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Policyholder Account Balances (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Accounting Standards Update and Change in Accounting Principle | The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet:
|  | December 31, 2022
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  |  |  |  |  |
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Premiums, reinsurance and other receivables |  | $ | 17,461 |  |  | $ | (97) |  |  | $ | 17,364 |  |  |  |  |  |  |
Market risk benefits |  | $ | — |  |  | $ | 280 |  |  | $ | 280 |  |  |  |  |  |  |
Deferred policy acquisition costs and value of business acquired |  | $ | 22,983 |  |  | $ | (3,330) |  |  | $ | 19,653 |  |  |  |  |  |  |
Deferred income tax asset |  | $ | 2,830 |  |  | $ | (391) |  |  | $ | 2,439 |  |  |  |  |  |  |
Other assets |  | $ | 11,026 |  |  | $ | (1) |  |  | $ | 11,025 |  |  |  |  |  |  |
Total assets |  | $ | 666,611 |  |  | $ | (3,539) |  |  | $ | 663,072 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Future policy benefits |  | $ | 204,228 |  |  | $ | (17,006) |  |  | $ | 187,222 |  |  |  |  |  |  |
Policyholder account balances |  | $ | 203,082 |  |  | $ | 7,515 |  |  | $ | 210,597 |  |  |  |  |  |  |
Market risk benefits |  | $ | — |  |  | $ | 3,763 |  |  | $ | 3,763 |  |  |  |  |  |  |
Other policy-related balances |  | $ | 19,651 |  |  | $ | (1,227) |  |  | $ | 18,424 |  |  |  |  |  |  |
Deferred income tax liability |  | $ | 325 |  |  | $ | 625 |  |  | $ | 950 |  |  |  |  |  |  |
Other liabilities |  | $ | 25,980 |  |  | $ | (47) |  |  | $ | 25,933 |  |  |  |  |  |  |
Total liabilities |  | $ | 639,324 |  |  | $ | (6,377) |  |  | $ | 632,947 |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 41,953 |  |  | $ | (1,621) |  |  | $ | 40,332 |  |  |  |  |  |  |
Accumulated other comprehensive income (loss) |  | $ | (27,083) |  |  | $ | 4,462 |  |  | $ | (22,621) |  |  |  |  |  |  |
Total MetLife, Inc.'s stockholders' equity |  | $ | 27,040 |  |  | $ | 2,841 |  |  | $ | 29,881 |  |  |  |  |  |  |
Noncontrolling interests |  | $ | 247 |  |  | $ | (3) |  |  | $ | 244 |  |  |  |  |  |  |
Total equity |  | $ | 27,287 |  |  | $ | 2,838 |  |  | $ | 30,125 |  |  |  |  |  |  |
Total liabilities and equity |  | $ | 666,611 |  |  | $ | (3,539) |  |  | $ | 663,072 |  |  |  |  |  |  |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statement of operations:
|  | December 31,
|  | 2022 |  | 2021
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 49,397 |  |  | $ | (887) |  |  | $ | 48,510 |  |  | $ | 42,009 |  |  | $ | (857) |  |  | $ | 41,152 |
Universal life and investment-type product policy fees |  | $ | 5,585 |  |  | $ | (360) |  |  | $ | 5,225 |  |  | $ | 5,756 |  |  | $ | (512) |  |  | $ | 5,244 |
Other revenues |  | $ | 2,634 |  |  | $ | (4) |  |  | $ | 2,630 |  |  | $ | 2,619 |  |  | $ | — |  |  | $ | 2,619 |
Net investment gains (losses) |  | $ | (1,262) |  |  | $ | 2 |  |  | $ | (1,260) |  |  | $ | 1,529 |  |  | $ | 14 |  |  | $ | 1,543 |
Net derivative gains (losses) |  | $ | (2,372) |  |  | $ | 121 |  |  | $ | (2,251) |  |  | $ | (2,228) |  |  | $ | (1,029) |  |  | $ | (3,257) |
Total revenues |  | $ | 69,898 |  |  | $ | (1,128) |  |  | $ | 68,770 |  |  | $ | 71,080 |  |  | $ | (2,384) |  |  | $ | 68,696 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits and claims |  | $ | 50,612 |  |  | $ | (1,105) |  |  | $ | 49,507 |  |  | $ | 43,954 |  |  | $ | (836) |  |  | $ | 43,118 |
Policyholder liability remeasurement (gains) losses |  | $ | — |  |  | $ | 114 |  |  | $ | 114 |  |  | $ | — |  |  | $ | (172) |  |  | $ | (172) |
Market risk benefit remeasurement (gains) losses |  | $ | — |  |  | $ | (3,674) |  |  | $ | (3,674) |  |  | $ | — |  |  | $ | (1,237) |  |  | $ | (1,237) |
Interest credited to policyholder account balances |  | $ | 3,692 |  |  | $ | 202 |  |  | $ | 3,894 |  |  | $ | 5,538 |  |  | $ | 33 |  |  | $ | 5,571 |
Policyholder dividends |  | $ | 701 |  |  | $ | 5 |  |  | $ | 706 |  |  | $ | 876 |  |  | $ | 4 |  |  | $ | 880 |
Other expenses |  | $ | 12,034 |  |  | $ | (175) |  |  | $ | 11,859 |  |  | $ | 12,586 |  |  | $ | (568) |  |  | $ | 12,018 |
Total expenses |  | $ | 67,039 |  |  | $ | (4,633) |  |  | $ | 62,406 |  |  | $ | 62,954 |  |  | $ | (2,776) |  |  | $ | 60,178 |
Income (loss) before provision for income tax |  | $ | 2,859 |  |  | $ | 3,505 |  |  | $ | 6,364 |  |  | $ | 8,126 |  |  | $ | 392 |  |  | $ | 8,518 |
Provision for income tax expense (benefit) |  | $ | 301 |  |  | $ | 761 |  |  | $ | 1,062 |  |  | $ | 1,551 |  |  | $ | 91 |  |  | $ | 1,642 |
Net income (loss) |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Net income (loss) attributable to noncontrolling interests |  | $ | 19 |  |  | $ | (1) |  |  | $ | 18 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |
Net income (loss) attributable to MetLife, Inc. |  | $ | 2,539 |  |  | $ | 2,745 |  |  | $ | 5,284 |  |  | $ | 6,554 |  |  | $ | 301 |  |  | $ | 6,855 |
Net income (loss) available to MetLife, Inc.'s common shareholders |  | $ | 2,354 |  |  | $ | 2,745 |  |  | $ | 5,099 |  |  | $ | 6,353 |  |  | $ | 301 |  |  | $ | 6,654 |
Net income (loss) available to MetLife, Inc.'s common shareholders per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.93 |  |  | $ | 3.42 |  |  | $ | 6.35 |  |  | $ | 7.36 |  |  | $ | 0.35 |  |  | $ | 7.71 |
Diluted |  | $ | 2.91 |  |  | $ | 3.39 |  |  | $ | 6.30 |  |  | $ | 7.31 |  |  | $ | 0.34 |  |  | $ | 7.65 |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of comprehensive income:
| December 31,
|  | 2022 |  | 2021
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
| (In millions)
Net income (loss) |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Unrealized investment gains (losses), net of related offsets |  | $ | (47,831) |  |  | $ | (8,666) |  |  | $ | (56,497) |  |  | $ | (8,171) |  |  | $ | (4,669) |  |  | $ | (12,840) |
Future policy benefits discount rate remeasurement gains (losses) |  | $ | — |  |  | $ | 31,804 |  |  | $ | 31,804 |  |  | $ | — |  |  | $ | 10,102 |  |  | $ | 10,102 |
Market risk benefits instrument-specific credit risk remeasurement gains (losses) |  | $ | — |  |  | $ | (219) |  |  | $ | (219) |  |  | $ | — |  |  | $ | 257 |  |  | $ | 257 |
Foreign currency translation adjustments |  | $ | (1,242) |  |  | $ | 4 |  |  | $ | (1,238) |  |  | $ | (1,306) |  |  | $ | 40 |  |  | $ | (1,266) |
Other comprehensive income (loss), before income tax |  | $ | (48,879) |  |  | $ | 22,923 |  |  | $ | (25,956) |  |  | $ | (9,012) |  |  | $ | 5,730 |  |  | $ | (3,282) |
Income tax (expense) benefit related to items of other comprehensive income (loss) |  | $ | 10,871 |  |  | $ | (5,092) |  |  | $ | 5,779 |  |  | $ | 1,862 |  |  | $ | (1,343) |  |  | $ | 519 |
Other comprehensive income (loss), net of income tax |  | $ | (38,008) |  |  | $ | 17,831 |  |  | $ | (20,177) |  |  | $ | (7,150) |  |  | $ | 4,387 |  |  | $ | (2,763) |
Comprehensive income (loss) |  | $ | (35,450) |  |  | $ | 20,575 |  |  | $ | (14,875) |  |  | $ | (575) |  |  | $ | 4,688 |  |  | $ | 4,113 |
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax |  | $ | 13 |  |  | $ | (2) |  |  | $ | 11 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 24 |
Comprehensive income (loss) attributable to MetLife, Inc. |  | $ | (35,463) |  |  | $ | 20,577 |  |  | $ | (14,886) |  |  | $ | (599) |  |  | $ | 4,688 |  |  | $ | 4,089 |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of equity:
|  |  |  |  |  |  |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
|  |  |  |  |  |  |  | (In millions)
Retained Earnings |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 36,491 |  |  | $ | — |  |  | $ | 36,491 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (4,667) |  |  | $ | (4,667) |
Net income (loss) |  |  |  |  |  |  |  | $ | 6,554 |  |  | $ | 301 |  |  | $ | 6,855 |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 41,197 |  |  | $ | (4,366) |  |  | $ | 36,831 |
Net income (loss) |  |  |  |  |  |  |  | $ | 2,539 |  |  | $ | 2,745 |  |  | $ | 5,284 |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 41,953 |  |  | $ | (1,621) |  |  | $ | 40,332 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 18,072 |  |  | $ | — |  |  | $ | 18,072 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (17,757) |  |  | $ | (17,757) |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (7,153) |  |  | $ | 4,387 |  |  | $ | (2,766) |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 10,919 |  |  | $ | (13,370) |  |  | $ | (2,451) |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (38,002) |  |  | $ | 17,832 |  |  | $ | (20,170) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | (27,083) |  |  | $ | 4,462 |  |  | $ | (22,621) |
Total MetLife, Inc.’s Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 74,558 |  |  | $ | — |  |  | $ | 74,558 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (22,424) |  |  | $ | (22,424) |
Net income (loss) |  |  |  |  |  |  |  | $ | 6,554 |  |  | $ | 301 |  |  | $ | 6,855 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (7,153) |  |  | $ | 4,387 |  |  | $ | (2,766) |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 67,482 |  |  | $ | (17,736) |  |  | $ | 49,746 |
Net income (loss) |  |  |  |  |  |  |  | $ | 2,539 |  |  | $ | 2,745 |  |  | $ | 5,284 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (38,002) |  |  | $ | 17,832 |  |  | $ | (20,170) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 27,040 |  |  | $ | 2,841 |  |  | $ | 29,881 |
Noncontrolling Interests |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 267 |  |  | $ | — |  |  | $ | 267 |
Change in equity of noncontrolling interests |  |  |  |  |  |  |  | $ | (33) |  |  | $ | (1) |  |  | $ | (34) |
Net income (loss) |  |  |  |  |  |  |  | $ | 19 |  |  | $ | (1) |  |  | $ | 18 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (7) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 247 |  |  | $ | (3) |  |  | $ | 244 |
Total Equity |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 74,817 |  |  | $ | — |  |  | $ | 74,817 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (22,424) |  |  | $ | (22,424) |
Net income (loss) |  |  |  |  |  |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (7,150) |  |  | $ | 4,387 |  |  | $ | (2,763) |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 67,749 |  |  | $ | (17,736) |  |  | $ | 50,013 |
Change in equity of noncontrolling interests |  |  |  |  |  |  |  | $ | (33) |  |  | $ | (1) |  |  | $ | (34) |
Net income (loss) |  |  |  |  |  |  |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (38,008) |  |  | $ | 17,831 |  |  | $ | (20,177) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 27,287 |  |  | $ | 2,838 |  |  | $ | 30,125 |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of cash flows:
| 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) |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Amortization of premiums and accretion of discounts associated with investments, net |  | $ | (960) |  |  | $ | (32) |  |  | $ | (992) |  |  | $ | (855) |  |  | $ | (19) |  |  | $ | (874) |
(Gains) losses on investments and from sales of businesses, net |  | $ | 1,262 |  |  | $ | (2) |  |  | $ | 1,260 |  |  | $ | (1,529) |  |  | $ | (14) |  |  | $ | (1,543) |
(Gains) losses on derivatives, net |  | $ | 4,317 |  |  | $ | (167) |  |  | $ | 4,150 |  |  | $ | 4,190 |  |  | $ | 486 |  |  | $ | 4,676 |
Interest credited to policyholder account balances |  | $ | 3,737 |  |  | $ | 34 |  |  | $ | 3,771 |  |  | $ | 5,490 |  |  | $ | 138 |  |  | $ | 5,628 |
Universal life and investment-type product policy fees |  | $ | (3,970) |  |  | $ | 1 |  |  | $ | (3,969) |  |  | $ | (3,638) |  |  | $ | (25) |  |  | $ | (3,663) |
Change in premiums, reinsurance and other receivables |  | $ | 256 |  |  | $ | 43 |  |  | $ | 299 |  |  | $ | 389 |  |  | $ | (27) |  |  | $ | 362 |
Change in market risk benefits |  | $ | — |  |  | $ | (3,347) |  |  | $ | (3,347) |  |  | $ | — |  |  | $ | (839) |  |  | $ | (839) |
Change in deferred policy acquisition costs and value of business acquired, net |  | $ | (568) |  |  | $ | (232) |  |  | $ | (800) |  |  | $ | (106) |  |  | $ | (602) |  |  | $ | (708) |
Change in income tax |  | $ | (591) |  |  | $ | 789 |  |  | $ | 198 |  |  | $ | 598 |  |  | $ | 258 |  |  | $ | 856 |
Change in other assets |  | $ | 27 |  |  | $ | 111 |  |  | $ | 138 |  |  | $ | (681) |  |  | $ | (327) |  |  | $ | (1,008) |
Change in insurance-related liabilities and policy-related balances |  | $ | 4,058 |  |  | $ | (121) |  |  | $ | 3,937 |  |  | $ | 4,553 |  |  | $ | 449 |  |  | $ | 5,002 |
Change in other liabilities |  | $ | 341 |  |  | $ | 19 |  |  | $ | 360 |  |  | $ | 71 |  |  | $ | (3) |  |  | $ | 68 |
Other, net |  | $ | 245 |  |  | $ | — |  |  | $ | 245 |  |  | $ | 138 |  |  | $ | (25) |  |  | $ | 113 |
Net cash provided by (used in) operating activities |  | $ | 13,204 |  |  | $ | (160) |  |  | $ | 13,044 |  |  | $ | 12,596 |  |  | $ | (249) |  |  | $ | 12,347 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances - deposits |  | $ | 103,036 |  |  | $ | 865 |  |  | $ | 103,901 |  |  | $ | 96,367 |  |  | $ | 839 |  |  | $ | 97,206 |
Policyholder account balances - withdrawals |  | $ | (97,886) |  |  | $ | (705) |  |  | $ | (98,591) |  |  | $ | (92,540) |  |  | $ | (590) |  |  | $ | (93,130) |
Net cash provided by (used in) financing activities |  | $ | (10,108) |  |  | $ | 160 |  |  | $ | (9,948) |  |  | $ | (1,375) |  |  | $ | 249 |  |  | $ | (1,126) |
The LDTI transition adjustments related to traditional and limited-payment contracts, DPLs, and additional insurance liabilities, as well as the associated ceded recoverables, as described in Note 1, were as follows at the Transition Date:
|  | RIS Annuities |  | Asia Whole and Term Life & Endowments |  | Asia Accident & Health |  | Latin America Fixed 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 |  | $ | 66,030 |  |  | $ | 17,990 |  |  | $ | 16,330 |  |  | $ | 8,393 |  |  | $ | 14,281 |  |  | $ | 51,148 |  |  | $ | 19,128 |  |  | $ | 13,356 |  |  | $ | 206,656 |
Removal of additional insurance liabilities for separate presentation (1) |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,561) |  |  | — |  |  | (6,565) |
Subtotal - pre-adoption balance, excluding additional liabilities |  | 66,026 |  |  | 17,990 |  |  | 16,330 |  |  | 8,393 |  |  | 14,281 |  |  | 51,148 |  |  | 12,567 |  |  | 13,356 |  |  | 200,091 |
Removal of related amounts in AOCI |  | (5,914) |  |  | — |  |  | — |  |  | (295) |  |  | (1,210) |  |  | — |  |  | (492) |  |  | — |  |  | (7,911) |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (176) |  |  | — |  |  | (176) |
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach |  | 337 |  |  | 51 |  |  | 154 |  |  | 121 |  |  | — |  |  | — |  |  | 56 |  |  | — |  |  | 719 |
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate |  | 15,834 |  |  | 4,386 |  |  | 285 |  |  | 2,869 |  |  | 8,270 |  |  | — |  |  | 2,475 |  |  | — |  |  | 34,119 |
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard |  | (7,416) |  |  | 4 |  |  | 47 |  |  | (1) |  |  | — |  |  | — |  |  | (124) |  |  | — |  |  | (7,490) |
Removal of remeasured deferred profit liabilities for separate presentation (1) |  | (2,897) |  |  | (225) |  |  | (691) |  |  | (570) |  |  | — |  |  | — |  |  | (275) |  |  | — |  |  | (4,658) |
Balance, traditional and limited-payment contracts, at January 1, 2021 |  | $ | 65,970 |  |  | $ | 22,206 |  |  | $ | 16,125 |  |  | $ | 10,517 |  |  | $ | 21,341 |  |  | $ | 51,148 |  |  | $ | 14,031 |  |  | $ | 13,356 |  |  | $ | 214,694 |
Balance, deferred profit liabilities at January 1, 2021 |  | $ | 2,897 |  |  | $ | 225 |  |  | $ | 691 |  |  | $ | 570 |  |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | — |  |  | $ | 4,658 |
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 |  | $ | 203 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,052 |  |  |  |  | $ | 1,287 |
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate |  | 135 |  |  | (15) |  |  | (66) |  |  | — |  |  | — |  |  |  |  | 297 |  |  |  |  | 351 |
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 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  |  |  | 10 |  |  |  |  | 14 |
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 |  | $ | 344 |  |  | $ | (15) |  |  | $ | (36) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,391 |  |  |  |  | $ | 1,684 |
__________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date.
|  | Asia Variable Life |  | Asia Universal and Variable Universal Life |  | MetLife Holdings Universal and Variable Universal Life |  | Other Long-Duration |  | Total
|  | (In millions)
Additional insurance liabilities at December 31, 2020 |  | $ | 1,824 |  |  | $ | 788 |  |  | $ | 1,976 |  |  | $ | 1,977 |  |  | $ | 6,565 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | — |  |  | (1,642) |  |  | (1,642) |
Adjustments for the cumulative effect of adoption on additional insurance liabilities |  | — |  |  | — |  |  | 38 |  |  | 45 |  |  | 83 |
Additional insurance liabilities at January 1, 2021 |  | $ | 1,824 |  |  | $ | 788 |  |  | $ | 2,014 |  |  | $ | 380 |  |  | $ | 5,006 |
Ceded recoverables on additional insurance liabilities at December 31, 2020 |  | $ | — |  |  | $ | — |  |  | $ | 719 |  |  | $ | 8 |  |  | $ | 727 |
Reclassification of carrying amounts of contracts and contract features that are reinsured market risk benefits |  | — |  |  | — |  |  | — |  |  | (8) |  |  | (8) |
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Ceded recoverables on additional insurance liabilities at January 1, 2021 |  | $ | — |  |  | $ | — |  |  | $ | 720 |  |  | $ | — |  |  | $ | 720 |
Balance, traditional and limited-payment contracts, at January 1, 2021 |  |  |  |  |  |  |  |  |  | $ | 214,694 |
Balance, deferred profit liabilities at January 1, 2021 |  |  |  |  |  |  |  |  |  | 4,658 |
Balance, additional insurance liabilities at January 1, 2021 |  |  |  |  |  |  |  |  |  | 5,006 |
Total future policy benefits at January 1, 2021 |  |  |  |  |  |  |  |  |  | $ | 224,358 |
The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date:
|  | Group Benefits Group Life |  | RIS Capital Markets Investment Products and Stable Value GICs |  | RIS Annuities and Risk Solutions |  | Asia Universal and Variable Universal Life |  | Asia Fixed Annuities |  | EMEA Variable Annuities |  | MetLife Holdings Annuities |  | MetLife Holdings Life and Other |  | Other |  | Total
|  | (In millions)
Balance at December 31, 2020 |  | $ | 7,586 |  |  | $ | 62,908 |  |  | $ | 6,250 |  |  | $ | 43,868 |  |  | $ | 31,422 |  |  | $ | 4,777 |  |  | $ | 15,727 |  |  | $ | 13,129 |  |  | $ | 19,509 |  |  | $ | 205,176 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | (24) |  |  | — |  |  | — |  |  | 2 |  |  | (493) |  |  | (273) |  |  | (170) |  |  | (958) |
Other balance sheet reclassifications upon adoption of the LDTI standard |  | — |  |  | — |  |  | 7,417 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 102 |  |  | 7,519 |
Balance at January 1, 2021 |  | $ | 7,586 |  |  | $ | 62,908 |  |  | $ | 13,643 |  |  | $ | 43,868 |  |  | $ | 31,422 |  |  | $ | 4,779 |  |  | $ | 15,234 |  |  | $ | 12,856 |  |  | $ | 19,441 |  |  | $ | 211,737 |
The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date:
|  | Asia Retirement Assurance |  | 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 |  | 247 |  |  | 2,291 |  |  | 251 |  |  | 2,789 |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date |  | (7) |  |  | (54) |  |  | (38) |  |  | (99) |
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 |  | 78 |  |  | 4,764 |  |  | 369 |  |  | 5,211 |
Direct and assumed MRB liabilities at January 1, 2021 |  | $ | 318 |  |  | $ | 7,001 |  |  | $ | 582 |  |  | $ | 7,901 |
Reinsured MRB assets at December 31, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | 63 |  |  | 63 |
Adjustments for the difference between previous carrying amounts and fair value measurements |  | — |  |  | — |  |  | (12) |  |  | $ | (12) |
Reinsured MRB assets at January 1, 2021 (1) |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | 51 |
__________________ (1)Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets. The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date:
| Group Benefits (1) |  | RIS (1) |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings |  | Corporate & Other |  | Total
| (In millions)
DAC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | 279 |  |  | $ | 130 |  |  | $ | 7,432 |  |  | $ | 1,344 |  |  | $ | 1,551 |  |  | $ | 2,679 |  |  | $ | 31 |  |  | $ | 13,446 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 2,309 |  |  | 50 |  |  | — |  |  | 1,621 |  |  | — |  |  | 3,980 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 11 |  |  | — |  |  | 25 |
Balance at January 1, 2021 | $ | 279 |  |  | $ | 130 |  |  | $ | 9,741 |  |  | $ | 1,394 |  |  | $ | 1,565 |  |  | $ | 4,311 |  |  | $ | 31 |  |  | $ | 17,451 |
VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | — |  |  | $ | 25 |  |  | $ | 1,901 |  |  | $ | 748 |  |  | $ | 236 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 2,943 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 14 |  |  | 8 |  |  | — |  |  | 5 |  |  | — |  |  | 27 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Balance at January 1, 2021 | $ | — |  |  | $ | 25 |  |  | $ | 1,915 |  |  | $ | 756 |  |  | $ | 232 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 2,966 |
UREV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | — |  |  | $ | 42 |  |  | $ | 587 |  |  | $ | 740 |  |  | $ | 556 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 2,113 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 1,029 |  |  | 95 |  |  | (81) |  |  | — |  |  | — |  |  | 1,043 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Balance at January 1, 2021 | $ | — |  |  | $ | 42 |  |  | $ | 1,616 |  |  | $ | 835 |  |  | $ | 482 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 3,163 |
Negative VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 738 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (72) |
Balance at January 1, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 666 |
__________________ (1)See Note 2 for information on the reorganization of the Company’s segments.
Policyholder Account Balances | The Company’s PABs on the consolidated balance sheets were as follows at:
|  | December 31, 2023 |  | December 31, 2022
|  | (In millions)
Group Benefits - Group Life |  | $ | 7,692 |  | $ | 8,028
RIS: |  |  |  |
Capital Markets Investment Products and Stable Value GICs |  | 64,140 |  | 63,723
Annuities and Risk Solutions |  | 17,711 |  | 15,549
Asia: |  |  |  |
Universal and Variable Universal Life |  | 49,739 |  | 46,417
Fixed Annuities |  | 36,863 |  | 32,454
EMEA - Variable Annuities |  | 2,720 |  | 2,802
MetLife Holdings: |  |  |  |
Annuities |  | 11,537 |  | 13,286
Life and Other |  | 11,641 |  | 12,402
Other |  | 17,226 |  | 15,936
Total |  | $ | 219,269 |  | $ | 210,597
Policyholder Account Balance Rollforward | Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 8,028 |  | $ | 7,893 |  | $ | 7,586 |  |
Deposits |  | 3,311 |  | 3,361 |  | 3,450 |  |
Policy charges |  | (635) |  | (612) |  | (589) |  |
Surrenders and withdrawals |  | (3,192) |  | (2,744) |  | (2,670) |  |
Benefit payments |  | (12) |  | (10) |  | (9) |  |
Net transfers from (to) separate accounts |  | — |  | (2) |  | (1) |  |
Interest credited |  | 192 |  | 142 |  | 126 |  |
Balance at December 31, |  | $ | 7,692 |  | $ | 8,028 |  | $ | 7,893 |  |
Weighted-average annual crediting rate |  | 2.5 % |  | 1.8 % |  | 1.6 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 7,630 |  | $ | 7,974 |  | $ | 7,840 |  |
Net amount at risk, excluding offsets from reinsurance: |  |  |  |  |  |  |  |
In the event of death (1) |  | $ | 250,033 |  | $ | 244,638 |  | $ | 238,062 |  |
__________________ (1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 63,723 |  | $ | 62,521 |  | $ | 62,908 |  |
Deposits |  | 69,229 |  | 81,050 |  | 76,672 |  |
Surrenders and withdrawals |  | (71,938) |  | (80,382) |  | (77,524) |  |
Interest credited |  | 2,091 |  | 1,276 |  | 914 |  |
Effect of foreign currency translation and other, net |  | 1,035 |  | (742) |  | (449) |  |
Balance at December 31, |  | $ | 64,140 |  | $ | 63,723 |  | $ | 62,521 |  |
Weighted-average annual crediting rate |  | 3.3 % |  | 2.0 % |  | 1.5 % |  |
Cash surrender value at period end |  | $ | 2,126 |  | $ | 2,071 |  | $ | 1,882 |  |
Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 15,549 |  | $ | 14,431 |  | $ | 13,643 |  |
Deposits |  | 2,734 |  | 1,843 |  | 1,615 |  |
Policy charges |  | (178) |  | (153) |  | (126) |  |
Surrenders and withdrawals |  | (210) |  | (120) |  | (442) |  |
Benefit payments |  | (812) |  | (739) |  | (704) |  |
Net transfers from (to) separate accounts |  | 53 |  | (26) |  | 11 |  |
Interest credited |  | 637 |  | 543 |  | 517 |  |
Other |  | (62) |  | (230) |  | (83) |  |
Balance at December 31, |  | $ | 17,711 |  | $ | 15,549 |  | $ | 14,431 |  |
Weighted-average annual crediting rate |  | 3.9 % |  | 3.7 % |  | 3.8 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 7,912 |  | $ | 7,331 |  | $ | 6,559 |  |
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |  |  |  |  |
In the event of death (1) |  | $ | 40,397 |  | $ | 40,607 |  | $ | 38,066 |  |
__________________ (1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 46,417 |  | $ | 46,590 |  | $ | 43,868 |  |
Deposits |  | 7,595 |  | 5,673 |  | 6,487 |  |
Policy charges |  | (1,210) |  | (1,103) |  | (1,178) |  |
Surrenders and withdrawals |  | (2,959) |  | (2,993) |  | (1,265) |  |
Benefit payments |  | (508) |  | (502) |  | (514) |  |
Interest credited |  | 1,408 |  | 1,066 |  | 1,199 |  |
Effect of foreign currency translation and other, net |  | (1,004) |  | (2,314) |  | (2,007) |  |
Balance at December 31, |  | $ | 49,739 |  | $ | 46,417 |  | $ | 46,590 |  |
Weighted-average annual crediting rate |  | 3.0 % |  | 2.3 % |  | 2.7 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 42,577 |  | $ | 39,737 |  | $ | 43,329 |  |
Net amount at risk, excluding offsets from reinsurance: |  |  |  |  |  |  |  |
In the event of death (1) |  | $ | 93,172 |  | $ | 95,412 |  | $ | 104,551 |  |
__________________ (1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Information regarding the Asia segment’s fixed annuity PABs in Japan was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 32,454 |  | $ | 30,976 |  | $ | 31,422 |  |
Deposits |  | 8,115 |  | 7,813 |  | 3,681 |  |
Policy charges |  | (2) |  | (2) |  | (3) |  |
Surrenders and withdrawals |  | (2,344) |  | (4,024) |  | (1,260) |  |
Benefit payments |  | (2,156) |  | (2,014) |  | (2,500) |  |
Interest credited |  | 866 |  | 623 |  | 617 |  |
Effect of foreign currency translation and other, net |  | (70) |  | (918) |  | (981) |  |
Balance at December 31, |  | $ | 36,863 |  | $ | 32,454 |  | $ | 30,976 |  |
Weighted-average annual crediting rate |  | 2.5 % |  | 2.0 % |  | 2.0 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 31,936 |  | $ | 27,902 |  | $ | 29,835 |  |
Net amount at risk, excluding offsets from reinsurance: |  |  |  |  |  |  |  |
In the event of death (1) |  | $ | 73 |  | $ | 1 |  | $ | 64 |  |
__________________ (1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom (“U.K.”) was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 2,802 |  | $ | 4,215 |  | $ | 4,779 |  |
Deposits |  | 4 |  | 5 |  | 8 |  |
Policy charges |  | (63) |  | (73) |  | (95) |  |
Surrenders and withdrawals |  | (285) |  | (313) |  | (483) |  |
Benefit payments |  | (125) |  | (137) |  | (157) |  |
Interest credited (1) |  | 228 |  | (465) |  | 208 |  |
Effect of foreign currency translation and other, net |  | 159 |  | (430) |  | (45) |  |
Balance at December 31, |  | $ | 2,720 |  | $ | 2,802 |  | $ | 4,215 |  |
Weighted-average annual crediting rate |  | 8.6 % |  | (12.4) % |  | 4.7 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 2,720 |  | $ | 2,802 |  | $ | 4,215 |  |
Net amount at risk, excluding offsets from reinsurance: |  |  |  |  |  |  |  |
In the event of death (2) |  | $ | 456 |  | $ | 557 |  | $ | 182 |  |
At annuitization or exercise of other living benefits (3) |  | $ | 585 |  | $ | 699 |  | $ | 257 |  |
__________________ (1)Interest credited on EMEA’s variable annuity products represents gains or losses which are passed through to the policyholder based on the underlying unit-linked investment fund returns, which may be positive or negative depending on market conditions. There are no GMCR on these products. (2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 13,286 |  | $ | 14,398 |  | $ | 15,234 |  |
Deposits |  | 176 |  | 233 |  | 284 |  |
Policy charges |  | (15) |  | (16) |  | (16) |  |
Surrenders and withdrawals |  | (1,981) |  | (1,494) |  | (1,380) |  |
Benefit payments |  | (420) |  | (415) |  | (413) |  |
Net transfers from (to) separate accounts |  | 72 |  | 198 |  | 237 |  |
Interest credited |  | 396 |  | 406 |  | 425 |  |
Other |  | 23 |  | (24) |  | 27 |  |
Balance at December 31, |  | $ | 11,537 |  | $ | 13,286 |  | $ | 14,398 |  |
Weighted-average annual crediting rate |  | 3.3 % |  | 3.0 % |  | 3.0 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 10,904 |  | $ | 12,373 |  | $ | 13,256 |  |
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) |  | $ | 688 |  | $ | 960 |  | $ | 581 |  |
__________________ (1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6. (2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 12,402 |  | $ | 12,699 |  | $ | 12,856 |  |
Deposits |  | 783 |  | 895 |  | 1,172 |  |
Policy charges |  | (702) |  | (718) |  | (731) |  |
Surrenders and withdrawals |  | (1,171) |  | (785) |  | (887) |  |
Benefit payments |  | (152) |  | (183) |  | (213) |  |
Net transfers from (to) separate accounts |  | 35 |  | 29 |  | 32 |  |
Interest credited |  | 445 |  | 460 |  | 470 |  |
Other |  | 1 |  | 5 |  | — |  |
Balance at December 31, |  | $ | 11,641 |  | $ | 12,402 |  | $ | 12,699 |  |
Weighted-average annual crediting rate |  | 3.8 % |  | 3.7 % |  | 3.8 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 11,177 |  | $ | 11,882 |  | $ | 12,170 |  |
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |  |  |  |  |
In the event of death (1), (2) |  | $ | 67,786 |  | $ | 71,548 |  | $ | 73,840 |  |
__________________ (1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (2)Taking into consideration reinsurance, the net amount at risk at December 31, 2023, 2022 and 2021 as presented in the above table, would be reduced by 99%, 65%, and 66%, respectively.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | Rollforwards The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance. Group Benefits Group Life The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
|  | (Dollars in millions)
Balance at January 1, |  | $ | 8,028 |  | $ | 7,893 |  | $ | 7,586 |  |
Deposits |  | 3,311 |  | 3,361 |  | 3,450 |  |
Policy charges |  | (635) |  | (612) |  | (589) |  |
Surrenders and withdrawals |  | (3,192) |  | (2,744) |  | (2,670) |  |
Benefit payments |  | (12) |  | (10) |  | (9) |  |
Net transfers from (to) separate accounts |  | — |  | (2) |  | (1) |  |
Interest credited |  | 192 |  | 142 |  | 126 |  |
Balance at December 31, |  | $ | 7,692 |  | $ | 8,028 |  | $ | 7,893 |  |
Weighted-average annual crediting rate |  | 2.5 % |  | 1.8 % |  | 1.6 % |  |
At period end: |  |  |  |  |  |  |  |
Cash surrender value |  | $ | 7,630 |  | $ | 7,974 |  | $ | 7,840 |  |
Net amount at risk, excluding offsets from reinsurance: |  |  |  |  |  |  |  |
In the event of death (1) |  | $ | 250,033 |  | $ | 244,638 |  | $ | 238,062 |  |
__________________ (1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. The Group Benefits segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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% |  | $ | — |  | $ | 86 |  | $ | 863 |  | $ | 4,558 |  | $ | 5,507
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 |  | 111
Total |  | $ | 1,923 |  | $ | 96 |  | $ | 968 |  | $ | 4,594 |  | $ | 7,692
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 973 |  | $ | 4,471 |  | $ | 236 |  | $ | 5,680
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 |  | $ | 1,026 |  | $ | 4,503 |  | $ | 266 |  | $ | 8,028
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 5,229 |  | $ | 135 |  | $ | — |  | $ | 131 |  | $ | 5,495
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 |  | $ | 7,396 |  | $ | 185 |  | $ | 23 |  | $ | 160 |  | $ | 7,893
The RIS segment’s capital markets investment products and stable value GICs account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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 |  | 61,518
Total |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 2,621 |  | $ | 64,140
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 3,553 |  | $ | 3,554
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 60,169
Total |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 3,553 |  | $ | 63,723
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 632 |  | $ | 4,142 |  | $ | 10 |  | $ | 4,784
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 57,737
Total |  | $ | — |  | $ | 632 |  | $ | 4,142 |  | $ | 10 |  | $ | 62,521
The RIS segment’s annuities and risk solutions account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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 |  | $ | 1,651 |  | $ | 1,671
Equal to or greater than 2% but less than 4% |  | 249 |  | 34 |  | 105 |  | 432 |  | 820
Equal to or greater than 4% |  | 4,346 |  | — |  | 282 |  | 5 |  | 4,633
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 10,587
Total |  | $ | 4,595 |  | $ | 34 |  | $ | 407 |  | $ | 2,088 |  | $ | 17,711
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 64 |  | $ | 1,232 |  | $ | 1,296
Equal to or greater than 2% but less than 4% |  | 301 |  | 39 |  | 124 |  | 375 |  | 839
Equal to or greater than 4% |  | 4,446 |  | 122 |  | 63 |  | 4 |  | 4,635
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 8,779
Total |  | $ | 4,747 |  | $ | 161 |  | $ | 251 |  | $ | 1,611 |  | $ | 15,549
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 115 |  | $ | 490 |  | $ | 605
Equal to or greater than 2% but less than 4% |  | 258 |  | 36 |  | 125 |  | 469 |  | 888
Equal to or greater than 4% |  | 4,435 |  | 126 |  | 54 |  | 5 |  | 4,620
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 8,318
Total |  | $ | 4,693 |  | $ | 162 |  | $ | 294 |  | $ | 964 |  | $ | 14,431
The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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% |  | $ | 10,640 |  | $ | 24 |  | $ | 231 |  | $ | 1,001 |  | $ | 11,896
Equal to or greater than 2% but less than 4% |  | 5,932 |  | 15,634 |  | 7,801 |  | 7,669 |  | 37,036
Equal to or greater than 4% |  | 250 |  | — |  | — |  | — |  | 250
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 557
Total |  | $ | 16,822 |  | $ | 15,658 |  | $ | 8,032 |  | $ | 8,670 |  | $ | 49,739
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 10,965 |  | $ | 76 |  | $ | 138 |  | $ | 75 |  | $ | 11,254
Equal to or greater than 2% but less than 4% |  | 21,184 |  | 2,847 |  | 5,583 |  | 4,846 |  | 34,460
Equal to or greater than 4% |  | 265 |  | — |  | — |  | — |  | 265
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 438
Total |  | $ | 32,414 |  | $ | 2,923 |  | $ | 5,721 |  | $ | 4,921 |  | $ | 46,417
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 11,754 |  | $ | 152 |  | $ | — |  | $ | — |  | $ | 11,906
Equal to or greater than 2% but less than 4% |  | 21,672 |  | 2,625 |  | 5,160 |  | 4,517 |  | 33,974
Equal to or greater than 4% |  | 282 |  | — |  | — |  | — |  | 282
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 428
Total |  | $ | 33,708 |  | $ | 2,777 |  | $ | 5,160 |  | $ | 4,517 |  | $ | 46,590
The Asia segment’s fixed annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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% |  | $ | 322 |  | $ | 584 |  | $ | 6,274 |  | $ | 28,343 |  | $ | 35,523
Equal to or greater than 2% but less than 4% |  | — |  | 5 |  | — |  | — |  | 5
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,335
Total |  | $ | 322 |  | $ | 589 |  | $ | 6,274 |  | $ | 28,343 |  | $ | 36,863
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 438 |  | $ | 664 |  | $ | 7,160 |  | $ | 22,755 |  | $ | 31,017
Equal to or greater than 2% but less than 4% |  | — |  | 6 |  | — |  | — |  | 6
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,431
Total |  | $ | 438 |  | $ | 670 |  | $ | 7,160 |  | $ | 22,755 |  | $ | 32,454
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 264 |  | $ | 1,153 |  | $ | 8,100 |  | $ | 19,817 |  | $ | 29,334
Equal to or greater than 2% but less than 4% |  | 8 |  | — |  | — |  | — |  | 8
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,634
Total |  | $ | 272 |  | $ | 1,153 |  | $ | 8,100 |  | $ | 19,817 |  | $ | 30,976
The MetLife Holdings segment’s annuities account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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 |  | 7,205 |  | 459 |  | 202 |  | 8,899
Equal to or greater than 4% |  | 788 |  | 411 |  | 32 |  | — |  | 1,231
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 434
Total |  | $ | 1,857 |  | $ | 7,923 |  | $ | 869 |  | $ | 454 |  | $ | 11,537
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% |  | 9,388 |  | 892 |  | 191 |  | 12 |  | 10,483
Equal to or greater than 4% |  | 1,261 |  | 43 |  | 5 |  | — |  | 1,309
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 532
Total |  | $ | 11,583 |  | $ | 939 |  | $ | 204 |  | $ | 28 |  | $ | 13,286
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% |  | 10,679 |  | 299 |  | 197 |  | 1 |  | 11,176
Equal to or greater than 4% |  | 1,307 |  | 40 |  | 5 |  | — |  | 1,352
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 772
Total |  | $ | 13,052 |  | $ | 346 |  | $ | 216 |  | $ | 12 |  | $ | 14,398
The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:
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% |  | $ | — |  | $ | — |  | $ | 16 |  | $ | 55 |  | $ | 71
Equal to or greater than 2% but less than 4% |  | 4,453 |  | 171 |  | 280 |  | 549 |  | 5,453
Equal to or greater than 4% |  | 5,066 |  | 124 |  | 413 |  | 13 |  | 5,616
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 9,519 |  | $ | 295 |  | $ | 709 |  | $ | 617 |  | $ | 11,641
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 20 |  | $ | 50 |  | $ | 5 |  | $ | 75
Equal to or greater than 2% but less than 4% |  | 5,025 |  | 144 |  | 441 |  | 410 |  | 6,020
Equal to or greater than 4% |  | 5,253 |  | 128 |  | 420 |  | 5 |  | 5,806
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 10,278 |  | $ | 292 |  | $ | 911 |  | $ | 420 |  | $ | 12,402
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 26 |  | $ | 8 |  | $ | — |  | $ | — |  | $ | 34
Equal to or greater than 2% but less than 4% |  | 5,122 |  | 145 |  | 313 |  | 571 |  | 6,151
Equal to or greater than 4% |  | 5,448 |  | 132 |  | 427 |  | 6 |  | 6,013
Products with either a fixed rate or no guaranteed minimum crediting rate |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 10,596 |  | $ | 285 |  | $ | 740 |  | $ | 577 |  | $ | 12,699

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