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Policyholder Account Balances (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Policyholder Account Balances

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

Policyholder Account Balance Rollforward

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 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

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

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

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

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.

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.

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%.

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)
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

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

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

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

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

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

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

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Tabular disclosure of policyholder account balance by range of guaranteed minimum crediting rate and related range of difference between rate being credited to policyholder and respective guaranteed minimum.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

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-Paragraph 7A
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
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