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Future Policy Benefits | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | 4. Future Policy Benefits The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated deferred profit liability (“DPL”), additional insurance liabilities, participating life and short-duration contracts. The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:
|  | September 30, 2024 |  | December 31, 2023
|  | (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |
RIS - Annuities |  | $ | 67,645 |  |  | $ | 64,324 |
Asia: |  |  |  |
Whole and term life & endowments |  | 12,661 |  |  | 12,874 |
Accident & health |  | 10,598 |  |  | 10,712 |
Latin America - Fixed annuities |  | 10,906 |  |  | 9,637 |
MetLife Holdings - Long-term care |  | 15,657 |  |  | 15,240 |
Deferred Profit Liabilities: |  |  |  |
RIS - Annuities |  | 3,754 |  |  | 3,697 |
Asia: |  |  |  |
Whole and term life & endowments |  | 785 |  |  | 654 |
Accident & health |  | 913 |  |  | 830 |
Latin America - Fixed annuities |  | 549 |  |  | 562 |
Additional Insurance Liabilities: |  |  |  |
Asia: |  |  |  |
Variable life |  | 1,227 |  |  | 1,258 |
Universal and variable universal life |  | 399 |  |  | 424 |
MetLife Holdings - Universal and variable universal life |  | 2,471 |  |  | 2,362 |
MetLife Holdings - Participating life |  | 48,629 |  |  | 49,543 |
Other long-duration (1) |  | 11,340 |  |  | 11,099 |
Short-duration and other |  | 13,806 |  |  | 13,190 |
Total |  | $ | 201,340 |  |  | $ | 196,406 |
__________________ (1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other. Rollforwards - Traditional and Limited-Payment Contracts The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. 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. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable. RIS - Annuities The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:
|  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |
|  | (Dollars in millions) |
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |
Balance, beginning of period, at original discount rate |  | $ | — |  |  | $ | — |  |
Effect of changes in cash flow assumptions (1) |  | — |  |  | — |  |
Effect of actual variances from expected experience (2) |  | (32) |  |  | (89) |  |
Adjusted balance |  | (32) |  |  | (89) |  |
Issuances |  | 5,042 |  |  | 4,422 |  |
Net premiums collected |  | (5,010) |  |  | (4,333) |  |
Ending balance at original discount rate |  | — |  |  | — |  |
Balance, end of period, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |
Present Value of Expected FPBs |  |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 64,515 |  |  | $ | 58,695 |  |
Balance, beginning of period, at original discount rate |  | $ | 64,737 |  |  | $ | 61,426 |  |
Effect of changes in cash flow assumptions (1) |  | (195) |  |  | (284) |  |
Effect of actual variances from expected experience (2) |  | (99) |  |  | (222) |  |
Adjusted balance |  | 64,443 |  |  | 60,920 |  |
Issuances |  | 5,168 |  |  | 4,420 |  |
Interest accrual |  | 2,326 |  |  | 2,145 |  |
Benefit payments |  | (4,479) |  |  | (4,121) |  |
Ending balance at original discount rate |  | 67,458 |  |  | 63,364 |  |
Effect of changes in discount rate assumptions |  | 338 |  |  | (5,438) |  |
Balance, end of period, at current discount rate at balance sheet date |  | 67,796 |  |  | 57,926 |  |
Cumulative amount of fair value hedging adjustments |  | (151) |  |  | (430) |  |
Net liability for FPBs |  | 67,645 |  |  | 57,496 |  |
Less: Reinsurance recoverables |  | 2,041 |  |  | — |  |
Net liability for FPBs, net of reinsurance |  | $ | 65,604 |  |  | $ | 57,496 |  |
Undiscounted - Expected future benefit payments |  | $ | 123,186 |  |  | $ | 119,270 |  |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 67,796 |  |  | $ | 57,926 |  |
Weighted-average duration of the liability |  | 9 years |  | 9 years |
Weighted-average interest accretion (original locked-in) rate |  | 4.8 | % |  | 4.7 | % |
Weighted-average current discount rate at balance sheet date |  | 5.0 | % |  | 6.1 | % |
_________________ (1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million. For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $211 million. For the nine months ended September 30, 2024 and 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality. (2)For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $29 million. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $95 million. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions. When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the nine months ended September 30, 2024, the Company incurred a loss at issue of $129 million. Substantially all the loss at issue was offset by a deferred gain on ceded reinsurance, which will be amortized over the life of the reinsurance agreement. Additionally, for the nine months ended September 30, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions. Asia Whole and Term Life & Endowments The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:
| Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 4,561 |  |  | $ | 4,682 |
Balance, beginning of period, at original discount rate |  | $ | 4,793 |  |  | $ | 4,943 |
Effect of changes in cash flow assumptions (1) |  | 58 |  |  | 11 |
Effect of actual variances from expected experience |  | (43) |  |  | (41) |
Adjusted balance |  | 4,808 |  |  | 4,913 |
Issuances |  | 386 |  |  | 614 |
Interest accrual |  | 52 |  |  | 43 |
Net premiums collected |  | (456) |  |  | (457) |
Effect of foreign currency translation |  | (77) |  |  | (518) |
Ending balance at original discount rate |  | 4,713 |  |  | 4,595 |
Effect of changes in discount rate assumptions |  | (236) |  |  | (319) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 3 |  |  | 23 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 4,480 |  |  | $ | 4,299 |
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 17,435 |  |  | $ | 17,463 |
Balance, beginning of period, at original discount rate |  | $ | 17,198 |  |  | $ | 18,209 |
Effect of changes in cash flow assumptions (1) |  | 36 |  |  | 58 |
Effect of actual variances from expected experience |  | (39) |  |  | (14) |
Adjusted balance |  | 17,195 |  |  | 18,253 |
Issuances |  | 386 |  |  | 614 |
Interest accrual |  | 276 |  |  | 278 |
Benefit payments |  | (726) |  |  | (895) |
Effect of foreign currency translation |  | (263) |  |  | (1,847) |
Ending balance at original discount rate |  | 16,868 |  |  | 16,403 |
Effect of changes in discount rate assumptions |  | 272 |  |  | (742) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 1 |  |  | 40 |
Balance, end of period, at current discount rate at balance sheet date |  | 17,141 |  |  | 15,701 |
Cumulative impact of flooring the future policyholder benefits reserve |  | — |  |  | 2 |
Net liability for FPBs |  | 12,661 |  |  | 11,404 |
Less: Amount due to reinsurer |  | (2) |  |  | (1) |
Net liability for FPBs, net of reinsurance |  | $ | 12,663 |  |  | $ | 11,405 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 9,393 |  |  | $ | 8,911 |
Expected future benefit payments |  | $ | 28,008 |  |  | $ | 26,785 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 8,042 |  |  | $ | 7,582 |
Expected future benefit payments |  | $ | 17,141 |  |  | $ | 15,701 |
Weighted-average duration of the liability |  | 17 years |  | 17 years
Weighted -average interest accretion (original locked-in) rate |  | 2.5 | % |  | 2.5 | %
Weighted-average current discount rate at balance sheet date |  | 2.6 | % |  | 2.9 | %
_________________ (1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life products of $28 million. Accident & Health The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 19,835 |  |  | $ | 21,181 |
Balance, beginning of period, at original discount rate |  | $ | 21,232 |  |  | $ | 22,594 |
Effect of changes in cash flow assumptions (1) |  | 439 |  |  | 867 |
Effect of actual variances from expected experience |  | — |  |  | (75) |
Adjusted balance |  | 21,671 |  |  | 23,386 |
Issuances |  | 842 |  |  | 813 |
Interest accrual |  | 168 |  |  | 179 |
Net premiums collected |  | (1,394) |  |  | (1,546) |
Effect of foreign currency translation and other - net |  | (149) |  |  | (2,474) |
Ending balance at original discount rate |  | 21,138 |  |  | 20,358 |
Effect of changes in discount rate assumptions |  | (1,481) |  |  | (1,803) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 12 |  |  | 136 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 19,669 |  |  | $ | 18,691 |
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 30,480 |  |  | $ | 30,879 |
Balance, beginning of period, at original discount rate |  | $ | 36,010 |  |  | $ | 37,189 |
Effect of changes in cash flow assumptions (1) |  | 439 |  |  | 898 |
Effect of actual variances from expected experience |  | 4 |  |  | (99) |
Adjusted balance |  | 36,453 |  |  | 37,988 |
Issuances |  | 841 |  |  | 812 |
Interest accrual |  | 353 |  |  | 367 |
Benefit payments |  | (939) |  |  | (958) |
Effect of foreign currency translation and other - net |  | (323) |  |  | (4,061) |
Ending balance at original discount rate |  | 36,385 |  |  | 34,148 |
Effect of changes in discount rate assumptions |  | (6,207) |  |  | (6,866) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 43 |  |  | 595 |
Balance, end of period, at current discount rate at balance sheet date |  | 30,221 |  |  | 27,877 |
Cumulative impact of flooring the future policyholder benefits reserve |  | 46 |  |  | 143 |
Net liability for FPBs |  | 10,598 |  |  | 9,329 |
Less: Reinsurance recoverables |  | 164 |  |  | 136 |
Net liability for FPBs, net of reinsurance |  | $ | 10,434 |  |  | $ | 9,193 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 41,446 |  |  | $ | 39,891 |
Expected future benefit payments |  | $ | 47,705 |  |  | $ | 44,612 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 33,666 |  |  | $ | 32,286 |
Expected future benefit payments |  | $ | 30,221 |  |  | $ | 27,877 |
Weighted-average duration of the liability |  | 24 years |  | 25 years
Weighted-average interest accretion (original locked-in) rate |  | 1.7 | % |  | 1.8 | %
Weighted-average current discount rate at balance sheet date |  | 2.7 | % |  | 2.8 | %
_________________ (1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses. For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to lapses, partially offset by updates in assumptions associated with mortality and morbidity. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity. Latin America - Fixed Annuities The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | — |  | $ | —
Balance, at beginning of period, at original discount rate |  | $ | — |  | $ | —
Effect of changes in cash flow assumptions (1) |  | — |  | —
Effect of actual variances from expected experience (2) |  | — |  | (2)
Adjusted balance |  | — |  | (2)
Issuances |  | 760 |  | 785
Interest accrual |  | 13 |  | 16
Net premiums collected |  | (773) |  | (799)
Ending balance at original discount rate |  | — |  | —
Balance, end of period, at current discount rate at balance sheet date |  | $ | — |  | $ | —
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 9,637 |  | $ | 9,265
Balance, beginning of period, at original discount rate |  | $ | 9,249 |  | $ | 8,240
Effect of changes in cash flow assumptions (1) |  | (4) |  | (5)
Effect of actual variances from expected experience (2) |  | (21) |  | (13)
Adjusted balance |  | 9,224 |  | 8,222
Issuances |  | 789 |  | 869
Interest accrual |  | 253 |  | 258
Benefit payments |  | (519) |  | (504)
Inflation adjustment |  | 270 |  | 273
Effect of foreign currency translation |  | (258) |  | (403)
Ending balance at original discount rate |  | 9,759 |  | 8,715
Effect of changes in discount rate assumptions |  | 1,126 |  | (59)
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 21 |  | 6
Balance, end of period, at current discount rate at balance sheet date |  | 10,906 |  | 8,662
Net liability for FPBs |  | $ | 10,906 |  | $ | 8,662
Undiscounted - Expected future benefit payments |  | $ | 14,663 |  | $ | 13,204
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 10,906 |  | $ | 8,662
Weighted-average duration of the liability |  | 11 years |  | 10 years
Weighted-average interest accretion (original locked-in) rate |  | 3.4 | % |  | 3.9 | %
Weighted-average current discount rate at balance sheet date |  | 2.5 | % |  | 3.7 | %
__________________ (1)For the nine months ended September 30, 2024 and 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million and $4 million, respectively. (2)For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance related to cohorts with no DPL. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $2 million. MetLife Holdings - Long-term Care The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 5,687 |  | $ | 5,775
Balance, beginning of period, at original discount rate |  | $ | 5,566 |  | $ | 5,807
Effect of changes in cash flow assumptions (1) |  | 212 |  | (152)
Effect of actual variances from expected experience |  | 34 |  | 173
Adjusted balance |  | 5,812 |  | 5,828
Interest accrual |  | 213 |  | 222
Net premiums collected |  | (424) |  | (438)
Ending balance at original discount rate |  | 5,601 |  | 5,612
Effect of changes in discount rate assumptions |  | 159 |  | (258)
Balance, end of period, at current discount rate at balance sheet date |  | $ | 5,760 |  | $ | 5,354
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 20,927 |  | $ | 19,619
Balance, beginning of period, at original discount rate |  | $ | 20,494 |  | $ | 20,165
Effect of changes in cash flow assumptions (1) |  | 205 |  | (190)
Effect of actual variances from expected experience |  | 45 |  | 194
Adjusted balance |  | 20,744 |  | 20,169
Interest accrual |  | 812 |  | 801
Benefit payments |  | (638) |  | (579)
Ending balance at original discount rate |  | 20,918 |  | 20,391
Effect of changes in discount rate assumptions |  | 499 |  | (2,012)
Balance, end of period, at current discount rate at balance sheet date |  | 21,417 |  | 18,379
Net liability for FPBs |  | $ | 15,657 |  | $ | 13,025
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 10,735 |  | $ | 10,713
Expected future benefit payments |  | $ | 45,098 |  | $ | 45,152
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 7,319 |  | $ | 6,714
Expected future benefit payments |  | $ | 21,417 |  | $ | 18,379
Weighted-average duration of the liability |  | 14 years |  | 14 years
Weighted-average interest accretion (original locked-in) rate |  | 5.4 | % |  | 5.5 | %
Weighted-average current discount rate at balance sheet date |  | 5.2 | % |  | 6.3 | %
__________________ (1)For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in morbidity assumptions associated with an increase in incidence rates. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases. Rollforwards - Additional Insurance Liabilities The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met. The following information about the direct liability for additional insurance liabilities includes 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. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers. Asia The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | Variable Life |  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 1,258 |  | $ | 1,381 |  | $ | 424 |  | $ | 455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment |  | — |  |  | — |  |  | (14) |  | (33)
Balance, beginning of period, before AOCI adjustment |  | 1,258 |  | 1,381 |  | 438 |  | 488
Effect of changes in cash flow assumptions |  | 17 |  | (4) |  | (23) |  | (2)
Effect of actual variances from expected experience |  | (8) |  | (9) |  | (14) |  | (32)
Adjusted balance |  | 1,267 |  | 1,368 |  | 401 |  | 454
Assessments accrual |  | (3) |  | (3) |  | — |  | —
Interest accrual |  | 13 |  | 15 |  | 4 |  | 5
Excess benefits paid |  | (30) |  | (29) |  | — |  | —
Effect of foreign currency translation and other, net |  | (20) |  | (158) |  | (6) |  | (55)
Balance, end of period, before AOCI adjustment |  | 1,227 |  | 1,193 |  | 399 |  | 404
Add: AOCI adjustment |  | — |  | — |  | — |  | (18)
Balance, end of period |  | $ | 1,227 |  | $ | 1,193 |  | $ | 399 |  | $ | 386
Weighted-average duration of the liability |  | 16 years |  | 16 years |  | 42 years |  | 43 years
Weighted-average interest accretion rate |  | 1.4 | % |  | 1.5 | % |  | 1.4 | % |  | 1.5 | %
MetLife Holdings The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,362 |  | $ | 2,156
Less: AOCI adjustment |  | (14) |  | (63)
Balance, beginning of period, before AOCI adjustment |  | 2,376 |  | 2,219
Effect of changes in cash flow assumptions |  | (2) |  | 38
Effect of actual variances from expected experience |  | 36 |  | (10)
Adjusted balance |  | 2,410 |  | 2,247
Assessments accrual |  | 78 |  | 80
Interest accrual |  | 98 |  | 92
Excess benefits paid |  | (104) |  | (81)
Balance, end of period, before AOCI adjustment |  | 2,482 |  | 2,338
Add: AOCI adjustment |  | (11) |  | (65)
Balance, end of period |  | 2,471 |  | 2,273
Less: Reinsurance recoverables |  | 2,147 |  | 766
Balance, end of period, net of reinsurance |  | $ | 324 |  | $ | 1,507
Weighted-average duration of the liability |  | 15 years |  | 16 years
Weighted-average interest accretion rate |  | 5.5 | % |  | 5.5 | %
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | Gross Premiums or Assessments (1) |  | Interest Expense (2) |  | Gross Premiums or Assessments (1) |  | Interest Expense (2)
| (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |  |  |  |  |
RIS - Annuities |  | $ | 5,098 |  |  | $ | 2,326 |  |  | $ | 4,433 |  |  | $ | 2,145 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | 850 |  |  | 224 |  |  | 841 |  |  | 235 |
Accident & health |  | 2,324 |  |  | 185 |  |  | 2,580 |  |  | 188 |
Latin America - Fixed annuities |  | 773 |  |  | 240 |  |  | 799 |  |  | 242 |
MetLife Holdings - Long-term care |  | 543 |  |  | 599 |  |  | 547 |  |  | 579 |
Deferred Profit Liabilities: |  |  |  |  |  |  |  |
RIS - Annuities |  | N/A |  | 133 |  |  | N/A |  | 124 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | N/A |  | 27 |  |  | N/A |  | 22 |
Accident & health |  | N/A |  | 15 |  |  | N/A |  | 13 |
Latin America - Fixed annuities |  | N/A |  | 15 |  |  | N/A |  | 17 |
Additional Insurance Liabilities: |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |
Variable life |  | 85 |  |  | 13 |  |  | 60 |  |  | 15 |
Universal and variable universal life |  | (32) |  |  | 4 |  |  | (20) |  |  | 5 |
MetLife Holdings - Universal and variable universal life |  | 492 |  |  | 98 |  |  | 559 |  |  | 92 |
Other long-duration |  | 3,469 |  |  | 362 |  |  | 3,194 |  |  | 341 |
Total |  | $ | 13,602 |  |  | $ | 4,241 |  |  | $ | 12,993 |  |  | $ | 4,018 |
__________________ (1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income. (2)Interest expense is included in policyholder benefits and claims. Liabilities for Unpaid Claims and Claim Expenses Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (In millions)
Balance, beginning of period |  | $ | 16,468 |  |  | $ | 16,098 |
Less: Reinsurance recoverables |  | 2,592 |  |  | 2,452 |
Net balance, beginning of period |  | 13,876 |  |  | 13,646 |
Incurred related to: |  |  |  |
Current period |  | 20,532 |  |  | 19,983 |
Prior periods (1) |  | 80 |  |  | 327 |
Total incurred |  | 20,612 |  |  | 20,310 |
Paid related to: |  |  |  |
Current period |  | (14,470) |  |  | (13,991) |
Prior periods |  | (5,773) |  |  | (5,883) |
Total paid |  | (20,243) |  |  | (19,874) |
Net balance, end of period |  | 14,245 |  |  | 14,082 |
Add: Reinsurance recoverables |  | 2,757 |  |  | 2,523 |
Balance, end of period (included in FPBs and other policy-related balances) |  | $ | 17,002 |  |  | $ | 16,605 |
__________________ (1)For the nine months ended September 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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