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Market Risk Benefits (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Market Risk Benefit | The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
|  | September 30, 2024 |  | December 31, 2023
|  | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
|  | (In millions)
Asia - Retirement Assurance |  | $ | — |  | $ | 197 |  | $ | 197 |  | $ | — |  | $ | 203 |  | $ | 203
MetLife Holdings - Annuities |  | 179 |  |  | 2,787 |  |  | 2,608 |  | 156 |  |  | 2,878 |  |  | 2,722
Other |  | 131 |  |  | 133 |  |  | 2 |  | 130 |  |  | 98 |  |  | (32)
Total |  | $ | 310 |  | $ | 3,117 |  | $ | 2,807 |  | $ | 286 |  | $ | 3,179 |  | $ | 2,893
Market Risk Benefit, Activity | Information regarding this liability was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (In millions)
Balance, beginning of period |  | $ | 203 |  |  | $ | 226 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | 205 |  |  | $ | 233 |
Attributed fees collected |  | 3 |  |  | 2 |
Benefit payments |  | (9) |  |  | (9) |
Effect of changes in interest rates |  | 4 |  |  | 2 |
Actual policyholder behavior different from expected behavior |  | (2) |  |  | (1) |
Effect of changes in future expected policyholder behavior and other assumptions |  | — |  |  | (1) |
Effect of foreign currency translation and other, net |  | (3) |  |  | (30) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | 198 |  |  | 196 |
Cumulative effect of changes in the instrument-specific credit risk |  | (1) |  |  | (3) |
Balance, end of period |  | $ | 197 |  |  | $ | 193 |
At period end: |  |  |  |
Net amount at risk, excluding offsets from hedging: |  |  |  |
At annuitization or exercise of other living benefits |  | $ | 122 |  |  | $ | 116 |
Weighted-average attained age of contractholders: |  |  |  |
At annuitization or exercise of other living benefits |  | 58 years |  | 58 years
Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
| (In millions)
Balance, beginning of period |  | $ | 2,722 |  | $ | 3,225
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | 2,772 |  | $ | 3,360
Attributed fees collected |  | 266 |  | 286
Benefit payments |  | (67) |  | (36)
Effect of changes in interest rates |  | (70) |  | (881)
Effect of changes in capital markets |  | (527) |  | (542)
Effect of changes in equity index volatility |  | 37 |  | (84)
Actual policyholder behavior different from expected behavior |  | 176 |  | 95
Effect of changes in future expected policyholder behavior and other assumptions |  | 12 |  | 9
Effect of foreign currency translation and other, net (1) |  | 34 |  | 118
Effect of changes in risk margin |  | (7) |  | (46)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | 2,626 |  | 2,279
Cumulative effect of changes in the instrument-specific credit risk |  | (19) |  | (16)
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | 1 |  | 5
Balance, end of period |  | $ | 2,608 |  | $ | 2,268
At period end: |  |  |  |
Net amount at risk, excluding offsets from hedging (2): |  |  |  |
In the event of death |  | $ | 2,243 |  |  | $ | 3,979 |
At annuitization or exercise of other living benefits |  | $ | 643 |  |  | $ | 921 |
Weighted-average attained age of contractholders: |  |  |  |
In the event of death |  | 71 years |  | 70 years
At annuitization or exercise of other living benefits |  | 68 years |  | 70 years
__________________ (1)Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. (2)Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5. Information regarding these product liabilities was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (In millions)
Balance, beginning of period |  | $ | (32) |  |  | $ | 32 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | (50) |  |  | $ | 24 |
Attributed fees collected |  | 38 |  |  | 23 |
Benefit payments |  | (5) |  |  | (23) |
Effect of changes in interest rates |  | (12) |  |  | (98) |
Effect of changes in capital markets |  | (8) |  |  | (15) |
Effect of changes in equity index volatility |  | — |  |  | (4) |
Actual policyholder behavior different from expected behavior |  | 6 |  |  | (21) |
Effect of changes in future expected policyholder behavior and other assumptions |  | (2) |  |  | 2 |
Effect of foreign currency translation and other, net |  | 22 |  |  | 37 |
Effect of changes in risk margin |  | (1) |  |  | (2) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | (12) |  |  | (77) |
Cumulative effect of changes in the instrument-specific credit risk |  | 13 |  |  | 20 |
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | 1 |  |  | — |
Balance, end of period |  | 2 |  |  | (57) |
Less: Reinsurance recoverable |  | 16 |  |  | 18 |
Balance, end of period, net of reinsurance |  | $ | (14) |  |  | $ | (75) |

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- Definition Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29G -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-29G Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-7B + Details
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