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Future Policy Benefits (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Schedule of Liability for Future Policy Benefits, by Product Segment

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:

						September 30, 2025						December 31, 2024
						(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities						$	68,804					$	66,262
Asia:
Whole and term life & endowments						11,355						11,167
Accident & health						8,779						9,406
Latin America - Fixed annuities						11,108						9,600
MetLife Holdings - Long-term care						15,309						14,537
Deferred Profit Liabilities:
RIS - Annuities						3,868						3,780
Asia:
Whole and term life & endowments						912						759
Accident & health						1,012						849
Latin America - Fixed annuities						518						498
Additional Insurance Liabilities:
Asia:
Variable life						1,146						1,108
Universal and variable universal life						350						355
MetLife Holdings - Universal and variable universal life						2,598						2,496
MetLife Holdings - Participating life						47,571						48,485
Other long-duration (1)						11,179						10,712
Short-duration and other						14,660						13,632
Total						$	199,169					$	193,646

_______________

(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Liability for Future Policy Benefit, Activity

Information regarding these products was as follows:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	—					$	—
Balance, beginning of period, at original discount rate						$	—					$	—
Effect of changes in cash flow assumptions (1)						—						—
Effect of actual variances from expected experience (2)						(70)						(32)
Adjusted balance						(70)						(32)
Issuances						3,194						5,042
Net premiums collected						(3,124)						(5,010)
Ending balance at original discount rate						—						—
Balance, end of period, at current discount rate at balance sheet date						$	—					$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	66,621					$	64,515
Balance, beginning of period, at original discount rate						$	69,643					$	64,737
Effect of changes in cash flow assumptions (1)						(79)						(195)
Effect of actual variances from expected experience (2)						(123)						(99)
Adjusted balance						69,441						64,443
Issuances						3,227						5,168
Interest accrual						2,516						2,326
Benefit payments						(4,978)						(4,479)
Effect of foreign currency translation						21						—
Ending balance at original discount rate						70,227						67,458
Effect of changes in discount rate assumptions						(1,146)						338
Balance, end of period, at current discount rate at balance sheet date						69,081						67,796
Cumulative amount of fair value hedging adjustments						(277)						(151)
Net liability for FPBs						68,804						67,645
Less: Reinsurance recoverables						7,468						2,041
Net liability for FPBs, net of reinsurance						$	61,336					$	65,604
Undiscounted - Expected future benefit payments						$	127,364					$	123,186
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)						$	69,081					$	67,796
Weighted-average duration of the liability						8 years						9 years
Weighted-average interest accretion (original locked-in) rate						4.9		%				4.8		%
Weighted-average current discount rate at balance sheet date						5.3		%				5.0		%

_________________

(1)For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $65 million. For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million.

(2)For the nine months ended September 30, 2025, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $43 million. For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $29 million.

For the nine months ended September 30, 2025 and 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:

			Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	4,023					$	4,561
Balance, beginning of period, at original discount rate						$	4,286					$	4,793
Effect of changes in cash flow assumptions (1)						26						58
Effect of actual variances from expected experience						(93)						(43)
Adjusted balance						4,219						4,808
Issuances						455						386
Interest accrual						61						52
Net premiums collected						(476)						(456)
Effect of foreign currency translation						237						(77)
Ending balance at original discount rate						4,496						4,713
Effect of changes in discount rate assumptions						(358)						(236)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						(16)						3
Balance, end of period, at current discount rate at balance sheet date						$	4,122					$	4,480
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	15,190					$	17,435
Balance, beginning of period, at original discount rate						$	15,252					$	17,198
Effect of changes in cash flow assumptions (1)						28						36
Effect of actual variances from expected experience						(107)						(39)
Adjusted balance						15,173						17,195
Issuances						455						386
Interest accrual						286						276
Benefit payments						(723)						(726)
Effect of foreign currency translation						877						(263)
Ending balance at original discount rate						16,068						16,868
Effect of changes in discount rate assumptions						(592)						272
Effect of foreign currency translation on the effect of changes in discount rate assumptions						1						1
Balance, end of period, at current discount rate at balance sheet date						15,477						17,141
Net liability for FPBs						11,355						12,661
Less: Amount due to reinsurer						(2)						(2)
Net liability for FPBs, net of reinsurance						$	11,357					$	12,663
Undiscounted:
Expected future gross premiums						$	9,376					$	9,393
Expected future benefit payments						$	27,226					$	28,008
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums						$	7,697					$	8,042
Expected future benefit payments						$	15,477					$	17,141
Weighted-average duration of the liability						17 years						17 years
Weighted -average interest accretion (original locked-in) rate						2.7		%				2.5		%
Weighted-average current discount rate at balance sheet date						3.2		%				2.6		%

_________________

(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life products of $28 million.

Information regarding these products was as follows:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	17,203					$	19,835
Balance, beginning of period, at original discount rate						$	18,820					$	21,232
Effect of changes in cash flow assumptions						(95)						439
Effect of actual variances from expected experience						(277)						—
Adjusted balance						18,448						21,671
Issuances						929						842
Interest accrual						169						168
Net premiums collected						(1,397)						(1,394)
Effect of foreign currency translation and other - net						1,371						(149)
Ending balance at original discount rate						19,520						21,138
Effect of changes in discount rate assumptions						(2,462)						(1,481)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						(107)						12
Balance, end of period, at current discount rate at balance sheet date						$	16,951					$	19,669
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	26,565					$	30,480
Balance, beginning of period, at original discount rate						$	32,838					$	36,010
Effect of changes in cash flow assumptions						(186)						439
Effect of actual variances from expected experience						(310)						4
Adjusted balance						32,342						36,453
Issuances						928						841
Interest accrual						360						353
Benefit payments						(1,001)						(939)
Effect of foreign currency translation and other - net						2,220						(323)
Ending balance at original discount rate						34,849						36,385
Effect of changes in discount rate assumptions						(8,900)						(6,207)
Effect of foreign currency translation on the effect of changes in discount rate assumptions						(379)						43
Balance, end of period, at current discount rate at balance sheet date						25,570						30,221
Cumulative impact of flooring the future policyholder benefits reserve						160						46
Net liability for FPBs						8,779						10,598
Less: Reinsurance recoverables						123						164
Net liability for FPBs, net of reinsurance						$	8,656					$	10,434
Undiscounted:
Expected future gross premiums						$	39,033					$	41,446
Expected future benefit payments						$	45,782					$	47,705
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums						$	29,343					$	33,666
Expected future benefit payments						$	25,570					$	30,221
Weighted-average duration of the liability						20 years						24 years
Weighted-average interest accretion (original locked-in) rate						1.7		%				1.7		%
Weighted-average current discount rate at balance sheet date						3.4		%				2.7		%

For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, partially offset by mortality. For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses.

Information regarding these products was as follows:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	—					$	—
Balance, at beginning of period, at original discount rate						$	—					$	—
Effect of changes in cash flow assumptions (1)						—						—
Effect of actual variances from expected experience (2)						—						—
Adjusted balance						—						—
Issuances						1,096						760
Interest accrual						7						13
Net premiums collected						(1,103)						(773)
Ending balance at original discount rate						—						—
Balance, end of period, at current discount rate at balance sheet date						$	—					$	—
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	9,600					$	9,637
Balance, beginning of period, at original discount rate						$	9,133					$	9,249
Effect of changes in cash flow assumptions (1)						5						(4)
Effect of actual variances from expected experience (2)						(17)						(21)
Adjusted balance						9,121						9,224
Issuances						1,143						789
Interest accrual						274						253
Benefit payments						(595)						(519)
Inflation adjustment						274						270
Effect of foreign currency translation						333						(258)
Ending balance at original discount rate						10,550						9,759
Effect of changes in discount rate assumptions						545						1,126
Effect of foreign currency translation on the effect of changes in discount rate assumptions						13						21
Balance, end of period, at current discount rate at balance sheet date						11,108						10,906
Net liability for FPBs						$	11,108					$	10,906
Undiscounted - Expected future benefit payments						$	15,646					$	14,663
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)						$	11,108					$	10,906
Weighted-average duration of the liability						10 years						11 years
Weighted-average interest accretion (original locked-in) rate						3.7		%				3.4		%
Weighted-average current discount rate at balance sheet date						3.0		%				2.5		%

__________________

(1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million.

(2)For the nine months ended September 30, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL.

Information regarding these products was as follows:

						Nine Months Ended September 30,
						2025						2024
						(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date						$	5,475					$	5,687
Balance, beginning of period, at original discount rate						$	5,568					$	5,566
Effect of changes in cash flow assumptions						68						212
Effect of actual variances from expected experience						99						34
Adjusted balance						5,735						5,812
Interest accrual						212						213
Net premiums collected						(421)						(424)
Ending balance at original discount rate						5,526						5,601
Effect of changes in discount rate assumptions						57						159
Balance, end of period, at current discount rate at balance sheet date						$	5,583					$	5,760
Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date						$	20,012					$	20,927
Balance, beginning of period, at original discount rate						$	21,024					$	20,494
Effect of changes in cash flow assumptions						66						205
Effect of actual variances from expected experience						149						45
Adjusted balance						21,239						20,744
Interest accrual						833						812
Benefit payments						(690)						(638)
Ending balance at original discount rate						21,382						20,918
Effect of changes in discount rate assumptions						(490)						499
Balance, end of period, at current discount rate at balance sheet date						20,892						21,417
Net liability for FPBs						$	15,309					$	15,657
Undiscounted:
Expected future gross premiums						$	10,462					$	10,735
Expected future benefit payments						$	44,833					$	45,098
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums						$	7,059					$	7,319
Expected future benefit payments						$	20,892					$	21,417
Weighted-average duration of the liability						13 years						14 years
Weighted-average interest accretion (original locked-in) rate						5.4		%				5.4		%
Weighted-average current discount rate at balance sheet date						5.6		%				5.2		%

For the nine months ended September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to the future premium rate increases, substantially offset by unfavorable morbidity and policyholder behavior related to lapses.

For the nine months ended September 30, 2025, the net effect of actual variances from expected experience was primarily driven by unfavorable mortality and morbidity, partially offset by the future premium rate increases.

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:

						Nine Months Ended September 30,
						2025						2024						2025						2024
						Variable Life												Universal and Variable Universal Life
						(Dollars in millions)
Balance, beginning of period						$	1,108					$	1,258					$	355					$	424
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment						—						—						10						(14)
Balance, beginning of period, before AOCI adjustment						1,108						1,258						345						438
Effect of changes in cash flow assumptions						(3)						17						(46)						(23)
Effect of actual variances from expected experience						(14)						(8)						(5)						(14)
Adjusted balance						1,091						1,267						294						401
Assessments accrual						(3)						(3)						(2)						—
Interest accrual						13						13						4						4
Excess benefits paid						(27)						(30)						—						—
Effect of foreign currency translation and other, net						72						(20)						22						(6)
Balance, end of period, before AOCI adjustment						1,146						1,227						318						399
Add: AOCI adjustment						—						—						32						—
Balance, end of period						$	1,146					$	1,227					$	350					$	399
Weighted-average duration of the liability						16 years						16 years						42 years						42 years
Weighted-average interest accretion rate						1.6		%				1.4		%				1.6		%				1.4		%

Information regarding these additional insurance liabilities was as follows:

						Nine Months Ended September 30,
						2025						2024
						Universal and Variable Universal Life
						(Dollars in millions)
Balance, beginning of period						$	2,496					$	2,362
Less: AOCI adjustment						(17)						(14)
Balance, beginning of period, before AOCI adjustment						2,513						2,376
Effect of changes in cash flow assumptions						(8)						(2)
Effect of actual variances from expected experience						29						36
Adjusted balance						2,534						2,410
Assessments accrual						80						78
Interest accrual						103						98
Excess benefits paid						(106)						(104)
Balance, end of period, before AOCI adjustment						2,611						2,482
Add: AOCI adjustment						(13)						(11)
Balance, end of period						2,598						2,471
Less: Reinsurance recoverables						2,258						2,147
Balance, end of period, net of reinsurance						$	340					$	324
Weighted-average duration of the liability						14 years						15 years
Weighted-average interest accretion rate						5.5		%				5.5		%

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

						Nine Months Ended September 30,
						2025												2024
						Gross Premiums or Assessments (1)						Interest Expense (2)						Gross Premiums or Assessments (1)						Interest Expense (2)
			(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities						$	3,236					$	2,516					$	5,098					$	2,326
Asia:
Whole and term life & endowments						914						225						850						224
Accident & health						2,331						191						2,324						185
Latin America - Fixed annuities						1,103						267						773						240
MetLife Holdings - Long-term care						539						621						543						599
Deferred Profit Liabilities:
RIS - Annuities						N/A						138						N/A						133
Asia:
Whole and term life & endowments						N/A						32						N/A						27
Accident & health						N/A						17						N/A						15
Latin America - Fixed annuities						N/A						15						N/A						15
Additional Insurance Liabilities:
Asia:
Variable life						114						13						85						13
Universal and variable universal life						17						4						(32)						4
MetLife Holdings - Universal and variable universal life						465						103						492						98
Other long-duration						3,862						363						3,469						362
Total						$	12,581					$	4,505					$	13,602					$	4,241

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

						Nine Months Ended September 30,
						2025						2024
						(In millions)
Balance, beginning of period						$	16,118					$	16,468
Less: Reinsurance recoverables						2,790						2,592
Net balance, beginning of period						13,328						13,876
Incurred related to:
Current period						22,050						20,532
Prior periods (1)						164						80
Total incurred						22,214						20,612
Paid related to:
Current period						(15,202)						(14,470)
Prior periods						(5,712)						(5,773)
Total paid						(20,914)						(20,243)
Net balance, end of period						14,628						14,245
Add: Reinsurance recoverables						2,974						2,757
Balance, end of period (included in FPBs and other policy-related balances)						$	17,602					$	17,002

__________________

(1)For the nine months ended September 30, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

X

- Definition

Tabular disclosure of present value of total expected payment to policyholder in excess of present value of total expected assessment from application of revised benefit ratio as of contract issue date. Excludes benefit classified as market risk benefit or under provisions of Topic 815 on derivative and hedging.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

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- Definition

Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E

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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

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The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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