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Separate Account
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
(In millions)
RIS:
Stable Value and Risk Solutions
$37,217 $40,319 
Annuities
11,247 11,001 
Latin America - Pensions45,072 38,765 
MetLife Holdings - Annuities27,355 27,829 
Other25,453 21,590 
Total
$146,344 $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)
Nine Months Ended September 30, 2025
Balance, beginning of period$40,319 $11,001 $38,765 $27,829 
Premiums and deposits2,992 80 5,197 166 
Policy charges(219)(15)(203)(416)
Surrenders and withdrawals(6,103)(594)(3,937)(2,514)
Benefit payments(112)— (1,375)(344)
Investment performance2,310 776 5,309 2,879 
Net transfers from (to) general account26 (23)— (246)
Effect of foreign currency translation and other, net (1)(1,996)22 1,316 1 
Balance, end of period$37,217 $11,247 $45,072 $27,355 
Nine Months Ended September 30, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits1,669 34 5,082 175 
Policy charges(214)(16)(198)(454)
Surrenders and withdrawals(3,799)(609)(3,913)(2,798)
Benefit payments(81)— (1,231)(377)
Investment performance2,152 561 4,075 3,691 
Net transfers from (to) general account(21)— — (105)
Effect of foreign currency translation and other, net (1) (601)360 (977)(7)
Balance, end of period$40,448 $11,989 $44,158 $29,349 
Cash surrender value at September 30, 2025 (2)
$34,094 N/A$45,072 $27,232 
Cash surrender value at September 30, 2024 (2)
$35,632 N/A$44,158 $29,210 
__________________
(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:
September 30, 2025
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Government and agency
$— $9,366 $1,193 $11,734 $3,964 $— $26,257 
Public utilities— 1,098 188 — — — 1,286 
Municipals— 317 18 — — — 335 
Corporate bonds:
Materials— 260 — — 1 — 261 
Communications— 750 37 — — — 787 
Consumer— 1,707 43 — 6 — 1,756 
Energy— 939 127 1,005 15 — 2,086 
Financial— 3,016 499 4,504 439 — 8,458 
Industrial and other— 735 9 2,521 2 — 3,267 
Technology— 585 34 — — — 619 
Total corporate bonds— 7,992 749 8,030 463 — 17,234 
Total bonds— 18,773 2,148 19,764 4,427 — 45,112 
Mortgage-backed securities
— 8,327 — — — — 8,327 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,314 — — — — 2,314 
Redeemable preferred stock— 8 114 — — — 122 
Total fixed maturity securities— 29,422 2,262 19,764 4,427 — 55,875 
Equity securities— 2,898 3,271 3,514 1,702 — 11,385 
Mutual funds 1,425 11,323 3,687 18,189 311 34,672 69,607 
Other invested assets
— 1,326 319 3,468 74 — 5,187 
Total investments1,425 44,969 9,539 44,935 6,514 34,672 142,054 
Other assets
— 3,600 526 137 27 — 4,290 
Total$1,425 $48,569 $10,065 $45,072 $6,541 $34,672 $146,344 
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 funds1,319 10,035 3,098 14,295 129 34,751 63,627 
Other invested assets
— 1,398 312 2,557 43 — 4,310 
Total investments1,319 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