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Policyholder Account Balances | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Policyholder Account Balances | 5. Policyholder Account Balances The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender. The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:
|  | September 30, 2024 |  | December 31, 2023
|  | (In millions)
Group Benefits - Group life |  | $ | 7,676 |  | $ | 7,692
RIS: |  |  |  |
Capital markets investment products and stable value GICs |  | 65,330 |  | 64,140
Annuities and risk solutions |  | 19,572 |  | 17,711
Asia: |  |  |  |
Universal and variable universal life |  | 51,756 |  | 49,739
Fixed annuities |  | 38,742 |  | 36,863
EMEA - Variable annuities |  | 2,617 |  | 2,720
MetLife Holdings: |  |  |  |
Annuities |  | 10,437 |  | 11,537
Life and other |  | 11,284 |  | 11,641
Other |  | 17,195 |  | 17,226
Total |  | $ | 224,609 |  | $ | 219,269
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:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 7,692 |  | $ | 8,028
Deposits |  | 2,857 |  | 2,529
Policy charges |  | (493) |  | (475)
Surrenders and withdrawals |  | (2,512) |  | (2,432)
Benefit payments |  | (9) |  | (9)
Net transfers from (to) separate accounts |  | (3) |  | 1
Interest credited |  | 144 |  | 143
Balance, end of period |  | $ | 7,676 |  | $ | 7,785
Weighted-average annual crediting rate |  | 2.5 % |  | 2.4 %
At period end: |  |  |  |
Cash surrender value |  | $ | 7,614 |  | $ | 7,721
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 265,266 |  | $ | 250,611
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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 456 |  | $ | 72 |  | $ | 877 |  | $ | 4,141 |  | $ | 5,546
Equal to or greater than 2% but less than 4% |  | 1,266 |  | 8 |  | 59 |  | 1 |  | 1,334
Equal to or greater than 4% |  | 684 |  | — |  | 39 |  | 36 |  | 759
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 37
Total |  | $ | 2,406 |  | $ | 80 |  | $ | 975 |  | $ | 4,178 |  | $ | 7,676
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 82 |  | $ | 887 |  | $ | 4,595 |  | $ | 5,564
Equal to or greater than 2% but less than 4% |  | 1,223 |  | 10 |  | 62 |  | 2 |  | 1,297
Equal to or greater than 4% |  | 733 |  | 1 |  | 42 |  | 34 |  | 810
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 114
Total |  | $ | 1,956 |  | $ | 93 |  | $ | 991 |  | $ | 4,631 |  | $ | 7,785
RIS Capital Markets Investment Products and Stable Value GICs 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:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 64,140 |  | $ | 63,723
Deposits |  | 56,170 |  | 54,674
Surrenders and withdrawals |  | (57,068) |  | (56,873)
Interest credited |  | 1,811 |  | 1,524
Effect of foreign currency translation and other, net |  | 277 |  | 369
Balance, end of period |  | $ | 65,330 |  | $ | 63,417
Weighted-average annual crediting rate |  | 3.8 % |  | 3.2 %
Cash surrender value at period end |  | $ | 1,953 |  | $ | 2,110
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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,754 |  | $ | 2,754
Equal to or greater than 2% but less than 4% |  | — |  | — |  | — |  | 148 |  | 148
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 62,428
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,902 |  | $ | 65,330
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 2,620 |  | $ | 2,621
Equal to or greater than 2% but less than 4% |  | — |  | — |  | — |  | — |  | —
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 60,796
Total |  | $ | — |  | $ | — |  | $ | 1 |  | $ | 2,620 |  | $ | 63,417
Annuities and Risk Solutions The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 17,711 |  | $ | 15,549
Deposits |  | 2,367 |  | 2,007
Policy charges |  | (122) |  | (133)
Surrenders and withdrawals |  | (239) |  | (134)
Benefit payments |  | (731) |  | (615)
Net transfers from (to) separate accounts |  | 20 |  | 54
Interest credited |  | 556 |  | 469
Other |  | 10 |  | (133)
Balance, end of period |  | $ | 19,572 |  | $ | 17,064
Weighted-average annual crediting rate |  | 4.0 % |  | 3.9 %
At period end: |  |  |  |
Cash surrender value |  | $ | 8,476 |  | $ | 7,693
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |
In the event of death |  | $ | 44,437 |  | $ | 42,043
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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 19 |  | $ | 2,403 |  | $ | 2,422
Equal to or greater than 2% but less than 4% |  | 198 |  | 35 |  | 109 |  | 417 |  | 759
Equal to or greater than 4% |  | 4,131 |  | — |  | 472 |  | 6 |  | 4,609
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 11,782
Total |  | $ | 4,329 |  | $ | 35 |  | $ | 600 |  | $ | 2,826 |  | $ | 19,572
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 22 |  | $ | 1,525 |  | $ | 1,547
Equal to or greater than 2% but less than 4% |  | 260 |  | 33 |  | 94 |  | 437 |  | 824
Equal to or greater than 4% |  | 4,363 |  | — |  | 277 |  | 6 |  | 4,646
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 10,047
Total |  | $ | 4,623 |  | $ | 33 |  | $ | 393 |  | $ | 1,968 |  | $ | 17,064
Asia Universal and Variable Universal Life 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:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 49,739 |  | $ | 46,417
Deposits |  | 4,694 |  | 5,439
Policy charges |  | (812) |  | (888)
Surrenders and withdrawals |  | (2,483) |  | (2,018)
Benefit payments |  | (345) |  | (393)
Interest credited |  | 1,153 |  | 979
Effect of foreign currency translation and other, net |  | (190) |  | (1,906)
Balance, end of period |  | $ | 51,756 |  | $ | 47,630
Weighted-average annual crediting rate |  | 3.1 % |  | 2.8 %
At period end: |  |  |  |
Cash surrender value |  | $ | 46,366 |  | $ | 40,663
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 89,793 |  | $ | 91,861
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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 10,681 |  | $ | 18 |  | $ | 235 |  | $ | 1,449 |  | $ | 12,383
Equal to or greater than 2% but less than 4% |  | 7,829 |  | 15,730 |  | 5,397 |  | 9,650 |  | 38,606
Equal to or greater than 4% |  | 241 |  | — |  | — |  | — |  | 241
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 526
Total |  | $ | 18,751 |  | $ | 15,748 |  | $ | 5,632 |  | $ | 11,099 |  | $ | 51,756
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 9,986 |  | $ | 25 |  | $ | 233 |  | $ | 729 |  | $ | 10,973
Equal to or greater than 2% but less than 4% |  | 5,742 |  | 17,923 |  | 5,628 |  | 6,633 |  | 35,926
Equal to or greater than 4% |  | 256 |  | — |  | — |  | — |  | 256
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 475
Total |  | $ | 15,984 |  | $ | 17,948 |  | $ | 5,861 |  | $ | 7,362 |  | $ | 47,630
Fixed Annuities Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 36,863 |  | $ | 32,454
Deposits |  | 5,002 |  | 6,230
Policy charges |  | (2) |  | (2)
Surrenders and withdrawals |  | (2,248) |  | (1,665)
Benefit payments |  | (1,718) |  | (1,614)
Interest credited |  | 784 |  | 629
Effect of foreign currency translation and other, net |  | 61 |  | (552)
Balance, end of period |  | $ | 38,742 |  | $ | 35,480
Weighted-average annual crediting rate |  | 2.8 % |  | 2.5 %
At period end: |  |  |  |
Cash surrender value |  | $ | 35,005 |  | $ | 30,289
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 8 |  | $ | —
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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 385 |  | $ | 460 |  | $ | 5,250 |  | $ | 31,353 |  | $ | 37,448
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 |  | 1,289
Total |  | $ | 385 |  | $ | 465 |  | $ | 5,250 |  | $ | 31,353 |  | $ | 38,742
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 315 |  | $ | 574 |  | $ | 6,494 |  | $ | 26,811 |  | $ | 34,194
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 |  | 1,280
Total |  | $ | 315 |  | $ | 580 |  | $ | 6,494 |  | $ | 26,811 |  | $ | 35,480
EMEA Variable Annuities Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,720 |  | $ | 2,802
Deposits |  | 2 |  | 3
Policy charges |  | (44) |  | (48)
Surrenders and withdrawals |  | (214) |  | (206)
Benefit payments |  | (95) |  | (95)
Interest credited (1) |  | 117 |  | 69
Effect of foreign currency translation and other, net |  | 131 |  | 46
Balance, end of period |  | $ | 2,617 |  | $ | 2,571
Weighted-average annual crediting rate |  | 6.0 % |  | 3.5 %
At period end: |  |  |  |
Cash surrender value |  | $ | 2,617 |  | $ | 2,571
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 426 |  | $ | 577
At annuitization or exercise of other living benefits |  | $ | 550 |  | $ | 725
__________________ (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. MetLife Holdings Annuities The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,537 |  | $ | 13,286
Deposits |  | 121 |  | 115
Policy charges |  | (10) |  | (12)
Surrenders and withdrawals |  | (1,292) |  | (1,425)
Benefit payments |  | (298) |  | (320)
Net transfers from (to) separate accounts |  | 105 |  | 48
Interest credited |  | 265 |  | 299
Other |  | 9 |  | 15
Balance, end of period |  | $ | 10,437 |  | $ | 12,006
Weighted-average annual crediting rate |  | 3.3 % |  | 3.2 %
At period end: |  |  |  |
Cash surrender value |  | $ | 9,866 |  | $ | 11,263
Net amount at risk, excluding offsets from ceded reinsurance (1): |  |  |  |
In the event of death |  | $ | 2,238 |  | $ | 3,970
At annuitization or exercise of other living benefits |  | $ | 657 |  | $ | 923
__________________ (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. 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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 3 |  | $ | 166 |  | $ | 444 |  | $ | 52 |  | $ | 665
Equal to or greater than 2% but less than 4% |  | 1,378 |  | 6,188 |  | 501 |  | 153 |  | 8,220
Equal to or greater than 4% |  | 745 |  | 404 |  | 17 |  | — |  | 1,166
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 386
Total |  | $ | 2,126 |  | $ | 6,758 |  | $ | 962 |  | $ | 205 |  | $ | 10,437
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 235 |  | $ | 245 |  | $ | 292 |  | $ | 227 |  | $ | 999
Equal to or greater than 2% but less than 4% |  | 2,887 |  | 5,828 |  | 457 |  | 130 |  | 9,302
Equal to or greater than 4% |  | 965 |  | 274 |  | 26 |  | — |  | 1,265
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 440
Total |  | $ | 4,087 |  | $ | 6,347 |  | $ | 775 |  | $ | 357 |  | $ | 12,006
Life and Other The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,641 |  | $ | 12,402
Deposits |  | 549 |  | 617
Policy charges |  | (519) |  | (529)
Surrenders and withdrawals |  | (744) |  | (892)
Benefit payments |  | (114) |  | (120)
Net transfers from (to) separate accounts |  | 26 |  | 29
Interest credited |  | 318 |  | 336
Other |  | 127 |  | 1
Balance, end of period |  | $ | 11,284 |  | $ | 11,844
Weighted-average annual crediting rate |  | 3.8 % |  | 3.8 %
At period end: |  |  |  |
Cash surrender value |  | $ | 10,722 |  | $ | 11,360
Net amount at risk, excluding offsets from ceded reinsurance: |  |  |  |
In the event of death (1) |  | $ | 64,816 |  | $ | 68,972
__________________ (1)Including offsets from ceded reinsurance, the net amount at risk at both September 30, 2024 and December 31, 2023, would be reduced by 99%. 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)
September 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 17 |  | $ | 58 |  | $ | 75
Equal to or greater than 2% but less than 4% |  | 4,159 |  | 171 |  | 265 |  | 536 |  | 5,131
Equal to or greater than 4% |  | 4,911 |  | 122 |  | 405 |  | 9 |  | 5,447
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 631
Total |  | $ | 9,070 |  | $ | 293 |  | $ | 687 |  | $ | 603 |  | $ | 11,284
September 30, 2023 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 19 |  | $ | 54 |  | $ | 73
Equal to or greater than 2% but less than 4% |  | 4,595 |  | 172 |  | 285 |  | 554 |  | 5,606
Equal to or greater than 4% |  | 5,109 |  | 126 |  | 414 |  | 15 |  | 5,664
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 9,704 |  | $ | 298 |  | $ | 718 |  | $ | 623 |  | $ | 11,844
6. Market Risk Benefits The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets. 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
Rollforwards The following information about the direct and assumed liability for MRBs 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. Asia - Retirement Assurance The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. 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
Significant Methodologies and Assumptions The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”). The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates. Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs. The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc. Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI. MetLife Holdings - Annuities The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. 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. Significant Methodologies and Assumptions The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates. Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs. The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc. Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI. Other In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. 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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