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Policyholder Account Balances (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Policyholder Account Balances | 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
Policyholder Account Balance Rollforward | 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 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
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
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
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 |  | $ | —
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. 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. 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%.
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)
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
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
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
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
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
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
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

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