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Policyholder Account Balances | 6 Months Ended
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Jun. 30, 2025
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:
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Group Benefits - Group life |  | $ | 7,605 |  | $ | 7,632
RIS: |  |  |  |
Capital markets investment products and stable value GICs |  | 66,557 |  | 63,715
Annuities and risk solutions |  | 22,191 |  | 20,699
Asia: |  |  |  |
Universal and variable universal life |  | 53,564 |  | 50,801
Fixed annuities |  | 41,419 |  | 38,421
EMEA - Variable annuities |  | 2,376 |  | 2,337
MetLife Holdings: |  |  |  |
Annuities |  | 9,625 |  | 10,142
Life and other |  | 10,849 |  | 11,132
Other |  | 18,247 |  | 16,566
Total |  | $ | 232,433 |  | $ | 221,445
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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 7,632 |  | $ | 7,692
Deposits |  | 1,860 |  | 1,959
Policy charges |  | (336) |  | (327)
Surrenders and withdrawals |  | (1,634) |  | (1,767)
Benefit payments |  | (5) |  | (6)
Net transfers from (to) separate accounts |  | 1 |  | (3)
Interest credited |  | 87 |  | 96
Balance, end of period |  | $ | 7,605 |  | $ | 7,644
Weighted-average annual crediting rate |  | 2.3 % |  | 2.5 %
At period end: |  |  |  |
Cash surrender value |  | $ | 7,540 |  | $ | 7,584
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 267,754 |  | $ | 264,497
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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 479 |  | $ | 76 |  | $ | 779 |  | $ | 4,113 |  | $ | 5,447
Equal to or greater than 2% but less than 4% |  | 1,204 |  | 95 |  | 60 |  | — |  | 1,359
Equal to or greater than 4% |  | 687 |  | 26 |  | 3 |  | 50 |  | 766
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 33
Total |  | $ | 2,370 |  | $ | 197 |  | $ | 842 |  | $ | 4,163 |  | $ | 7,605
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | 157 |  | $ | 819 |  | $ | 4,574 |  | $ | 5,550
Equal to or greater than 2% but less than 4% |  | 1,217 |  | 9 |  | 59 |  | 1 |  | 1,286
Equal to or greater than 4% |  | 697 |  | — |  | 39 |  | 34 |  | 770
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 38
Total |  | $ | 1,914 |  | $ | 166 |  | $ | 917 |  | $ | 4,609 |  | $ | 7,644
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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 63,715 |  | $ | 64,140
Deposits |  | 42,621 |  | 37,608
Surrenders and withdrawals |  | (42,716) |  | (37,540)
Interest credited |  | 1,202 |  | 1,180
Effect of foreign currency translation and other, net |  | 1,735 |  | (443)
Balance, end of period |  | $ | 66,557 |  | $ | 64,945
Weighted-average annual crediting rate |  | 3.8 % |  | 3.7 %
Cash surrender value at period end |  | $ | 1,268 |  | $ | 1,850
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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,591 |  | $ | 2,591
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 63,966
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,591 |  | $ | 66,557
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,647 |  | $ | 2,647
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 62,298
Total |  | $ | — |  | $ | — |  | $ | — |  | $ | 2,647 |  | $ | 64,945
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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 20,699 |  | $ | 17,711
Deposits |  | 1,983 |  | 1,467
Policy charges |  | (98) |  | (63)
Surrenders and withdrawals |  | (307) |  | (189)
Benefit payments |  | (541) |  | (471)
Net transfers from (to) separate accounts |  | (4) |  | 20
Interest credited |  | 441 |  | 360
Other |  | 18 |  | (38)
Balance, end of period |  | $ | 22,191 |  | $ | 18,797
Weighted-average annual crediting rate |  | 4.2 % |  | 4.0 %
At period end: |  |  |  |
Cash surrender value |  | $ | 10,183 |  | $ | 8,209
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 46,678 |  | $ | 43,702
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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 8 |  | $ | 2,817 |  | $ | 2,825
Equal to or greater than 2% but less than 4% |  | 164 |  | 57 |  | 449 |  | 1,203 |  | 1,873
Equal to or greater than 4% |  | 4,155 |  | 11 |  | 423 |  | 6 |  | 4,595
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 12,898
Total |  | $ | 4,319 |  | $ | 68 |  | $ | 880 |  | $ | 4,026 |  | $ | 22,191
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 19 |  | $ | 2,048 |  | $ | 2,067
Equal to or greater than 2% but less than 4% |  | 201 |  | 35 |  | 109 |  | 421 |  | 766
Equal to or greater than 4% |  | 4,239 |  | — |  | 397 |  | 5 |  | 4,641
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 11,323
Total |  | $ | 4,440 |  | $ | 35 |  | $ | 525 |  | $ | 2,474 |  | $ | 18,797
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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 50,801 |  | $ | 49,739
Deposits |  | 2,817 |  | 3,146
Policy charges |  | (482) |  | (545)
Surrenders and withdrawals |  | (1,336) |  | (1,736)
Benefit payments |  | (292) |  | (234)
Interest credited |  | 783 |  | 744
Effect of foreign currency translation and other, net |  | 1,273 |  | (1,885)
Balance, end of period |  | $ | 53,564 |  | $ | 49,229
Weighted-average annual crediting rate |  | 3.1 % |  | 3.1 %
At period end: |  |  |  |
Cash surrender value |  | $ | 46,520 |  | $ | 43,078
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 86,369 |  | $ | 88,255
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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 10,673 |  | $ | 24 |  | $ | 245 |  | $ | 1,813 |  | $ | 12,755
Equal to or greater than 2% but less than 4% |  | 7,575 |  | 15,942 |  | 5,047 |  | 11,063 |  | 39,627
Equal to or greater than 4% |  | 232 |  | — |  | — |  | — |  | 232
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 950
Total |  | $ | 18,480 |  | $ | 15,966 |  | $ | 5,292 |  | $ | 12,876 |  | $ | 53,564
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 9,431 |  | $ | 18 |  | $ | 230 |  | $ | 1,281 |  | $ | 10,960
Equal to or greater than 2% but less than 4% |  | 7,413 |  | 15,613 |  | 5,486 |  | 8,989 |  | 37,501
Equal to or greater than 4% |  | 242 |  | — |  | — |  | — |  | 242
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 526
Total |  | $ | 17,086 |  | $ | 15,631 |  | $ | 5,716 |  | $ | 10,270 |  | $ | 49,229
Fixed Annuities Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 38,421 |  | $ | 36,863
Deposits |  | 3,738 |  | 3,412
Policy charges |  | (2) |  | (1)
Surrenders and withdrawals |  | (828) |  | (1,645)
Benefit payments |  | (936) |  | (1,174)
Interest credited |  | 601 |  | 509
Effect of foreign currency translation and other, net |  | 425 |  | (335)
Balance, end of period |  | $ | 41,419 |  | $ | 37,629
Weighted-average annual crediting rate |  | 3.1 % |  | 2.8 %
At period end: |  |  |  |
Cash surrender value |  | $ | 36,270 |  | $ | 32,555
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 1 |  | $ | —
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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 293 |  | $ | 457 |  | $ | 4,443 |  | $ | 35,016 |  | $ | 40,209
Equal to or greater than 2% but less than 4% |  | — |  | 4 |  | — |  | — |  | 4
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 1,206
Total |  | $ | 293 |  | $ | 461 |  | $ | 4,443 |  | $ | 35,016 |  | $ | 41,419
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 394 |  | $ | 487 |  | $ | 5,486 |  | $ | 30,060 |  | $ | 36,427
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 |  | 1,197
Total |  | $ | 394 |  | $ | 492 |  | $ | 5,486 |  | $ | 30,060 |  | $ | 37,629
EMEA Variable Annuities Information regarding the EMEA segment’s variable annuity PABs in the U.K. was as follows:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,337 |  | $ | 2,720
Deposits |  | 1 |  | 2
Policy charges |  | (26) |  | (30)
Surrenders and withdrawals |  | (117) |  | (142)
Benefit payments |  | (64) |  | (61)
Interest credited (1) |  | 34 |  | 87
Effect of foreign currency translation and other, net |  | 211 |  | (24)
Balance, end of period |  | $ | 2,376 |  | $ | 2,552
Weighted-average annual crediting rate |  | 2.9 % |  | 6.8 %
At period end: |  |  |  |
Cash surrender value |  | $ | 2,376 |  | $ | 2,552
Net amount at risk, excluding offsets from reinsurance: |  |  |  |
In the event of death |  | $ | 451 |  | $ | 410
At annuitization or exercise of other living benefits |  | $ | 577 |  | $ | 529
__________________ (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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 10,142 |  | $ | 11,537
Deposits |  | 86 |  | 86
Policy charges |  | (5) |  | (7)
Surrenders and withdrawals |  | (670) |  | (903)
Benefit payments |  | (191) |  | (211)
Net transfers from (to) separate accounts |  | 106 |  | 58
Interest credited |  | 156 |  | 183
Other |  | 1 |  | 4
Balance, end of period |  | $ | 9,625 |  | $ | 10,747
Weighted-average annual crediting rate |  | 3.2 % |  | 3.4 %
At period end: |  |  |  |
Cash surrender value |  | $ | 9,074 |  | $ | 10,154
Net amount at risk, excluding offsets from reinsurance (1): |  |  |  |
In the event of death |  | $ | 2,447 |  | $ | 2,541
At annuitization or exercise of other living benefits |  | $ | 732 |  | $ | 707
__________________ (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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 29 |  | $ | 25 |  | $ | 492 |  | $ | 66 |  | $ | 612
Equal to or greater than 2% but less than 4% |  | 2,759 |  | 4,214 |  | 475 |  | 102 |  | 7,550
Equal to or greater than 4% |  | 714 |  | 380 |  | 7 |  | — |  | 1,101
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 362
Total |  | $ | 3,502 |  | $ | 4,619 |  | $ | 974 |  | $ | 168 |  | $ | 9,625
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | 4 |  | $ | 195 |  | $ | 446 |  | $ | 38 |  | $ | 683
Equal to or greater than 2% but less than 4% |  | 1,049 |  | 6,760 |  | 472 |  | 198 |  | 8,479
Equal to or greater than 4% |  | 759 |  | 404 |  | 24 |  | — |  | 1,187
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 398
Total |  | $ | 1,812 |  | $ | 7,359 |  | $ | 942 |  | $ | 236 |  | $ | 10,747
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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 11,132 |  | $ | 11,641
Deposits |  | 397 |  | 381
Policy charges |  | (336) |  | (347)
Surrenders and withdrawals |  | (491) |  | (523)
Benefit payments |  | (79) |  | (76)
Net transfers from (to) separate accounts |  | 24 |  | 19
Interest credited |  | 200 |  | 211
Other |  | 2 |  | (3)
Balance, end of period |  | $ | 10,849 |  | $ | 11,303
Weighted-average annual crediting rate |  | 3.7 % |  | 3.7 %
At period end: |  |  |  |
Cash surrender value |  | $ | 10,304 |  | $ | 10,863
Net amount at risk, excluding offsets from reinsurance (1): |  |  |  |
In the event of death |  | $ | 62,364 |  | $ | 65,885
__________________ (1)Including offsets from reinsurance, the net amount at risk at both June 30, 2025 and 2024 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)
June 30, 2025 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 13 |  | $ | 46 |  | $ | 59
Equal to or greater than 2% but less than 4% |  | 3,902 |  | 176 |  | 628 |  | 144 |  | 4,850
Equal to or greater than 4% |  | 4,882 |  | 397 |  | 1 |  | 22 |  | 5,302
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 638
Total |  | $ | 8,784 |  | $ | 573 |  | $ | 642 |  | $ | 212 |  | $ | 10,849
June 30, 2024 |  |  |  |  |  |  |  |  |  |
Equal to or greater than 0% but less than 2% |  | $ | — |  | $ | — |  | $ | 18 |  | $ | 54 |  | $ | 72
Equal to or greater than 2% but less than 4% |  | 4,242 |  | 172 |  | 270 |  | 540 |  | 5,224
Equal to or greater than 4% |  | 4,960 |  | 124 |  | 407 |  | 15 |  | 5,506
Products with either a fixed rate or no GMCR |  | N/A |  | N/A |  | N/A |  | N/A |  | 501
Total |  | $ | 9,202 |  | $ | 296 |  | $ | 695 |  | $ | 609 |  | $ | 11,303
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:
|  | June 30, 2025 |  | December 31, 2024
|  | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
|  | (In millions)
Asia - Retirement Assurance |  | $ | — |  | $ | 191 |  | $ | 191 |  | $ | — |  | $ | 178 |  | $ | 178
MetLife Holdings - Annuities |  | 210 |  |  | 2,424 |  |  | 2,214 |  | 231 |  |  | 2,300 |  |  | 2,069
Other |  | 142 |  |  | 94 |  |  | (48) |  | 141 |  |  | 103 |  |  | (38)
Total |  | $ | 352 |  | $ | 2,709 |  | $ | 2,357 |  | $ | 372 |  | $ | 2,581 |  | $ | 2,209
Rollforwards The following information about the direct and assumed liabilities (assets) 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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (In millions)
Balance, beginning of period |  | $ | 178 |  |  | $ | 203 |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | 179 |  |  | $ | 205 |
Attributed fees collected |  | 2 |  |  | 2 |
Benefit payments |  | (7) |  |  | (6) |
Effect of changes in interest rates |  | 2 |  |  | 4 |
Actual policyholder behavior different from expected behavior |  | — |  |  | (1) |
Effect of foreign currency translation and other, net |  | 16 |  |  | (26) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | 192 |  |  | 178 |
Cumulative effect of changes in the instrument-specific credit risk |  | (1) |  |  | (1) |
Balance, end of period |  | $ | 191 |  |  | $ | 177 |
At period end: |  |  |  |
Net amount at risk, excluding offsets from hedging: |  |  |  |
At annuitization or exercise of other living benefits |  | $ | 129 |  |  | $ | 111 |
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 whereby 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:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
| (In millions)
Balance, beginning of period |  | $ | 2,069 |  | $ | 2,722
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | 1,992 |  | $ | 2,772
Attributed fees collected |  | 167 |  | 179
Benefit payments |  | (46) |  | (45)
Effect of changes in interest rates |  | 23 |  | (556)
Effect of changes in capital markets |  | (195) |  | (372)
Effect of changes in equity index volatility |  | (4) |  | 26
Actual policyholder behavior different from expected behavior |  | 141 |  | 132
Effect of foreign currency translation and other, net |  | 75 |  | 5
Effect of changes in risk margin |  | (2) |  | (62)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | 2,151 |  | 2,079
Cumulative effect of changes in the instrument-specific credit risk |  | 61 |  | 76
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | 2 |  | (2)
Balance, end of period |  | $ | 2,214 |  | $ | 2,153
At period end: |  |  |  |
Net amount at risk, excluding offsets from hedging (1): |  |  |  |
In the event of death |  | $ | 2,452 |  |  | $ | 2,544 |
At annuitization or exercise of other living benefits |  | $ | 724 |  |  | $ | 671 |
Weighted-average attained age of contractholders: |  |  |  |
In the event of death |  | 72 years |  | 71 years
At annuitization or exercise of other living benefits |  | 72 years |  | 70 years
__________________ (1)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 (assets) was as follows:
|  | Six Months Ended June 30,
|  | 2025 |  | 2024
|  | (In millions)
Balance, beginning of period |  | $ | (38) |  |  | $ | (32) |
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk |  | $ | (53) |  |  | $ | (50) |
Attributed fees collected |  | 23 |  |  | 25 |
Benefit payments |  | (2) |  |  | (3) |
Effect of changes in interest rates |  | (17) |  |  | (46) |
Effect of changes in capital markets |  | (14) |  |  | (15) |
Effect of changes in equity index volatility |  | — |  |  | (1) |
Actual policyholder behavior different from expected behavior |  | 6 |  |  | 4 |
Effect of foreign currency translation and other, net |  | (9) |  |  | (2) |
Effect of changes in risk margin |  | (1) |  |  | (1) |
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk |  | (67) |  |  | (89) |
Cumulative effect of changes in the instrument-specific credit risk |  | 17 |  |  | 21 |
Effect of foreign currency translation on the cumulative instrument-specific credit risk |  | 2 |  |  | — |
Balance, end of period |  | (48) |  |  | (68) |
Less: Reinsurance recoverable |  | 15 |  |  | 11 |
Balance, end of period, net of reinsurance |  | $ | (63) |  |  | $ | (79) |

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