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Policyholder Account Balances (Tables)

9 Months Ended

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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Tabular disclosure of policyholder account balance by range of guaranteed minimum crediting rate and related range of difference between rate being credited to policyholder and respective guaranteed minimum.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

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-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
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Tabular disclosure of information about policyholder account balance, including, but not limited to change in liability and related cash surrender value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A

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