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Policyholder Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Policyholder Account Balances | 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
Policyholder Account Balance Rollforward | 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 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
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
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
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 |  | $ | —
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. 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. 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%.
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)
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
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
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
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
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
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
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

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