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Policyholder Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Policyholder Account Balances | The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
|  | June 30, 2024 |  | December 31, 2023
|  | (In millions)
Group Benefits - Group life |  | $ | 7,644 |  | $ | 7,692
RIS: |  |  |  |
Capital markets investment products and stable value GICs |  | 64,945 |  | 64,140
Annuities and risk solutions |  | 18,797 |  | 17,711
Asia: |  |  |  |
Universal and variable universal life |  | 49,229 |  | 49,739
Fixed annuities |  | 37,629 |  | 36,863
EMEA - Variable annuities |  | 2,552 |  | 2,720
MetLife Holdings: |  |  |  |
Annuities |  | 10,747 |  | 11,537
Life and other |  | 11,303 |  | 11,641
Other |  | 16,697 |  | 17,226
Total |  | $ | 219,543 |  | $ | 219,269
Policyholder Account Balance Rollforward | Information regarding this liability was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 7,692 |  | $ | 8,028
Deposits |  | 1,959 |  | 1,685
Policy charges |  | (327) |  | (318)
Surrenders and withdrawals |  | (1,767) |  | (1,608)
Benefit payments |  | (6) |  | (6)
Net transfers from (to) separate accounts |  | (3) |  | 1
Interest credited |  | 96 |  | 93
Balance, end of period |  | $ | 7,644 |  | $ | 7,875
Weighted-average annual crediting rate |  | 2.5 % |  | 2.4 %
At period end: |  |  |  |
Cash surrender value |  | $ | 7,584 |  | $ | 7,813
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 264,497 |  | $ | 251,590
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:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 64,140 |  | $ | 63,723
Deposits |  | 37,608 |  | 38,526
Surrenders and withdrawals |  | (37,540) |  | (39,865)
Interest credited |  | 1,180 |  | 971
Effect of foreign currency translation and other, net |  | (443) |  | 748
Balance, end of period |  | $ | 64,945 |  | $ | 64,103
Weighted-average annual crediting rate |  | 3.7 % |  | 3.1 %
Cash surrender value at period end |  | $ | 1,850 |  | $ | 2,309
Information regarding this liability was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 17,711 |  | $ | 15,549
Deposits |  | 1,467 |  | 1,362
Policy charges |  | (63) |  | (96)
Surrenders and withdrawals |  | (189) |  | (83)
Benefit payments |  | (471) |  | (385)
Net transfers from (to) separate accounts |  | 20 |  | 54
Interest credited |  | 360 |  | 307
Other |  | (38) |  | (15)
Balance, end of period |  | $ | 18,797 |  | $ | 16,693
Weighted-average annual crediting rate |  | 4.0 % |  | 3.8 %
At period end: |  |  |  |
Cash surrender value |  | $ | 8,209 |  | $ | 7,683
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |
In the event of death |  | $ | 43,702 |  | $ | 43,311
Information regarding this liability was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 49,739 |  | $ | 46,417
Deposits |  | 3,146 |  | 3,244
Policy charges |  | (545) |  | (563)
Surrenders and withdrawals |  | (1,736) |  | (1,238)
Benefit payments |  | (234) |  | (287)
Interest credited |  | 744 |  | 683
Effect of foreign currency translation and other, net |  | (1,885) |  | (1,405)
Balance, end of period |  | $ | 49,229 |  | $ | 46,851
Weighted-average annual crediting rate |  | 3.1 % |  | 3.0 %
At period end: |  |  |  |
Cash surrender value |  | $ | 43,078 |  | $ | 40,257
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 88,255 |  | $ | 92,521
Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 36,863 |  | $ | 32,454
Deposits |  | 3,412 |  | 4,612
Policy charges |  | (1) |  | (1)
Surrenders and withdrawals |  | (1,645) |  | (1,003)
Benefit payments |  | (1,174) |  | (1,071)
Interest credited |  | 509 |  | 404
Effect of foreign currency translation and other, net |  | (335) |  | (271)
Balance, end of period |  | $ | 37,629 |  | $ | 35,124
Weighted-average annual crediting rate |  | 2.8 % |  | 2.4 %
At period end: |  |  |  |
Cash surrender value |  | $ | 32,555 |  | $ | 30,244
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | — |  | $ | 6,224
Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,720 |  | $ | 2,802
Deposits |  | 2 |  | 2
Policy charges |  | (30) |  | (32)
Surrenders and withdrawals |  | (142) |  | (132)
Benefit payments |  | (61) |  | (64)
Interest credited (1) |  | 87 |  | 32
Effect of foreign currency translation and other, net |  | (24) |  | 153
Balance, end of period |  | $ | 2,552 |  | $ | 2,761
Weighted-average annual crediting rate |  | 6.8 % |  | 2.4 %
At period end: |  |  |  |
Cash surrender value |  | $ | 2,552 |  | $ | 2,761
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 410 |  | $ | 635
At annuitization or exercise of other living benefits |  | $ | 529 |  | $ | 797
__________________ (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:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,537 |  | $ | 13,286
Deposits |  | 86 |  | 132
Policy charges |  | (7) |  | (8)
Surrenders and withdrawals |  | (903) |  | (1,038)
Benefit payments |  | (211) |  | (224)
Net transfers from (to) separate accounts |  | 58 |  | 47
Interest credited |  | 183 |  | 200
Other |  | 4 |  | 15
Balance, end of period |  | $ | 10,747 |  | $ | 12,410
Weighted-average annual crediting rate |  | 3.4 % |  | 3.2 %
At period end: |  |  |  |
Cash surrender value |  | $ | 10,154 |  | $ | 11,629
Net amount at risk, excluding offsets from ceded reinsurance (1): |  |  |  |
In the event of death |  | $ | 2,541 |  | $ | 3,246
At annuitization or exercise of other living benefits |  | $ | 707 |  | $ | 813
__________________ (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:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,641 |  | $ | 12,402
Deposits |  | 381 |  | 446
Policy charges |  | (347) |  | (354)
Surrenders and withdrawals |  | (523) |  | (612)
Benefit payments |  | (76) |  | (85)
Net transfers from (to) separate accounts |  | 19 |  | 21
Interest credited |  | 211 |  | 223
Other |  | (3) |  | 3
Balance, end of period |  | $ | 11,303 |  | $ | 12,044
Weighted-average annual crediting rate |  | 3.7 % |  | 3.7 %
At period end: |  |  |  |
Cash surrender value |  | $ | 10,863 |  | $ | 11,556
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |
In the event of death (1) |  | $ | 65,885 |  | $ | 69,633
__________________ (1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 157 |  | $ | 819 |  | $ | 4,574 |  | $ | 5,550
Equal to or greater than 2% but less than 4% |  | 1,217 |  | 9 |  | 59 |  | 1 |  | 1,286
Equal to or greater than 4% |  | 697 |  | — |  | 39 |  | 34 |  | 770
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 38
Total |  | $ | 1,914 |  | $ | 166 |  | $ | 917 |  | $ | 4,609 |  | $ | 7,644
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 79 |  | $ | 910 |  | $ | 4,615 |  | $ | 5,604
Equal to or greater than 2% but less than 4% |  | 1,252 |  | 10 |  | 63 |  | 2 |  | 1,327
Equal to or greater than 4% |  | 746 |  | 1 |  | 43 |  | 34 |  | 824
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 120
Total |  | $ | 1,998 |  | $ | 90 |  | $ | 1,016 |  | $ | 4,651 |  | $ | 7,875
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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,647 |  | $ | 2,647
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 62,298
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,647 |  | $ | 64,945
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 2,595 |  | $ | 2,596
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 61,507
Total |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 2,595 |  | $ | 64,103
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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 19 |  | $ | 2,048 |  | $ | 2,067
Equal to or greater than 2% but less than 4% |  | 201 |  | 35 |  | 109 |  | 421 |  | 766
Equal to or greater than 4% |  | 4,239 |  | — |  | 397 |  | 5 |  | 4,641
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 11,323
Total |  | $ | 4,440 |  | $ | 35 |  | $ | 525 |  | $ | 2,474 |  | $ | 18,797
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 53 |  | $ | 1,472 |  | $ | 1,525
Equal to or greater than 2% but less than 4% |  | 227 |  | 35 |  | 130 |  | 448 |  | 840
Equal to or greater than 4% |  | 4,439 |  | 117 |  | 107 |  | 6 |  | 4,669
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 9,659
Total |  | $ | 4,666 |  | $ | 152 |  | $ | 290 |  | $ | 1,926 |  | $ | 16,693
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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 9,431 |  | $ | 18 |  | $ | 230 |  | $ | 1,281 |  | $ | 10,960
Equal to or greater than 2% but less than 4% |  | 7,413 |  | 15,613 |  | 5,486 |  | 8,989 |  | 37,501
Equal to or greater than 4% |  | 242 |  | — |  | — |  | — |  | 242
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 526
Total |  | $ | 17,086 |  | $ | 15,631 |  | $ | 5,716 |  | $ | 10,270 |  | $ | 49,229
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 10,211 |  | $ | 45 |  | $ | 138 |  | $ | 239 |  | $ | 10,633
Equal to or greater than 2% but less than 4% |  | 20,859 |  | 2,919 |  | 5,783 |  | 5,884 |  | 35,445
Equal to or greater than 4% |  | 261 |  | — |  | — |  | — |  | 261
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 512
Total |  | $ | 31,331 |  | $ | 2,964 |  | $ | 5,921 |  | $ | 6,123 |  | $ | 46,851
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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 394 |  | $ | 487 |  | $ | 5,486 |  | $ | 30,060 |  | $ | 36,427
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 |  | 1,197
Total |  | $ | 394 |  | $ | 492 |  | $ | 5,486 |  | $ | 30,060 |  | $ | 37,629
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 343 |  | $ | 603 |  | $ | 6,795 |  | $ | 26,057 |  | $ | 33,798
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 |  | 1,320
Total |  | $ | 343 |  | $ | 609 |  | $ | 6,795 |  | $ | 26,057 |  | $ | 35,124
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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 4 |  | $ | 195 |  | $ | 446 |  | $ | 38 |  | $ | 683
Equal to or greater than 2% but less than 4% |  | 1,049 |  | 6,760 |  | 472 |  | 198 |  | 8,479
Equal to or greater than 4% |  | 759 |  | 404 |  | 24 |  | — |  | 1,187
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 398
Total |  | $ | 1,812 |  | $ | 7,359 |  | $ | 942 |  | $ | 236 |  | $ | 10,747
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 444 |  | $ | 158 |  | $ | 219 |  | $ | 25 |  | $ | 846
Equal to or greater than 2% but less than 4% |  | 3,917 |  | 5,447 |  | 395 |  | 72 |  | 9,831
Equal to or greater than 4% |  | 982 |  | 277 |  | 19 |  | — |  | 1,278
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 455
Total |  | $ | 5,343 |  | $ | 5,882 |  | $ | 633 |  | $ | 97 |  | $ | 12,410
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)
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 18 |  | $ | 54 |  | $ | 72
Equal to or greater than 2% but less than 4% |  | 4,242 |  | 172 |  | 270 |  | 540 |  | 5,224
Equal to or greater than 4% |  | 4,960 |  | 124 |  | 407 |  | 15 |  | 5,506
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 9,202 |  | $ | 296 |  | $ | 695 |  | $ | 609 |  | $ | 11,303
June 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 21 |  | $ | 56 |  | $ | 77
Equal to or greater than 2% but less than 4% |  | 4,735 |  | 172 |  | 289 |  | 558 |  | 5,754
Equal to or greater than 4% |  | 5,158 |  | 127 |  | 415 |  | 12 |  | 5,712
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 9,893 |  | $ | 299 |  | $ | 725 |  | $ | 626 |  | $ | 12,044

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