Year Ended December 	Asia 	Year Ended December 31, 2019 Compared with the Year Ended December 31, 2018 	Latin America 	Year Ended December 31, 2019 Compared with the Year Ended December 31, 2017 	EMEA 	Year Ended December 31, 2019 Compared with the Year Ended December 31, 2018 	MetLife Holdings 	Year Ended December 31, 2019 Compared with the Year Ended December 31, 2018 	Corporate & Other 	Year Ended December 31, 2019 Compared with the Year Ended December 31, 2018 	Effects of Inflation 	Investments 	Investment Risks 	Current Environment 	Selected Country Investments 	Investment Portfolio Results 	Fixed Maturity and Equity Securities Available-for-Sale 	Fair Value of Fixed Maturity and Equity Securities – AFS 	Fixed Maturity Securities AFS 	Fixed Maturity Securities Credit Quality — Ratings 	U.S. and Foreign Corporate Fixed Maturity Securities 	Structured Securities 	RMBS 	ABS 	CMBS 	Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities 	Overview of Fixed Maturity and Equity Security OTTI Losses Recognized in Earnings 	Future Impairments 	FVO and Trading Securities 	Securities Lending 	Mortgage Loans 	Real Estate and Real Estate Joint Ventures 	Other Limited Partnership Interests 	Other Invested Assets 	Derivatives 	Derivative Risks 	Fair Value Hierarchy 	Credit Risk 	Credit Derivatives 	Embedded Derivatives 	Off-Balance Sheet Arrangements 	Credit and Committed Facilities 	Collateral for Securities Lending, Repurchase Program and Derivatives 	Lease Commitments 	Guarantees 	Insolvency Assessments 	Policyholder Liabilities 	Future Policy Benefits 	U.S. 	Asia 	Latin America 	EMEA 	MetLife Holdings 	Corporate & Other 	Policyholder Account Balances 	U.S. 	Asia 	Latin America 	EMEA 	MetLife Holdings 	Variable Annuity Guarantees 	GMDBs 	Living Benefit Guarantees 	Derivatives Hedging Variable Annuity Guarantees 	Liquidity and Capital Resources 	Overview 	Liquidity Management 	Short-term Liquidity 	Liquid Assets 	Capital Management 	The Company 	Liquidity 	Capital 	Statutory Capital and Dividends 	Affiliated Captive Reinsurance Transactions 	Rating Agencies 	Summary of the Company’s Primary Sources and Uses of Liquidity and Capital 	Cash Flows from Operations 	Cash Flows from Investments 	Cash Flows from Financing 	Liquidity and Capital Sources 	Global Funding Sources 	Outstanding Debt Under Global Funding Sources 	Debt and Facility Covenants 	Dispositions 	Liquidity and Capital Uses 	Common Stock Repurchases 	Dividends 	Debt Repayments 	Debt Repurchases 	Support Agreements 	Insurance Liabilities 	Pledged Collateral 	Securities Lending 	Litigation 	Acquisitions 	Contractual Obligations 	Insurance Liabilities 	Policyholder Account Balances 	Payables for Collateral Under Securities Loaned and Other Transactions 	Debt 	Investment Commitments 	Operating Leases 	Other 	MetLife, Inc. 	Liquidity and Capital Management 	Liquidity 	Capital 	Liquid Assets 	Summary of MetLife, Inc.’s Sources and Uses of Liquid Assets 	Sources and Uses of Liquid Assets of Other MetLife Holding Companies 	Liquidity and Capital Sources 	Dividends from Subsidiaries 	Preferred Stock and Long-Term Debt Issued 	Collateral Financing Arrangement and Junior Subordinated Debt Securities 	Credit and Committed Facilities 	Long-term Debt Outstanding 	Debt and Facility Covenants 	Dispositions 	Liquidity and Capital Uses 	Affiliated Capital Transactions 	Debt Repayments 	Maturities of Senior Notes 	Support Agreements 	Acquisitions 	Adoption of New Accounting Pronouncements 	Future Adoption of New Accounting Pronouncements 	Non-GAAP and Other Financial Disclosures 	Free Cash Flow Reconciliation 	Item 7A. Quantitative and Qualitative Disclosures About Market Risk 	Risk Management 	Global Risk Management 	Asset/Liability Management 	Market Risk Exposures 	Interest Rates 	Foreign Currency Exchange Rates 	Equity Market 	Management of Market Risk Exposures 	Interest Rate Risk Management 	Foreign Currency Exchange Rate Risk Management 	Equity Market Risk Management 	Hedging Activities 	Risk Measurement: Sensitivity Analysis 	Item 8.