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Policyholder Account Balances (Tables) | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Policyholder Account Balances | The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Group Benefits - Group Life |  | $ | 7,747 |  | $ | 7,692
RIS: |  |  |  |
Capital Markets Investment Products and Stable Value GICs |  | 64,269 |  | 64,140
Annuities and Risk Solutions |  | 18,266 |  | 17,711
Asia: |  |  |  |
Universal and Variable Universal Life |  | 49,484 |  | 49,739
Fixed Annuities |  | 36,969 |  | 36,863
EMEA - Variable Annuities |  | 2,631 |  | 2,720
MetLife Holdings: |  |  |  |
Annuities |  | 11,129 |  | 11,537
Life and Other |  | 11,486 |  | 11,641
Other |  | 17,187 |  | 17,226
Total |  | $ | 219,168 |  | $ | 219,269
Policyholder Account Balance Rollforward | Information regarding this liability was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 7,692 |  | $ | 8,028
Deposits |  | 1,083 |  | 851
Policy charges |  | (163) |  | (160)
Surrenders and withdrawals |  | (906) |  | (799)
Benefit payments |  | (4) |  | (1)
Net transfers from (to) separate accounts |  | (3) |  | 1
Interest credited |  | 48 |  | 45
Balance, end of period |  | $ | 7,747 |  | $ | 7,965
Weighted-average annual crediting rate |  | 2.5 % |  | 2.3 %
At period end: |  |  |  |
Cash surrender value |  | $ | 7,687 |  | $ | 7,904
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 260,502 |  | $ | 249,463
The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 64,140 |  | $ | 63,723
Deposits |  | 18,073 |  | 21,234
Surrenders and withdrawals |  | (18,070) |  | (22,590)
Interest credited |  | 573 |  | 460
Effect of foreign currency translation and other, net |  | (447) |  | 457
Balance, end of period |  | $ | 64,269 |  | $ | 63,284
Weighted-average annual crediting rate |  | 3.6 % |  | 2.9 %
Cash surrender value at period end |  | $ | 1,992 |  | $ | 2,074
Information regarding this liability was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 17,711 |  | $ | 15,549
Deposits |  | 700 |  | 629
Policy charges |  | (15) |  | (47)
Surrenders and withdrawals |  | (58) |  | (39)
Benefit payments |  | (242) |  | (191)
Net transfers from (to) separate accounts |  | 19 |  | 55
Interest credited |  | 177 |  | 151
Other |  | (26) |  | 21
Balance, end of period |  | $ | 18,266 |  | $ | 16,128
Weighted-average annual crediting rate |  | 3.9 % |  | 3.8 %
At period end: |  |  |  |
Cash surrender value |  | $ | 8,043 |  | $ | 7,592
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |
In the event of death |  | $ | 42,677 |  | $ | 41,924
Information regarding this liability was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 49,739 |  | $ | 46,417
Deposits |  | 1,682 |  | 1,070
Policy charges |  | (282) |  | (242)
Surrenders and withdrawals |  | (826) |  | (517)
Benefit payments |  | (124) |  | (149)
Interest credited |  | 382 |  | 344
Effect of foreign currency translation and other, net |  | (1,087) |  | (153)
Balance, end of period |  | $ | 49,484 |  | $ | 46,770
Weighted-average annual crediting rate |  | 3.1 % |  | 3.0 %
At period end: |  |  |  |
Cash surrender value |  | $ | 42,842 |  | $ | 40,028
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 90,786 |  | $ | 94,001
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 36,863 |  | $ | 32,454
Deposits |  | 1,665 |  | 2,733
Policy charges |  | — |  | (1)
Surrenders and withdrawals |  | (740) |  | (445)
Benefit payments |  | (649) |  | (545)
Interest credited |  | 248 |  | 191
Effect of foreign currency translation and other, net |  | (418) |  | (115)
Balance, end of period |  | $ | 36,969 |  | $ | 34,272
Weighted-average annual crediting rate |  | 2.7 % |  | 2.3 %
At period end: |  |  |  |
Cash surrender value |  | $ | 32,072 |  | $ | 29,162
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 3 |  | $ | —
Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,720 |  | $ | 2,802
Deposits |  | 1 |  | 1
Policy charges |  | (15) |  | (16)
Surrenders and withdrawals |  | (73) |  | (65)
Benefit payments |  | (31) |  | (31)
Interest credited (1) |  | 54 |  | 77
Effect of foreign currency translation and other, net |  | (25) |  | 77
Balance, end of period |  | $ | 2,631 |  | $ | 2,845
Weighted-average annual crediting rate |  | 8.4 % |  | 11.6 %
At period end: |  |  |  |
Cash surrender value |  | $ | 2,631 |  | $ | 2,845
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 422 |  | $ | 565
At annuitization or exercise of other living benefits |  | $ | 541 |  | $ | 713
__________________ (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. Information regarding this liability was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,537 |  | $ | 13,286
Deposits |  | 38 |  | 41
Policy charges |  | (3) |  | (4)
Surrenders and withdrawals |  | (457) |  | (531)
Benefit payments |  | (108) |  | (119)
Net transfers from (to) separate accounts |  | 27 |  | 35
Interest credited |  | 91 |  | 100
Other |  | 4 |  | 10
Balance, end of period |  | $ | 11,129 |  | $ | 12,818
Weighted-average annual crediting rate |  | 3.3 % |  | 3.1 %
At period end: |  |  |  |
Cash surrender value |  | $ | 10,507 |  | $ | 11,981
Net amount at risk, excluding offsets from ceded reinsurance (1): |  |  |  |
In the event of death |  | $ | 2,486 |  | $ | 3,600
At annuitization or exercise of other living benefits |  | $ | 614 |  | $ | 831
__________________ (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. Information regarding this liability was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,641 |  | $ | 12,402
Deposits |  | 206 |  | 226
Policy charges |  | (174) |  | (179)
Surrenders and withdrawals |  | (265) |  | (287)
Benefit payments |  | (39) |  | (47)
Net transfers from (to) separate accounts |  | 11 |  | 6
Interest credited |  | 106 |  | 113
Other |  | — |  | —
Balance, end of period |  | $ | 11,486 |  | $ | 12,234
Weighted-average annual crediting rate |  | 3.7 % |  | 3.7 %
At period end: |  |  |  |
Cash surrender value |  | $ | 11,038 |  | $ | 11,731
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |
In the event of death (1) |  | $ | 66,684 |  | $ | 70,483
__________________ (1)Including offsets from ceded reinsurance, the net amount at risk at both March 31, 2024 and December 31, 2023, would be reduced by 99%.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | 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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 154 |  | $ | 839 |  | $ | 4,628 |  | $ | 5,621
Equal to or greater than 2% but less than 4% |  | 1,242 |  | 9 |  | 60 |  | 2 |  | 1,313
Equal to or greater than 4% |  | 701 |  | — |  | 40 |  | 33 |  | 774
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 39
Total |  | $ | 1,943 |  | $ | 163 |  | $ | 939 |  | $ | 4,663 |  | $ | 7,747
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 77 |  | $ | 935 |  | $ | 4,640 |  | $ | 5,652
Equal to or greater than 2% but less than 4% |  | 1,277 |  | 10 |  | 63 |  | 2 |  | 1,352
Equal to or greater than 4% |  | 759 |  | 1 |  | 43 |  | 33 |  | 836
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 125
Total |  | $ | 2,036 |  | $ | 88 |  | $ | 1,041 |  | $ | 4,675 |  | $ | 7,965
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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 1,998 |  | $ | 1,999
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 62,270
Total |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 1,998 |  | $ | 64,269
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 1,835 |  | $ | 1,836
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 61,448
Total |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 1,835 |  | $ | 63,284
The RIS segment’s annuity 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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 20 |  | $ | 1,834 |  | $ | 1,854
Equal to or greater than 2% but less than 4% |  | 244 |  | 34 |  | 106 |  | 416 |  | 800
Equal to or greater than 4% |  | 4,260 |  | — |  | 390 |  | 5 |  | 4,655
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 10,957
Total |  | $ | 4,504 |  | $ | 34 |  | $ | 516 |  | $ | 2,255 |  | $ | 18,266
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 58 |  | $ | 1,424 |  | $ | 1,482
Equal to or greater than 2% but less than 4% |  | 230 |  | 39 |  | 125 |  | 441 |  | 835
Equal to or greater than 4% |  | 4,460 |  | 120 |  | 96 |  | 5 |  | 4,681
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 9,130
Total |  | $ | 4,690 |  | $ | 159 |  | $ | 279 |  | $ | 1,870 |  | $ | 16,128
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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 9,960 |  | $ | 21 |  | $ | 230 |  | $ | 1,149 |  | $ | 11,360
Equal to or greater than 2% but less than 4% |  | 7,732 |  | 15,644 |  | 5,550 |  | 8,387 |  | 37,313
Equal to or greater than 4% |  | 246 |  | — |  | — |  | — |  | 246
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 565
Total |  | $ | 17,938 |  | $ | 15,665 |  | $ | 5,780 |  | $ | 9,536 |  | $ | 49,484
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 10,978 |  | $ | 67 |  | $ | 136 |  | $ | 85 |  | $ | 11,266
Equal to or greater than 2% but less than 4% |  | 21,256 |  | 2,857 |  | 5,730 |  | 4,913 |  | 34,756
Equal to or greater than 4% |  | 265 |  | — |  | — |  | — |  | 265
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 483
Total |  | $ | 32,499 |  | $ | 2,924 |  | $ | 5,866 |  | $ | 4,998 |  | $ | 46,770
The Asia segment’s fixed annuity 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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 331 |  | $ | 521 |  | $ | 5,821 |  | $ | 29,031 |  | $ | 35,704
Equal to or greater than 2% but less than 4% |  | — |  | 5 |  | — |  | — |  | 5
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,260
Total |  | $ | 331 |  | $ | 526 |  | $ | 5,821 |  | $ | 29,031 |  | $ | 36,969
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 377 |  | $ | 636 |  | $ | 6,980 |  | $ | 24,865 |  | $ | 32,858
Equal to or greater than 2% but less than 4% |  | — |  | 6 |  | — |  | — |  | 6
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,408
Total |  | $ | 377 |  | $ | 642 |  | $ | 6,980 |  | $ | 24,865 |  | $ | 34,272
The MetLife Holdings segment’s annuity 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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 6 |  | $ | 237 |  | $ | 442 |  | $ | 60 |  | $ | 745
Equal to or greater than 2% but less than 4% |  | 866 |  | 7,157 |  | 540 |  | 201 |  | 8,764
Equal to or greater than 4% |  | 773 |  | 403 |  | 30 |  | — |  | 1,206
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 414
Total |  | $ | 1,645 |  | $ | 7,797 |  | $ | 1,012 |  | $ | 261 |  | $ | 11,129
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 658 |  | $ | 90 |  | $ | 136 |  | $ | 24 |  | $ | 908
Equal to or greater than 2% but less than 4% |  | 6,517 |  | 3,203 |  | 376 |  | 36 |  | 10,132
Equal to or greater than 4% |  | 964 |  | 321 |  | 11 |  | — |  | 1,296
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 482
Total |  | $ | 8,139 |  | $ | 3,614 |  | $ | 523 |  | $ | 60 |  | $ | 12,818
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)
March 31, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 17 |  | $ | 54 |  | $ | 71
Equal to or greater than 2% but less than 4% |  | 4,351 |  | 171 |  | 275 |  | 546 |  | 5,343
Equal to or greater than 4% |  | 5,022 |  | 124 |  | 410 |  | 15 |  | 5,571
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 9,373 |  | $ | 295 |  | $ | 702 |  | $ | 615 |  | $ | 11,486
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 20 |  | $ | 55 |  | $ | 75
Equal to or greater than 2% but less than 4% |  | 4,872 |  | 172 |  | 296 |  | 560 |  | 5,900
Equal to or greater than 4% |  | 5,209 |  | 127 |  | 417 |  | 5 |  | 5,758
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 10,081 |  | $ | 299 |  | $ | 733 |  | $ | 620 |  | $ | 12,234

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