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Separate Account | 6 Months Ended
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Jun. 30, 2025
Separate Accounts Disclosure [Abstract] |
Separate Account | 7. Separate Accounts Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities. Separate Account Liabilities The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
| June 30, 2025 |  | December 31, 2024
| (In millions)
RIS: |  |  |
Stable Value and Risk Solutions | $ | 36,928 |  |  | $ | 40,319 |
Annuities | 10,967 |  |  | 11,001 |
Latin America - Pensions | 43,827 |  |  | 38,765 |
MetLife Holdings - Annuities | 27,188 |  |  | 27,829 |
Other | 24,265 |  |  | 21,590 |
Total | $ | 143,175 |  |  | $ | 139,504 |
Rollforwards The following information about the separate account liabilities 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. The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities. The balances of and changes in separate account liabilities were as follows:
|  | RIS Stable Value and Risk Solutions |  | RIS Annuities |  | Latin America Pensions |  | MetLife Holdings Annuities
|  | (In millions)
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 40,319 |  |  | $ | 11,001 |  |  | $ | 38,765 |  |  | $ | 27,829 |
Premiums and deposits |  | 1,121 |  |  | 20 |  |  | 3,479 |  |  | 118 |
Policy charges |  | (140) |  |  | (9) |  |  | (137) |  |  | (272) |
Surrenders and withdrawals |  | (3,258) |  |  | (383) |  |  | (2,565) |  |  | (1,661) |
Benefit payments |  | (82) |  |  | — |  |  | (911) |  |  | (228) |
Investment performance |  | 1,416 |  |  | 454 |  |  | 2,597 |  |  | 1,507 |
Net transfers from (to) general account |  | 30 |  |  | (26) |  |  | — |  |  | (107) |
Effect of foreign currency translation and other, net (1) |  | (2,478) |  |  | (90) |  |  | 2,599 |  |  | 2 |
Balance, end of period |  | $ | 36,928 |  |  | $ | 10,967 |  |  | $ | 43,827 |  |  | $ | 27,188 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 41,343 |  |  | $ | 11,659 |  |  | $ | 41,320 |  |  | $ | 29,224 |
Premiums and deposits |  | 1,053 |  |  | 25 |  |  | 3,427 |  |  | 123 |
Policy charges |  | (139) |  |  | (10) |  |  | (132) |  |  | (296) |
Surrenders and withdrawals |  | (2,945) |  |  | (401) |  |  | (2,652) |  |  | (1,857) |
Benefit payments |  | (60) |  |  | — |  |  | (812) |  |  | (259) |
Investment performance |  | 692 |  |  | (95) |  |  | 875 |  |  | 1,972 |
Net transfers from (to) general account |  | (20) |  |  | — |  |  | — |  |  | (59) |
Effect of foreign currency translation and other, net (1) |  | (1,235) |  |  | 68 |  |  | (3,082) |  |  | (5) |
Balance, end of period |  | $ | 38,689 |  |  | $ | 11,246 |  |  | $ | 38,944 |  |  | $ | 28,843 |
Cash surrender value at June 30, 2025 (2) |  | $ | 34,285 |  |  | N/A |  | $ | 43,827 |  |  | $ | 27,065 |
Cash surrender value at June 30, 2024 (2) |  | $ | 34,519 |  |  | N/A |  | $ | 38,944 |  |  | $ | 28,706 |
__________________ (1)The effect of foreign currency translation and other, net, for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities. (2)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges. Separate Account Assets The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
|  | June 30, 2025
|  | Group Benefits |  | RIS |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings |  | Total
|  | (In millions)
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency |  | $ | — |  |  | $ | 9,683 |  |  | $ | 1,253 |  |  | $ | 12,132 |  |  | $ | 3,741 |  |  | $ | — |  |  | $ | 26,809 |
Public utilities |  | — |  |  | 1,095 |  |  | 209 |  |  | — |  |  | — |  |  | — |  |  | 1,304 |
Municipals |  | — |  |  | 293 |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | 315 |
Corporate bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Materials |  | — |  |  | 273 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 274 |
Communications |  | — |  |  | 749 |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | 778 |
Consumer |  | — |  |  | 1,809 |  |  | 45 |  |  | — |  |  | 5 |  |  | — |  |  | 1,859 |
Energy |  | — |  |  | 939 |  |  | 126 |  |  | 805 |  |  | 13 |  |  | — |  |  | 1,883 |
Financial |  | — |  |  | 3,182 |  |  | 517 |  |  | 4,946 |  |  | 435 |  |  | — |  |  | 9,080 |
Industrial and other |  | — |  |  | 769 |  |  | 4 |  |  | 2,465 |  |  | 1 |  |  | — |  |  | 3,239 |
Technology |  | — |  |  | 586 |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 621 |
Total corporate bonds |  | — |  |  | 8,307 |  |  | 756 |  |  | 8,216 |  |  | 455 |  |  | — |  |  | 17,734 |
Total bonds |  | — |  |  | 19,378 |  |  | 2,240 |  |  | 20,348 |  |  | 4,196 |  |  | — |  |  | 46,162 |
Mortgage-backed securities |  | — |  |  | 8,164 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,164 |
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”) |  | — |  |  | 2,435 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,435 |
Redeemable preferred stock |  | — |  |  | 3 |  |  | 106 |  |  | — |  |  | — |  |  | — |  |  | 109 |
Total fixed maturity securities |  | — |  |  | 29,980 |  |  | 2,346 |  |  | 20,348 |  |  | 4,196 |  |  | — |  |  | 56,870 |
Equity securities |  | — |  |  | 2,817 |  |  | 3,137 |  |  | 3,185 |  |  | 1,499 |  |  | — |  |  | 10,638 |
Mutual funds |  | 1,353 |  |  | 10,923 |  |  | 3,455 |  |  | 16,275 |  |  | 277 |  |  | 34,208 |  |  | 66,491 |
Other invested assets |  | — |  |  | 1,409 |  |  | 341 |  |  | 3,497 |  |  | 39 |  |  | — |  |  | 5,286 |
Total investments |  | 1,353 |  |  | 45,129 |  |  | 9,279 |  |  | 43,305 |  |  | 6,011 |  |  | 34,208 |  |  | 139,285 |
Other assets |  | — |  |  | 2,864 |  |  | 465 |  |  | 522 |  |  | 37 |  |  | 2 |  |  | 3,890 |
Total |  | $ | 1,353 |  |  | $ | 47,993 |  |  | $ | 9,744 |  |  | $ | 43,827 |  |  | $ | 6,048 |  |  | $ | 34,210 |  |  | $ | 143,175 |
|  | December 31, 2024
|  | Group Benefits |  | RIS |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings |  | Total
|  | (In millions)
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency |  | $ | — |  |  | $ | 9,950 |  |  | $ | 1,115 |  |  | $ | 10,545 |  |  | $ | 3,017 |  |  | $ | 15 |  |  | $ | 24,642 |
Public utilities |  | — |  |  | 1,090 |  |  | 188 |  |  | — |  |  | — |  |  | 7 |  |  | 1,285 |
Municipals |  | — |  |  | 250 |  |  | 18 |  |  | — |  |  | — |  |  | 12 |  |  | 280 |
Corporate bonds: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Materials |  | — |  |  | 245 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 246 |
Communications |  | — |  |  | 811 |  |  | 15 |  |  | — |  |  | — |  |  | 4 |  |  | 830 |
Consumer |  | — |  |  | 1,903 |  |  | 34 |  |  | — |  |  | — |  |  | 13 |  |  | 1,950 |
Energy |  | — |  |  | 958 |  |  | 113 |  |  | 729 |  |  | 4 |  |  | 4 |  |  | 1,808 |
Financial |  | — |  |  | 3,472 |  |  | 515 |  |  | 4,760 |  |  | 309 |  |  | 26 |  |  | 9,082 |
Industrial and other |  | — |  |  | 775 |  |  | 46 |  |  | 2,231 |  |  | 7 |  |  | 2 |  |  | 3,061 |
Technology |  | — |  |  | 518 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 520 |
Total corporate bonds |  | — |  |  | 8,682 |  |  | 723 |  |  | 7,720 |  |  | 320 |  |  | 52 |  |  | 17,497 |
Total bonds |  | — |  |  | 19,972 |  |  | 2,044 |  |  | 18,265 |  |  | 3,337 |  |  | 86 |  |  | 43,704 |
Mortgage-backed securities |  | — |  |  | 9,021 |  |  | — |  |  | — |  |  | — |  |  | 38 |  |  | 9,059 |
ABS & CLO |  | — |  |  | 2,145 |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | 2,162 |
Redeemable preferred stock |  | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
Total fixed maturity securities |  | — |  |  | 31,146 |  |  | 2,044 |  |  | 18,265 |  |  | 3,337 |  |  | 141 |  |  | 54,933 |
Equity securities |  | — |  |  | 2,830 |  |  | 2,324 |  |  | 2,353 |  |  | 1,200 |  |  | — |  |  | 8,707 |
Mutual funds |  | 1,319 |  |  | 10,035 |  |  | 3,098 |  |  | 14,295 |  |  | 129 |  |  | 34,751 |  |  | 63,627 |
Other invested assets |  | — |  |  | 1,398 |  |  | 312 |  |  | 2,557 |  |  | 43 |  |  | — |  |  | 4,310 |
Total investments |  | 1,319 |  |  | 45,409 |  |  | 7,778 |  |  | 37,470 |  |  | 4,709 |  |  | 34,892 |  |  | 131,577 |
Other assets |  | — |  |  | 6,011 |  |  | 453 |  |  | 1,295 |  |  | 166 |  |  | 2 |  |  | 7,927 |
Total |  | $ | 1,319 |  |  | $ | 51,420 |  |  | $ | 8,231 |  |  | $ | 38,765 |  |  | $ | 4,875 |  |  | $ | 34,894 |  |  | $ | 139,504 |

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- Definition The entire disclosure for separate account. Includes, but is not limited to, extent and terms of minimum guarantee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480109/944-80-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -SubTopic 80 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/944-80/tableOfContent + Details
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