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Market Risk Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Market Risk Benefit | The Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at:
|  | December 31,
|  | 2024 |  | 2023
|  | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
|  | (In millions)
Asia - Retirement Assurance |  | $ | — |  | $ | 178 |  | $ | 178 |  | $ | — |  | $ | 203 |  | $ | 203
MetLife Holdings - Annuities |  | 231 |  |  | 2,300 |  |  | 2,069 |  | 156 |  |  | 2,878 |  |  | 2,722
Other |  | 141 |  |  | 103 |  |  | (38) |  | 130 |  |  | 98 |  |  | (32)
Total |  | $ | 372 |  | $ | 2,581 |  | $ | 2,209 |  | $ | 286 |  | $ | 3,179 |  | $ | 2,893
Market Risk Benefit, Activity | Information regarding this liability was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Balance at January 1, |  | $ | 203 |  |  | $ | 226 |  |  | $ | 277 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | 205 |  |  | $ | 233 |  |  | $ | 284 |
Attributed fees collected |  | 3 |  |  | 3 |  |  | 3 |
Benefit payments |  | (12) |  |  | (12) |  |  | — |
Effect of changes in interest rates |  | 4 |  |  | 1 |  |  | (25) |
Actual policyholder behavior different from expected behavior |  | (2) |  |  | (1) |  |  | 6 |
Effect of changes in future expected policyholder behavior and other assumptions |  | — |  |  | (1) |  |  | 5 |
Effect of foreign currency translation and other, net |  | (19) |  |  | (18) |  |  | (40) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | 179 |  |  | 205 |  |  | 233 |
Cumulative effect of changes in the instrument-specific credit risk |  | (1) |  |  | (2) |  |  | (8) |
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | — |  |  | — |  |  | 1 |
Balance at December 31, |  | $ | 178 |  |  | $ | 203 |  |  | $ | 226 |
At period end: |  |  |  |  |  |
Net amount at risk, excluding offsets from hedging: |  |  |  |  |  |
At annuitization or exercise of other living benefits (1) |  | $ | 115 |  |  | $ | 119 |  |  | $ | 127 |
Weighted-average attained age of contractholders: |  |  |  |  |  |
At annuitization or exercise of other living benefits (1) |  | 58 years |  | 58 years |  | 58 years
__________________ (1) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Balance at January 1, |  | $ | 2,722 |  | $ | 3,225 |  | $ | 5,929
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | 2,772 |  | $ | 3,360 |  | $ | 6,229
Attributed fees collected |  | 352 |  | 377 |  | 387
Benefit payments |  | (90) |  | (58) |  | (42)
Effect of changes in interest rates |  | (736) |  | (161) |  | (3,610)
Effect of changes in capital markets |  | (514) |  | (900) |  | 861
Effect of changes in equity index volatility |  | 40 |  | (135) |  | 38
Actual policyholder behavior different from expected behavior |  | 220 |  | 144 |  | 20
Effect of changes in future expected policyholder behavior and other assumptions (1) |  | 12 |  | 9 |  | (328)
Effect of foreign currency translation and other, net (2) |  | (4) |  | 152 |  | 36
Effect of changes in risk margin |  | (60) |  | (16) |  | (231)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | 1,992 |  | 2,772 |  | 3,360
Cumulative effect of changes in the instrument-specific credit risk |  | 78 |  | (54) |  | (130)
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | (1) |  | 4 |  | (5)
Balance at December 31, |  | $ | 2,069 |  | $ | 2,722 |  | $ | 3,225
At period end: |  |  |  |  |  |
Net amount at risk, excluding offsets from hedging (3): |  |  |  |  |  |
In the event of death (4) |  | $ | 2,543 |  |  | $ | 2,828 |  |  | $ | 4,387 |
At annuitization or exercise of other living benefits (5) |  | $ | 718 |  |  | $ | 675 |  |  | $ | 1,141 |
Weighted-average attained age of contractholders: |  |  |  |  |  |
In the event of death (4) |  | 71 years |  | 70 years |  | 69 years
At annuitization or exercise of other living benefits (5) |  | 70 years |  | 70 years |  | 71 years
__________________ (1) For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities. (2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility. (3) 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. (4) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date. (5) For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date. Information regarding these product liabilities was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Balance at January 1, |  | $ | (32) |  |  | $ | 32 |  |  | $ | 491 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | (50) |  |  | $ | 24 |  |  | $ | 539 |
Attributed fees collected |  | 49 |  |  | 34 |  |  | 61 |
Benefit payments |  | (6) |  |  | (28) |  |  | (4) |
Effect of changes in interest rates |  | (57) |  |  | (3) |  |  | (499) |
Effect of changes in capital markets |  | (3) |  |  | (41) |  |  | 139 |
Effect of changes in equity index volatility |  | — |  |  | (6) |  |  | 31 |
Actual policyholder behavior different from expected behavior |  | 5 |  |  | (22) |  |  | (12) |
Effect of changes in future expected policyholder behavior and other assumptions |  | (2) |  |  | 2 |  |  | (1) |
Effect of foreign currency translation and other, net |  | 12 |  |  | (9) |  |  | (224) |
Effect of changes in risk margin |  | (1) |  |  | (1) |  |  | (6) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | (53) |  |  | (50) |  |  | 24 |
Cumulative effect of changes in the instrument-specific credit risk |  | 16 |  |  | 17 |  |  | 7 |
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | (1) |  |  | 1 |  |  | 1 |
Net balance at December 31, |  | (38) |  |  | (32) |  |  | 32 |
Less: Reinsurance recoverable |  | 12 |  |  | 18 |  |  | 23 |
Balance at December 31, |  | $ | (50) |  |  | $ | (50) |  |  | $ | 9 |

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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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