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Policyholder Account Balances

9 Months Ended

Sep. 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 include accrued interest credited, but exclude 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:

						September 30, 2025						December 31, 2024
						(In millions)
Group Benefits - Group life						$	7,557					$	7,632
RIS:
Capital markets investment products and stable value GICs						66,052						63,715
Annuities and risk solutions						22,824						20,699
Asia:
Universal and variable universal life						54,666						50,801
Fixed annuities						42,708						38,421
EMEA - Variable annuities						2,297						2,337
MetLife Holdings:
Annuities						9,451						10,142
Life and other						10,716						11,132
Other						19,041						16,566
Total						$	235,312					$	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:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	7,632					$	7,692
Deposits						2,756						2,857
Policy charges						(504)						(493)
Surrenders and withdrawals						(2,453)						(2,512)
Benefit payments						(7)						(9)
Net transfers from (to) separate accounts						2						(3)
Interest credited						131						144
Balance, end of period						$	7,557					$	7,676
Weighted-average annual crediting rate						2.3 %						2.5 %
At period end:
Cash surrender value						$	7,489					$	7,614
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	266,256					$	265,266

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, 2025
Equal to or greater than 0% but less than 2%						$	489					$	77					$	762					$	4,099					$	5,427
Equal to or greater than 2% but less than 4%						1,180						93						60						—						1,333
Equal to or greater than 4%						683						25						3						52						763
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						34
Total						$	2,352					$	195					$	825					$	4,151					$	7,557
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

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:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	63,715					$	64,140
Deposits						62,374						56,170
Surrenders and withdrawals						(63,407)						(57,068)
Interest credited						1,811						1,811
Effect of foreign currency translation and other, net						1,559						277
Balance, end of period						$	66,052					$	65,330
Weighted-average annual crediting rate						3.8 %						3.8 %
Cash surrender value at period end						$	1,282					$	1,953

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, 2025
Equal to or greater than 0% but less than 2%						$	—					$	—					$	—					$	2,728					$	2,728
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						63,324
Total						$	—					$	—					$	—					$	2,728					$	66,052
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

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:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	20,699					$	17,711
Deposits						2,893						2,367
Policy charges						(148)						(122)
Surrenders and withdrawals						(485)						(239)
Benefit payments						(827)						(731)
Net transfers from (to) separate accounts						(3)						20
Interest credited						676						556
Other						19						10
Balance, end of period						$	22,824					$	19,572
Weighted-average annual crediting rate						4.2 %						4.0 %
At period end:
Cash surrender value						$	10,345					$	8,476
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	45,079					$	44,437

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, 2025
Equal to or greater than 0% but less than 2%						$	—					$	—					$	8					$	2,975					$	2,983
Equal to or greater than 2% but less than 4%						161						59						445						1,215						1,880
Equal to or greater than 4%						4,123						11						423						7						4,564
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						13,397
Total						$	4,284					$	70					$	876					$	4,197					$	22,824
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

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:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	50,801					$	49,739
Deposits						4,932						4,694
Policy charges						(754)						(812)
Surrenders and withdrawals						(2,076)						(2,483)
Benefit payments						(416)						(345)
Interest credited						1,221						1,153
Effect of foreign currency translation and other, net						958						(190)
Balance, end of period						$	54,666					$	51,756
Weighted-average annual crediting rate						3.1 %						3.1 %
At period end:
Cash surrender value						$	48,266					$	46,366
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	85,131					$	89,793

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, 2025
Equal to or greater than 0% but less than 2%						$	10,438					$	28					$	248					$	1,917					$	12,631
Equal to or greater than 2% but less than 4%						7,399						16,017						4,994						11,535						39,945
Equal to or greater than 4%						230						—						—						—						230
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						1,860
Total						$	18,067					$	16,045					$	5,242					$	13,452					$	54,666
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

Fixed Annuities

Information regarding the Asia segment’s fixed annuity PAB liability in Japan was as follows:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	38,421					$	36,863
Deposits						5,590						5,002
Policy charges						(3)						(2)
Surrenders and withdrawals						(1,299)						(2,248)
Benefit payments						(1,402)						(1,718)
Interest credited						939						784
Effect of foreign currency translation and other, net						462						61
Balance, end of period						$	42,708					$	38,742
Weighted-average annual crediting rate						3.1 %						2.8 %
At period end:
Cash surrender value						$	38,919					$	35,005
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	2					$	8

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, 2025
Equal to or greater than 0% but less than 2%						$	268					$	426					$	4,283					$	36,573					$	41,550
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						1,154
Total						$	268					$	430					$	4,283					$	36,573					$	42,708
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

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the U.K. was as follows:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	2,337					$	2,720
Deposits						2						2
Policy charges						(39)						(44)
Surrenders and withdrawals						(186)						(214)
Benefit payments						(97)						(95)
Interest credited (1)						111						117
Effect of foreign currency translation and other, net						169						131
Balance, end of period						$	2,297					$	2,617
Weighted-average annual crediting rate						6.6 %						6.0 %
At period end:
Cash surrender value						$	2,297					$	2,617
Net amount at risk, excluding offsets from reinsurance:
In the event of death						$	394					$	426
At annuitization or exercise of other living benefits						$	507					$	550

__________________

(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:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	10,142					$	11,537
Deposits						128						121
Policy charges						(8)						(10)
Surrenders and withdrawals						(1,021)						(1,292)
Benefit payments						(271)						(298)
Net transfers from (to) separate accounts						245						105
Interest credited						233						265
Other						3						9
Balance, end of period						$	9,451					$	10,437
Weighted-average annual crediting rate						3.2 %						3.3 %
At period end:
Cash surrender value						$	8,920					$	9,866
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death						$	2,295					$	2,238
At annuitization or exercise of other living benefits						$	693					$	657

__________________

(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)
September 30, 2025
Equal to or greater than 0% but less than 2%						$	40					$	10					$	473					$	161					$	684
Equal to or greater than 2% but less than 4%						2,755						4,022						449						98						7,324
Equal to or greater than 4%						715						366						7						—						1,088
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						355
Total						$	3,510					$	4,398					$	929					$	259					$	9,451
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

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:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Balance, beginning of period						$	11,132					$	11,641
Deposits						624						549
Policy charges						(501)						(519)
Surrenders and withdrawals						(755)						(744)
Benefit payments						(122)						(114)
Net transfers from (to) separate accounts						38						26
Interest credited						297						318
Other						3						127
Balance, end of period						$	10,716					$	11,284
Weighted-average annual crediting rate						3.7 %						3.8 %
At period end:
Cash surrender value						$	10,113					$	10,722
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death						$	61,507					$	64,816

__________________

(1)Including offsets from reinsurance, the net amount at risk at both September 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)
September 30, 2025
Equal to or greater than 0% but less than 2%						$	—					$	—					$	12					$	55					$	67
Equal to or greater than 2% but less than 4%						3,828						175						621						142						4,766
Equal to or greater than 4%						4,825						394						1						19						5,239
Products with either a fixed rate or no GMCR						N/A						N/A						N/A						N/A						644
Total						$	8,653					$	569					$	634					$	216					$	10,716
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

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:

						September 30, 2025																		December 31, 2024
						Asset						Liability						Net						Asset						Liability						Net
						(In millions)
Asia - Retirement Assurance						$	—					$	183					$	183					$	—					$	178					$	178
MetLife Holdings - Annuities						225						2,339						2,114						231						2,300						2,069
Other						167						63						(104)						141						103						(38)
Total						$	392					$	2,585					$	2,193					$	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:

						Nine Months Ended September 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						3
Benefit payments						(10)						(9)
Effect of changes in interest rates						—						4
Actual policyholder behavior different from expected behavior						1						(2)
Effect of foreign currency translation and other, net						12						(3)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk						184						198
Cumulative effect of changes in the instrument-specific credit risk						(1)						(1)
Balance, end of period						$	183					$	197
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits						$	130					$	122
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 13 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:

						Nine Months Ended September 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						248						266
Benefit payments						(69)						(67)
Effect of changes in interest rates						(50)						(70)
Effect of changes in capital markets						(420)						(527)
Effect of changes in equity index volatility						8						37
Actual policyholder behavior different from expected behavior						186						176
Effect of changes in future expected policyholder behavior and other assumptions						(15)						12
Effect of foreign currency translation and other, net						149						34
Effect of changes in risk margin						—						(7)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk						2,029						2,626
Cumulative effect of changes in the instrument-specific credit risk						83						(19)
Effect of foreign currency translation on the cumulative instrument-specific credit risk						2						1
Balance, end of period						$	2,114					$	2,608
At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death						$	2,299					$	2,243
At annuitization or exercise of other living benefits						$	665					$	643
Weighted-average attained age of contractholders:
In the event of death						72 years						71 years
At annuitization or exercise of other living benefits						71 years						68 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 13 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 13 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:

						Nine Months Ended September 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						34						38
Benefit payments						(3)						(5)
Effect of changes in interest rates						(40)						(12)
Effect of changes in capital markets						(32)						(8)
Effect of changes in equity index volatility						(1)						—
Actual policyholder behavior different from expected behavior						4						6
Effect of changes in future expected policyholder behavior and other assumptions						(4)						(2)
Effect of foreign currency translation and other, net						(29)						22
Effect of changes in risk margin						(1)						(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk						(125)						(12)
Cumulative effect of changes in the instrument-specific credit risk						20						13
Effect of foreign currency translation on the cumulative instrument-specific credit risk						1						1
Balance, end of period						(104)						2
Less: Reinsurance recoverable						12						16
Balance, end of period, net of reinsurance						$	(116)					$	(14)

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