31, 2022 | |||||||||||||
(In millions) | ||||||||||||||
ROU assets | $ | 416 | $ | 498 | ||||||||||
Lease liabilities | $ | 498 | $ | 589 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Operating lease cost | $ | 104 | $ | 116 | $ | 120 | ||||||||||||||
Sublease income | (87) | (73) | (91) |
December 31, 2023 | December 31, 2022 | |||||||||||||
(Dollars in millions) | ||||||||||||||
Cash paid for amounts included in the measurement of lease liability - operating cash flows | $ | 114 | $ | 124 | ||||||||||
ROU assets obtained in exchange for new lease liabilities | $ | 3 | $ | 4 | ||||||||||
Weighted-average remaining lease term | 6 years | 6 years | ||||||||||||
Weighted-average discount rate | 4.0 | % | 4.0 | % |
December 31, 2023 | ||||||||
(In millions) | ||||||||
2024 | $ | 107 | ||||||
2025 | 107 | |||||||
2026 | 104 | |||||||
2027 | 93 | |||||||
2028 | 70 | |||||||
Thereafter |
88 | |||||||
Total
undiscounted cash flows |
569 | |||||||
Less: interest | 71 | |||||||
Present
value of lease liability |
$ | 498 |
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest
Rates (1) |
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range | Maturity | Face Value |
Unamortized Discount and Issuance Costs |
Carrying Value |
Face Value |
Unamortized Discount and Issuance Costs |
Carrying Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surplus notes - affiliated | 7.38% | - | 7.38% | 2037 | $ | 700 | $ | (7) | $ | 693 | $ | 700 | $ | (7) | $ | 693 | |||||||||||||||||||||||||||||||||||||||||||||||||
Surplus
notes |
7.80% | - | 7.88% | 2024 | - | 2025 | 400 | — | 400 | 400 | (1) | 399 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other notes | 2.12% | - | 8.43% | 2024 | - | 2038 | 796 | (3) | 793 | 586 | (2) | 584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing
lease obligations |
1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
long-term debt |
1,897 | (10) | 1,887 | 1,686 | (10) | 1,676 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
short-term debt |
— | — | — | 99 | — | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$ | 1,897 | $ | (10) | $ | 1,887 | $ | 1,785 | $ | (10) | $ | 1,775 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(Dollars in millions) | |||||||||||
Commercial
paper |
$ | — | $ | 99 | |||||||
Average
daily balance |
$ | 54 | $ | 100 | |||||||
Average
days outstanding |
80 days | 131 days |
Borrower(s) |
Expiration |
Maximum Capacity |
Letters of Credit Used by the Company (1) | Letters of Credit Used by Affiliates (1) | Drawdowns | Unused Commitments | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
MetLife, Inc. and MetLife Funding, Inc. | May 2028 (2) | $ | 3,000 | $ | 7 | $ | 290 | $ | — | $ | 2,703 |
Unrealized
Investment Gains
(Losses),
Net of
Related Offsets
(1) |
Deferred Gains (Losses) on Derivatives |
Future Policy Benefits Discount Rate Remeasurement Gains (Losses) | Market Risk Benefits Instrument-Specific Credit Risk Remeasurement Gains(Losses) | Foreign Currency Translation Adjustments |
Defined Benefit Plans Adjustment |
Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 10,384 | $ | 1,791 | $ | — | $ | — | $ | (53) | $ | (460) | $ | 11,662 | |||||||||||||||||||||||||||
Cumulative effects of changes in accounting principles, net of income tax | 6,588 | — | (19,596) | 21 | — | — | (12,987) | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | 16,972 | 1,791 | (19,596) | 21 | (53) | (460) | (1,325) | ||||||||||||||||||||||||||||||||||
OCI before reclassifications | (5,443) | 30 | 5,118 | 311 | 9 | 44 | 69 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | 1,191 | (8) | (1,075) | (65) | (1) | (9) | 33 | ||||||||||||||||||||||||||||||||||
AOCI before reclassifications, net of income tax | 12,720 | 1,813 | (15,553) | 267 | (45) | (425) | (1,223) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 102 | 81 | — | — | — | 38 | 221 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (23) | (22) | — | — | — | (8) | (53) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of income tax | 79 | 59 | — | — | — | 30 | 168 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 12,799 | 1,872 | (15,553) | 267 | (45) | (395) | (1,055) | ||||||||||||||||||||||||||||||||||
OCI before reclassifications | (31,197) | (701) | 21,623 | (236) | (177) | 278 | (10,410) | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | 6,556 | 147 | (4,541) | 49 | 35 | (58) | 2,188 | ||||||||||||||||||||||||||||||||||
AOCI before reclassifications, net of income tax | (11,842) | 1,318 | 1,529 | 80 | (187) | (175) | (9,277) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 862 | 302 | — | — | — | 47 | 1,211 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (181) | (63) | — | — | — | (10) | (254) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of income tax | 681 | 239 | — | — | — | 37 | 957 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | (11,161) | 1,557 | 1,529 | 80 | (187) | (138) | (8,320) | ||||||||||||||||||||||||||||||||||
OCI before reclassifications | 4,420 | (252) | (2,957) | (59) | 56 | (44) | 1,164 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (889) | 53 | 621 | 12 | (12) | 9 | (206) | ||||||||||||||||||||||||||||||||||
AOCI before reclassifications, net of income tax | (7,630) | 1,358 | (807) | 33 | (143) | (173) | (7,362) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | 1,421 | (826) | — | — | — | 10 | 605 | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (286) | 173 | — | — | — | (2) | (115) | ||||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI, net of income tax | 1,135 | (653) | — | — | — | 8 | 490 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | (6,495) | $ | 705 | $ | (807) | $ | 33 | $ | (143) | $ | (165) | $ | (6,872) |
Years Ended December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Consolidated
Statements of Operations Locations | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net
unrealized investment gains (losses): |
||||||||||||||||||||||||||
Net
unrealized investment gains (losses) |
$ | (1,404) | $ | (810) | $ | (67) | Net investment gains (losses) | |||||||||||||||||||
Net
unrealized investment gains (losses) |
5 | 6 | (13) | Net investment income | ||||||||||||||||||||||
Net
unrealized investment gains (losses) |
(22) | (58) | (22) | Net derivative gains (losses) | ||||||||||||||||||||||
Net unrealized investment gains (losses), before income tax | (1,421) | (862) | (102) | |||||||||||||||||||||||
Income
tax (expense) benefit |
286 | 181 | 23 | |||||||||||||||||||||||
Net
unrealized investment gains (losses), net of income tax |
(1,135) | (681) | (79) | |||||||||||||||||||||||
Deferred gains (losses) on derivatives - cash flow hedges: | ||||||||||||||||||||||||||
Interest
rate derivatives |
50 | 59 | 57 | Net investment income | ||||||||||||||||||||||
Interest
rate derivatives |
87 | 51 | 87 | Net investment gains (losses) | ||||||||||||||||||||||
Foreign
currency exchange rate derivatives |
4 | 5 | 4 | Net investment income | ||||||||||||||||||||||
Foreign
currency exchange rate derivatives |
684 | (417) | (229) | Net investment gains (losses) | ||||||||||||||||||||||
Credit
derivatives |
1 | — | — |
Net
investment gains (losses) | ||||||||||||||||||||||
Gains
(losses) on cash flow hedges, before income tax |
826 | (302) | (81) | |||||||||||||||||||||||
Income
tax (expense) benefit |
(173) | 63 | 22 | |||||||||||||||||||||||
Gains
(losses) on cash flow hedges, net of income tax |
653 | (239) | (59) | |||||||||||||||||||||||
Defined
benefit plans adjustment: (1) |
||||||||||||||||||||||||||
Amortization
of net actuarial gains (losses) |
(12) | (49) | (43) | |||||||||||||||||||||||
Amortization
of prior service (costs) credit |
2 | 2 | 5 | |||||||||||||||||||||||
Amortization
of defined benefit plan items, before income tax |
(10) | (47) | (38) | |||||||||||||||||||||||
Income
tax (expense) benefit |
2 | 10 | 8 | |||||||||||||||||||||||
Amortization
of defined benefit plan items, net of income tax |
(8) | (37) | (30) | |||||||||||||||||||||||
Total
reclassifications, net of income tax |
$ | (490) | $ | (957) | $ | (168) |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Prepaid legal plans | $ | 446 | $ | 421 | $ | 395 | ||||||||||||||
Administrative services-only contracts | 250 | 226 | 219 | |||||||||||||||||
Recordkeeping and administrative services (1) | 148 | 166 | 211 | |||||||||||||||||
Other revenue from service contracts from customers | 43 | 34 | 35 | |||||||||||||||||
Total revenues from service contracts from customers | 887 | 847 | 860 | |||||||||||||||||
Other (2) | 786 | 847 | 756 | |||||||||||||||||
Total other revenues | $ | 1,673 | $ | 1,694 | $ | 1,616 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
General and administrative expenses (1) | $ | 2,799 | $ | 2,743 | $ | 2,331 | |||||||||||
Pension, postretirement and postemployment benefit costs | 199 | 116 | 112 | ||||||||||||||
Premium taxes, other taxes, and licenses & fees | 377 | 342 | 332 | ||||||||||||||
Commissions and other variable expenses | 2,098 | 2,290 | 2,551 | ||||||||||||||
Capitalization of DAC | (118) | (189) | (63) | ||||||||||||||
Amortization of DAC and VOBA | 298 | 297 | 341 | ||||||||||||||
Interest expense on debt | 132 | 104 | 96 | ||||||||||||||
Total other expenses | $ | 5,785 | $ | 5,703 | $ | 5,700 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Pension Benefits | |||||||||||
(In millions) | |||||||||||
Change
in benefit obligations: |
|||||||||||
Benefit
obligations at January 1, |
$ | 962 | $ | 1,274 | |||||||
Service
costs |
10 | 15 | |||||||||
Interest
costs |
52 | 37 | |||||||||
Net actuarial (gains) losses (1) | 43 | (280) | |||||||||
Settlements and curtailments | — | — | |||||||||
Benefits
paid |
(79) | (84) | |||||||||
Benefit obligations at December 31, | 988 | 962 | |||||||||
Change
in plan assets: |
|||||||||||
Estimated
fair value of plan assets at January 1, |
— | — | |||||||||
Employer
contributions |
79 | 84 | |||||||||
Benefits
paid |
(79) | (84) | |||||||||
Estimated fair value of plan assets at December 31, | — | — | |||||||||
Over (under) funded status at December 31, | $ | (988) | $ | (962) | |||||||
Amounts recognized on the
consolidated balance sheets: |
|||||||||||
Other
liabilities |
$ | (988) | $ | (962) | |||||||
Amount recognized | $ | (988) | $ | (962) | |||||||
AOCI: |
|||||||||||
Net
actuarial (gains) losses |
$ | 220 | $ | 189 | |||||||
Prior
service costs (credit) |
(5) | (7) | |||||||||
AOCI,
before income tax |
$ | 215 | $ | 182 | |||||||
Accumulated
benefit obligation |
$ | 967 | $ | 940 |
December 31, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
PBO
Exceeds Estimated Fair Value of Plan Assets |
ABO
Exceeds Estimated Fair Value of Plan Assets | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Projected
benefit obligations |
$ | 988 | $ | 961 | $ | 988 | $ | 961 | |||||||||||||||
Accumulated
benefit obligations |
$ | 967 | $ | 940 | $ | 967 | $ | 940 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Net
periodic benefit costs: |
|||||||||||||||||
Service
costs |
$ | 10 | $ | 15 | $ | 17 | |||||||||||
Interest
costs |
52 | 37 | 37 | ||||||||||||||
Settlement and curtailment (gains) losses | — | — | (3) | ||||||||||||||
Amortization
of net actuarial (gains) losses |
12 | 41 | 43 | ||||||||||||||
Amortization
of prior service costs (credit) |
(2) | (2) | (2) | ||||||||||||||
Total net periodic benefit costs (credit) | 72 | 91 | 92 | ||||||||||||||
Other
changes in plan assets and benefit obligations recognized in OCI: |
|||||||||||||||||
Net
actuarial (gains) losses |
43 | (280) | (42) | ||||||||||||||
Prior
service costs (credit) |
— | — | — | ||||||||||||||
Settlement and curtailment (gains) losses | — | — | 1 | ||||||||||||||
Amortization
of net actuarial gains (losses) |
(12) | (41) | (43) | ||||||||||||||
Amortization
of prior service (costs) credit |
2 | 2 | 2 | ||||||||||||||
Total
recognized in OCI |
33 | (319) | (82) | ||||||||||||||
Total
recognized in net periodic benefit costs and OCI |
$ | 105 | $ | (228) | $ | 10 |
Pension Benefits | |||||||||||
December 31, 2023 | |||||||||||
Weighted
average discount rate |
5.25% | ||||||||||
Weighted
average interest crediting rate |
4.00% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% | ||||||||
December 31, 2022 | |||||||||||
Weighted
average discount rate |
5.60% | ||||||||||
Weighted
average interest crediting rate |
4.00% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% |
Pension Benefits | |||||||||||
Year Ended December 31, 2023 | |||||||||||
Weighted
average discount rate |
5.60% | ||||||||||
Weighted
average interest crediting rate |
4.00% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% | ||||||||
Year Ended December 31, 2022 | |||||||||||
Weighted
average discount rate |
2.95% | ||||||||||
Weighted
average interest crediting rate |
3.46% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% | ||||||||
Year Ended December 31, 2021 | |||||||||||
Weighted
average discount rate |
3.01% | ||||||||||
Weighted
average interest crediting rate |
3.24% | ||||||||||
Rate
of compensation increase |
2.50% | - | 8.00% |
Pension Benefits | |||||
(In millions) | |||||
2024 | $ | 78 | |||
2025 | $ | 73 | |||
2026 | $ | 73 | |||
2027 | $ | 74 | |||
2028 | $ | 79 | |||
2029-2033 | $ | 399 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Current: |
|||||||||||||||||
U.S.
federal |
$ | 353 | $ | 309 | $ | (89) | |||||||||||
U.S.
state and local |
14 | 11 | 5 | ||||||||||||||
Non-U.S. |
14 | 14 | 43 | ||||||||||||||
Subtotal |
381 | 334 | (41) | ||||||||||||||
Deferred: |
|||||||||||||||||
U.S.
federal |
(321) | 939 | 576 | ||||||||||||||
Non-U.S. |
— | — | (6) | ||||||||||||||
Subtotal |
(321) | 939 | 570 | ||||||||||||||
Provision
for income tax expense (benefit) |
$ | 60 | $ | 1,273 | $ | 529 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Income
(loss): |
|||||||||||||||||
U.S. |
$ | 1,176 | $ | 6,895 | $ | 4,139 | |||||||||||
Non-U.S. |
19 | 34 | 105 | ||||||||||||||
Total |
$ | 1,195 | $ | 6,929 | $ | 4,244 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Tax provision at U.S. statutory rate | $ | 251 | $ | 1,455 | $ | 891 | |||||||||||
Tax effect of: | |||||||||||||||||
Dividend received deduction | (17) | (19) | (39) | ||||||||||||||
Tax-exempt income | (28) | 7 | (27) | ||||||||||||||
Prior year tax | 8 | 22 | (13) | ||||||||||||||
Low income housing tax credits | (116) | (143) | (178) | ||||||||||||||
Other tax credits | (30) | (36) | (38) | ||||||||||||||
Foreign tax rate differential | 1 | (10) | (7) | ||||||||||||||
Other, net (1) | (9) | (3) | (60) | ||||||||||||||
Provision for income tax expense (benefit) | $ | 60 | $ | 1,273 | $ | 529 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Deferred
income tax assets: |
|||||||||||
Policyholder
liabilities and receivables |
$ | 1,591 | $ | 772 | |||||||
Net
operating loss carryforwards (1) |
76 | 72 | |||||||||
Employee
benefits |
473 | 457 | |||||||||
Tax
credit carryforwards |
— | 508 | |||||||||
Litigation-related and government mandated | 83 | 74 | |||||||||
Net
unrealized investment losses |
1,741 | 2,699 | |||||||||
Other |
204 | 76 | |||||||||
Total
gross deferred income tax assets |
4,168 | 4,658 | |||||||||
Less:
Valuation allowance |
75 | 71 | |||||||||
Total
net deferred income tax assets |
4,093 | 4,587 | |||||||||
Deferred
income tax liabilities: |
|||||||||||
Investments,
including derivatives |
1,005 | 1,441 | |||||||||
Intangibles |
20 | 23 | |||||||||
DAC | 146 | 203 | |||||||||
Total
deferred income tax liabilities |
1,171 | 1,667 | |||||||||
Net
deferred income tax asset (liability) |
$ | 2,922 | $ | 2,920 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions) | |||||||||||||||||
Balance
at January 1, |
$ | 37 | $ | 23 | $ | 35 | |||||||||||
Additions
for tax positions of prior years |
— | 24 | — | ||||||||||||||
Reductions
for tax positions of prior years (1) |
— | (12) | (14) | ||||||||||||||
Additions
for tax positions of current year |
2 | 2 | 2 | ||||||||||||||
Balance
at December 31, |
$ | 39 | $ | 37 | $ | 23 | |||||||||||
Unrecognized
tax benefits that, if recognized, would impact the effective rate |
$ | 39 | $ | 37 | $ | 23 |
December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In millions, except number of claims) | |||||||||||||||||
Asbestos
personal injury claims at year end |
57,488 | 58,073 | 58,785 | ||||||||||||||
Number
of new claims during the year |
2,565 | 2,610 | 2,824 | ||||||||||||||
Settlement
payments during the year (1) |
$ | 50.6 | $ | 50.5 | $ | 53.0 |
Three Months Ended | ||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||
Total
revenues |
$ | 8,717 | $ | 8,776 | $ | 9,324 | $ | 9,532 | ||||||||||||||||||
Total
expenses |
$ | 8,912 | $ | 8,188 | $ | 7,634 | $ | 10,420 | ||||||||||||||||||
Net
income (loss) |
$ | (91) | $ | 510 | $ | 1,379 | $ | (663) | ||||||||||||||||||
Less:
Net income (loss) attributable to noncontrolling interests |
$ | (2) | $ | 43 | $ | — | $ | — | ||||||||||||||||||
Net
income (loss) attributable to Metropolitan Life Insurance Company |
$ | (89) | $ | 467 | $ | 1,379 | $ | (663) | ||||||||||||||||||
2022 | ||||||||||||||||||||||||||
Total
revenues |
$ | 9,517 | $ | 9,448 | $ | 17,646 | $ | 8,836 | ||||||||||||||||||
Total
expenses |
$ | 7,232 | $ | 7,379 | $ | 15,793 | $ | 8,114 | ||||||||||||||||||
Net
income (loss) |
$ | 1,882 | $ | 1,684 | $ | 1,510 | $ | 580 | ||||||||||||||||||
Less:
Net income (loss) attributable to noncontrolling interests |
$ | — | $ | 2 | $ | 2 | $ | 24 | ||||||||||||||||||
Net
income (loss) attributable to Metropolitan Life Insurance Company |
$ | 1,882 | $ | 1,682 | $ | 1,508 | $ | 556 |
Types of Investments | Cost
or Amortized Cost (2) |
Estimated Fair Value |
Amount
at Which Shown on Balance Sheet | ||||||||||||||
Fixed maturity securities AFS: | |||||||||||||||||
Bonds: | |||||||||||||||||
U.S. government and agency | $ | 23,100 | $ | 21,060 | $ | 21,060 | |||||||||||
Public utilities | 5,569 | 5,385 | 5,385 | ||||||||||||||
Municipals | 6,429 | 6,319 | 6,319 | ||||||||||||||
Foreign government | 3,416 | 3,295 | 3,295 | ||||||||||||||
All other corporate bonds | 73,720 | 69,596 | 69,596 | ||||||||||||||
Total bonds | 112,234 | 105,655 | 105,655 | ||||||||||||||
Mortgage-backed, asset-backed and collateralized loan obligations securities | 39,136 | 36,423 | 36,423 | ||||||||||||||
Redeemable preferred stock | 710 | 727 | 727 | ||||||||||||||
Total fixed maturity securities AFS | 152,080 | 142,805 | 142,805 | ||||||||||||||
Mortgage loans | 63,093 | 62,584 | |||||||||||||||
Policy loans | 5,671 | 5,671 | |||||||||||||||
Real estate and real estate joint ventures | 8,500 | 8,500 | |||||||||||||||
Real estate acquired in satisfaction of debt | 190 | 190 | |||||||||||||||
Other limited partnership interests | 7,765 | 7,765 | |||||||||||||||
Short-term investments | 3,008 | 3,048 | |||||||||||||||
Other invested assets | 17,054 | 17,040 | |||||||||||||||
Total investments | $ | 257,361 | $ | 247,603 |
Segment | DAC and VOBA |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation |
Policyholder Account Balances |
Market Risk Benefits (Assets) Liabilities (1) | Policyholder Dividends Payable |
Unearned Premiums (2), (3) |
Unearned Revenue (2) | |||||||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||||
Group
Benefits (4) |
$ | 255 | $ | 17,547 | $ | 7,605 | $ | — | $ | — | $ | 359 | $ | — | ||||||||||||||||||||||||||||||
RIS
(4) |
169 | 54,367 | 69,758 | (1) | — | — | 16 | |||||||||||||||||||||||||||||||||||||
MetLife
Holdings |
2,723 | 65,434 | 17,598 | 2,702 | 233 | 152 | 5 | |||||||||||||||||||||||||||||||||||||
Corporate
& Other |
158 | 123 | 8,933 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total |
$ | 3,305 | $ | 137,471 | $ | 103,894 | $ | 2,701 | $ | 233 | $ | 511 | $ | 21 | ||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||||||||
Group
Benefits (4) |
$ | 263 | $ | 16,727 | $ | 7,954 | $ | — | $ | — | $ | 298 | $ | — | ||||||||||||||||||||||||||||||
RIS
(4) |
154 | 53,116 | 69,545 | 25 | — | 2 | 18 | |||||||||||||||||||||||||||||||||||||
MetLife
Holdings |
3,220 | 64,871 | 19,828 | 3,071 | 240 | 155 | 227 | |||||||||||||||||||||||||||||||||||||
Corporate
& Other |
120 | 131 | 6,080 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total |
$ | 3,757 | $ | 134,845 | $ | 103,407 | $ | 3,096 | $ | 240 | $ | 455 | $ | 245 | ||||||||||||||||||||||||||||||
Segment | Premiums and
Universal Life and Investment-Type Product Policy Fees |
Net Investment Income |
Policyholder
Benefits and Claims, Policyholder Liability Remeasurement (Gains) Losses and Interest Credited to Policyholder Account Balances |
Market
Risk Benefit Remeasurement (Gains) Losses |
Amortization of DAC and VOBA Charged to Other Expenses |
Other Expenses (1) | ||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||
Group
Benefits (2) |
$ | 21,472 | $ | 1,127 | $ | 18,143 | $ | — | $ | 26 | $ | 3,302 | ||||||||||||||||||||||||||
RIS
(2) |
2,039 | 6,111 | 6,527 | (34) | 31 | 527 | ||||||||||||||||||||||||||||||||
MetLife
Holdings |
2,865 | 3,757 | 4,617 | (669) | 224 | 1,278 | ||||||||||||||||||||||||||||||||
Corporate
& Other |
6 | 211 | 315 | — | 17 | 850 | ||||||||||||||||||||||||||||||||
Total |
$ | 26,382 | $ | 11,206 | $ | 29,602 | $ | (703) | $ | 298 | $ | 5,957 | ||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||
Group
Benefits (2) |
$ | 21,124 | $ | 1,076 | $ | 18,307 | $ | — | $ | 26 | $ | 3,056 | ||||||||||||||||||||||||||
RIS
(2) |
8,692 | 4,980 | 12,353 | (290) | 28 | 347 | ||||||||||||||||||||||||||||||||
MetLife
Holdings |
3,190 | 4,132 | 4,904 | (3,089) | 237 | 1,372 | ||||||||||||||||||||||||||||||||
Corporate
& Other |
— | (66) | 67 | — | 6 | 1,194 | ||||||||||||||||||||||||||||||||
Total |
$ | 33,006 | $ | 10,122 | $ | 35,631 | $ | (3,379) | $ | 297 | $ | 5,969 | ||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Group
Benefits (2) |
$ | 20,468 | $ | 1,105 | $ | 18,943 | $ | — | $ | 26 | $ | 2,799 | ||||||||||||||||||||||||||
RIS
(2) |
4,095 | 5,855 | 7,222 | 117 | 29 | 412 | ||||||||||||||||||||||||||||||||
MetLife
Holdings |
3,499 | 5,496 | 5,104 | (875) | 286 | 1,579 | ||||||||||||||||||||||||||||||||
Corporate & Other | — | 30 | — | — | — | 1,301 | ||||||||||||||||||||||||||||||||
Total |
$ | 28,062 | $ | 12,486 | $ | 31,269 | $ | (758) | $ | 341 | $ | 6,091 |
Gross Amount |
Ceded
(1) |
Assumed
(1) |
Net
Amount |
% Amount
Assumed to Net | ||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||
Life insurance in-force | $ | 4,276,976 | $ | 160,983 | $ | 660,504 | $ | 4,776,497 | 13.8 | % | ||||||||||||||||||||||
Insurance premium | ||||||||||||||||||||||||||||||||
Life
insurance (2) |
$ | 14,418 | $ | 704 | $ | 807 | $ | 14,521 | 5.6 | % | ||||||||||||||||||||||
Accident & health insurance | 10,609 | 452 | 40 | 10,197 | 0.4 | % | ||||||||||||||||||||||||||
Total insurance premium | $ | 25,027 | $ | 1,156 | $ | 847 | $ | 24,718 | 3.4 | % | ||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
Life insurance in-force | $ | 4,074,989 | $ | 149,129 | $ | 538,168 | $ | 4,464,028 | 12.1 | % | ||||||||||||||||||||||
Insurance premium | ||||||||||||||||||||||||||||||||
Life
insurance (2) |
$ | 21,248 | $ | 769 | $ | 830 | $ | 21,309 | 3.9 | % | ||||||||||||||||||||||
Accident & health insurance | 10,017 | 179 | 42 | 9,880 | 0.4 | % | ||||||||||||||||||||||||||
Total insurance premium | $ | 31,265 | $ | 948 | $ | 872 | $ | 31,189 | 2.8 | % | ||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Life insurance in-force | $ | 3,991,763 | $ | 164,834 | $ | 546,176 | $ | 4,373,105 | 12.5 | % | ||||||||||||||||||||||
Insurance premium | ||||||||||||||||||||||||||||||||
Life
insurance (2) |
$ | 13,628 | $ | 792 | $ | 4,080 | $ | 16,916 | 24.1 | % | ||||||||||||||||||||||
Accident & health insurance | 9,377 | 146 | 41 | 9,272 | 0.4 | % | ||||||||||||||||||||||||||
Total insurance premium | $ | 23,005 | $ | 938 | $ | 4,121 | $ | 26,188 | 15.7 | % |