Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2025

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

Market Risk Benefit, Activity

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

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.

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)