Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Insurance [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents a summary of the Transition Date impacts associated with the implementation of LDTI to the consolidated balance sheet:

	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Other Assets		Future Policy Benefits		Policyholder Account Balances		Other Policy-related Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	17,870	$	16,389	$	11,685	$	206,656	$	205,176	$	17,101	$	—	$	11,008	$	36,491	$	18,072
Reclassification of carrying amount of contracts and contract features that are market risk benefits	(59)		—		—		(1,818)		(958)		(72)		2,789		—		—		—
Adjustments for the difference between previous carrying amount and fair value measurement for market risk benefits	(12)		—		—		—		—		—		5,112		(1,079)		(4,121)		76
Removal of related amounts in accumulated other comprehensive income	—		4,007		42		(7,911)		—		1,043		—		2,405		—		8,512
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	32		—		—		719		—		—		—		(160)		(527)		—
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	351		—		—		34,119		—		—		—		(7,438)		—		(26,330)
Adjustments for the cumulative effect of adoption on additional insurance assets and liabilities	19		—		—		83		—		—		—		(13)		(42)		(9)
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(32)		21		15		(7,490)		7,519		(40)		—		—		23		(6)
Balances as adjusted, January 1, 2021	$	18,169	$	20,417	$	11,742	$	224,358	$	211,737	$	18,032	$	7,901	$	4,723	$	31,824	$	315

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet:

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	17,461	$	(97)	$	17,364
Market risk benefits	$	—	$	280	$	280
Deferred policy acquisition costs and value of business acquired	$	22,983	$	(3,330)	$	19,653
Deferred income tax asset	$	2,830	$	(391)	$	2,439
Other assets	$	11,026	$	(1)	$	11,025
Total assets	$	666,611	$	(3,539)	$	663,072
Liabilities
Future policy benefits	$	204,228	$	(17,006)	$	187,222
Policyholder account balances	$	203,082	$	7,515	$	210,597
Market risk benefits	$	—	$	3,763	$	3,763
Other policy-related balances	$	19,651	$	(1,227)	$	18,424
Deferred income tax liability	$	325	$	625	$	950
Other liabilities	$	25,980	$	(47)	$	25,933
Total liabilities	$	639,324	$	(6,377)	$	632,947
Equity
Retained earnings	$	41,953	$	(1,621)	$	40,332
Accumulated other comprehensive income (loss)	$	(27,083)	$	4,462	$	(22,621)
Total MetLife, Inc.'s stockholders' equity	$	27,040	$	2,841	$	29,881
Noncontrolling interests	$	247	$	(3)	$	244
Total equity	$	27,287	$	2,838	$	30,125
Total liabilities and equity	$	666,611	$	(3,539)	$	663,072

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of operations and comprehensive income (loss):

	Three Months Ended March 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	10,771	$	(154)	$	10,617
Universal life and investment-type product policy fees	$	1,418	$	(106)	$	1,312
Net investment gains (losses)	$	(518)	$	1	$	(517)
Net derivative gains (losses)	$	(859)	$	(92)	$	(951)
Total revenues	$	15,756	$	(351)	$	15,405
Expenses
Policyholder benefits and claims	$	11,193	$	(19)	$	11,174
Policyholder liability remeasurement (gains) losses	$	—	$	(41)	$	(41)
Market risk benefits remeasurement (gains) losses	$	—	$	(1,440)	$	(1,440)
Interest credited to policyholder account balances	$	630	$	(4)	$	626
Policyholder dividends	$	198	$	1	$	199
Other expenses	$	3,020	$	(68)	$	2,952
Total expenses	$	15,041	$	(1,571)	$	13,470
Income (loss) from before provisions for income taxes	$	715	$	1,220	$	1,935
Provision for income tax expense (benefit)	$	41	$	255	$	296
Net income (loss)	$	674	$	965	$	1,639
Net income (loss) attributable to MetLife, Inc.	$	669	$	965	$	1,634
Net income (loss) available to MetLife, Inc.'s common shareholders	$	606	$	965	$	1,571
Comprehensive income (loss)	$	(12,159)	$	6,203	$	(5,956)
Comprehensive income (loss) attributable to MetLife, Inc.	$	(12,162)	$	6,203	$	(5,959)
Net income (loss) available to MetLife, Inc.'s common shareholders per common share:
Basic	$	0.74	$	1.17	$	1.91
Diluted	$	0.73	$	1.16	$	1.89

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statements of equity:

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2021	$	41,197	$	(4,366)	$	36,831
Net income (loss)	$	669	$	965	$	1,634
Balance at March 31, 2022	$	41,406	$	(3,401)	$	38,005
Balance at December 31, 2022	$	41,953	$	(1,621)	$	40,332
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	10,919	$	(13,370)	$	(2,451)
Other comprehensive income (loss), net of income tax	$	(12,831)	$	5,238	$	(7,593)
Balance at March 31, 2022	$	(1,912)	$	(8,132)	$	(10,044)
Balance at December 31, 2022	$	(27,083)	$	4,462	$	(22,621)
Total MetLife, Inc.’s Stockholders’ Equity
Balance at December 31, 2021	$	67,482	$	(17,736)	$	49,746
Balance at March 31, 2022	$	53,965	$	(11,533)	$	42,432
Balance at December 31, 2022	$	27,040	$	2,841	$	29,881
Noncontrolling Interests
Balance at December 31, 2021	$	267	$	—	$	267
Change in equity of noncontrolling interests	$	2	$	(1)	$	1
Net income (loss)	$	5	$	—	$	5
Other comprehensive income (loss), net of income tax	$	(2)	$	—	$	(2)
Balance at March 31, 2022	$	272	$	(1)	$	271
Balance at December 31, 2022	$	247	$	(3)	$	244
Total Equity
Balance at December 31, 2021	$	67,749	$	(17,736)	$	50,013
Balance at March 31, 2022	$	54,237	$	(11,534)	$	42,703
Balance at December 31, 2022	$	27,287	$	2,838	$	30,125

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported interim condensed consolidated statement of cash flows:

	Three Months Ended March 31, 2022
	As Previously  Reported		Adoption Adjustment		Post Adoption
	(In millions)
Net cash provided by (used in) operating activities	$	1,954	$	86	$	2,040
Cash flows from financing activities
Policyholder account balances - deposits	$	28,335	$	128	$	28,463
Policyholder account balances - withdrawals	$	(23,653)	$	(214)	$	(23,867)
Net cash provided by (used in) financing activities	$	1,951	$	(86)	$	1,865

	U.S. Annuities		Asia Whole and Term Life & Endowments		Asia Accident & Health		Latin America Fixed Annuities		MetLife Holdings Long-Term Care		MetLife Holdings Participating Life		Other Long-Duration		Short-Duration and Other		Total
	(In millions)
Balance, future policy benefits, at December 31, 2020	$	66,030	$	17,990	$	16,330	$	8,393	$	14,281	$	51,148	$	19,128	$	13,356	$	206,656
Removal of additional insurance liabilities for separate presentation (1)	(4)		—		—		—		—		—		(6,561)		—		(6,565)
Subtotal - pre-adoption balance, excluding additional liabilities	66,026		17,990		16,330		8,393		14,281		51,148		12,567		13,356		200,091
Removal of related amounts in AOCI	(5,914)		—		—		(295)		(1,210)		—		(492)		—		(7,911)
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		—		—		—		—		(176)		—		(176)
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach	337		51		154		121		—		—		56		—		719
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate	15,834		4,386		285		2,869		8,270		—		2,475		—		34,119
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard	(7,416)		4		47		(1)		—		—		(124)		—		(7,490)
Removal of remeasured deferred profit liabilities for separate presentation (1)	(2,897)		(225)		(691)		(570)		—		—		(275)		—		(4,658)
Balance, traditional and limited-payment contracts, at January 1, 2021	$	65,970	$	22,206	$	16,125	$	10,517	$	21,341	$	51,148	$	14,031	$	13,356	$	214,694
Balance, deferred profit liabilities at January 1, 2021	$	2,897	$	225	$	691	$	570	$	—	$	—	$	275	$	—	$	4,658
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020	$	203	$	—	$	32	$	—	$	—			$	1,052			$	1,287
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate	135		(15)		(66)		—		—				297				351
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach	—		—		—		—		—				32				32
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract	6		—		(2)		—		—				10				14
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021	$	344	$	(15)	$	(36)	$	—	$	—			$	1,391			$	1,684

__________________

(1)    LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date.

	Asia Variable Life		Asia Universal & Variable Universal Life		MetLife Holdings Universal and Variable Universal Life		Other Long-Duration		Total
	(In millions)
Additional insurance liabilities at December 31, 2020	$	1,824	$	788	$	1,976	$	1,977	$	6,565
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		—		(1,642)		(1,642)
Adjustments for the cumulative effect of adoption on additional insurance liabilities	—		—		38		45		83
Additional insurance liabilities at January 1, 2021	$	1,824	$	788	$	2,014	$	380	$	5,006
Ceded recoverables on additional insurance liabilities at December 31, 2020	$	—	$	—	$	719	$	8	$	727
Reclassification of carrying amount of contracts and contract features that are reinsured market risk benefits	—		—		—		(8)		(8)
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities	—		—		1		—		1
Ceded recoverables on additional insurance liabilities at January 1, 2021	$	—	$	—	$	720	$	—	$	720
Balance, traditional and limited-payment contracts, at January 1, 2021									$	214,694
Balance, deferred profit liabilities at January 1, 2021									4,658
Balance, additional insurance liabilities at January 1, 2021									5,006
Total future policy benefits at January 1, 2021									$	224,358

The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date:

	U.S. Group Life		U.S. Capital Markets Investment Products and Stable Value GICs		U.S. Annuities and Risk Solutions		Asia Universal and Variable Universal Life		Asia Fixed Annuities		EMEA Variable Annuities		MetLife Holdings Annuities		MetLife Holdings Life and Other		Other		Total
	(In millions)
Balance at December 31, 2020	$	7,586	$	62,908	$	6,250	$	43,868	$	31,422	$	4,777	$	15,727	$	13,129	$	19,509	$	205,176
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		(24)		—		—		2		(493)		(273)		(170)		(958)
Other balance sheet reclassifications upon adoption of the LDTI standard	—		—		7,417		—		—		—		—		—		102		7,519
Balance at January 1, 2021	$	7,586	$	62,908	$	13,643	$	43,868	$	31,422	$	4,779	$	15,234	$	12,856	$	19,441	$	211,737

The LDTI transition adjustments related to market risk benefit liabilities, as described in Note 1, were as follows at the Transition Date:

	Asia Retirement Assurance		MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	247		2,291		251		2,789
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(7)		(54)		(38)		(99)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	78		4,764		369		5,211
Direct and assumed MRB liabilities at January 1, 2021 (1)	$	318	$	7,001	$	582	$	7,901
Reinsured MRB assets at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amount of contracts and contract features that are market risk benefits	—		—		63		63
Adjustments for the difference between previous carrying amount and fair value measurement	—		—		(12)		$	(12)
Reinsured MRB assets at January 1, 2021 (1)	$	—	$	—	$	51	$	51

__________________

(1)Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets.

The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date:

	U.S.		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	409	$	7,432	$	1,344	$	1,551	$	2,679	$	31	$	13,446
Removal of related amounts in AOCI	—		2,309		50		—		1,621		—		3,980
Other adjustments upon adoption of the LDTI standard	—		—		—		14		11		—		25
Balance at January 1, 2021	$	409	$	9,741	$	1,394	$	1,565	$	4,311	$	31	$	17,451
VOBA:
Balance at December 31, 2020	$	25	$	1,901	$	748	$	236	$	33	$	—	$	2,943
Removal of related amounts in AOCI	—		14		8		—		5		—		27
Other adjustments upon adoption of the LDTI standard	—		—		—		(4)		—		—		(4)
Balance at January 1, 2021	$	25	$	1,915	$	756	$	232	$	38	$	—	$	2,966
UREV:
Balance at December 31, 2020	$	42	$	587	$	740	$	556	$	188	$	—	$	2,113
Removal of related amounts in AOCI	—		1,029		95		(81)		—		—		1,043
Other adjustments upon adoption of the LDTI standard	—		—		—		7		—		—		7
Balance at January 1, 2021	$	42	$	1,616	$	835	$	482	$	188	$	—	$	3,163
Negative VOBA:
Balance at December 31, 2020													$	738
Reclassification of carrying amount of contracts and contract features that are market risk benefits													(72)
Balance at January 1, 2021													$	666

Schedule of Liability for Future Policy Benefits, by Product Segment

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

	March 31, 2023		December 31, 2022
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	59,595	$	58,495
Asia:
Whole and term life & endowments	13,498		12,792
Accident & health	11,177		10,040
Latin America - Fixed annuities	10,298		9,265
MetLife Holdings - Long-term care	14,617		13,845
Deferred Profit Liabilities:
U.S. - Annuities	3,384		3,327
Asia:
Whole and term life & endowments	531		510
Accident & health	777		760
Latin America - Fixed annuities	609		560
Additional Insurance Liabilities:
Asia:
Variable life	1,362		1,381
Universal and variable universal life	458		455
MetLife Holdings - Universal and variable universal life	2,198		2,156
MetLife Holdings - Participating life	50,114		50,371
Other long-duration (1)	10,212		10,101
Short-duration and other	12,911		13,164
Total	$	191,741	$	187,222

__________________

(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:

	Three Months Ended March 31,
		2023			2022
		(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 actual variances from expected experience (1)		(16)			—
Adjusted balance		(16)			—
Issuances		236			1,353
Net premiums collected		(220)			(1,353)
Ending balance at original discount rate		—			—
Balance, end of period, at current discount rate at balance sheet date		$	—		$	—
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date		$	58,695		$	62,954
Balance, beginning of period, at original discount rate		$	61,426		$	50,890
Effect of actual variances from expected experience (1)		(116)			(55)
Adjusted balance		61,310			50,835
Issuances		234			1,352
Interest accrual		703			587
Benefit payments		(1,372)			(1,091)
Ending balance at original discount rate		60,875			51,683
Effect of changes in discount rate assumptions		(1,202)			6,105
Balance, end of period, at current discount rate at balance sheet date		59,673			57,788
Cumulative amount of fair value hedging adjustments		(78)			366
Net liability for future policy benefits, exclusive of net premiums		59,595			58,154
Less: Reinsurance recoverable		—			271
Net liability for future policy benefits, exclusive of net premiums, after reinsurance		$	59,595		$	57,883
Undiscounted - Expected future benefit payments		$	113,912		$	97,388
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)		$	59,673		$	57,788
Weighted-average duration of the liability		9 years			11 years
Weighted-average interest accretion (original locked-in) rate		4.7		%	4.7		%
Weighted-average current discount rate at balance sheet date		5.1		%	3.7		%

_________________

(1)    For the three months ended March 31, 2023 and 2022, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $71 million and $36 million, respectively.

Information regarding these products was as follows:

	Three Months Ended March 31,
		2023			2022
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	4,682		$	5,986
Balance, beginning of period, at original discount rate		$	4,943		$	5,881
Effect of actual variances from expected experience		(22)			(27)
Adjusted balance		4,921			5,854
Issuances		141			38
Interest accrual		13			12
Net premiums collected		(153)			(175)
Effect of foreign currency translation and other, net		(44)			(281)
Ending balance at original discount rate		4,878			5,448
Effect of changes in discount rate assumptions		(201)			(5)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		3			(3)
Balance, end of period, at current discount rate at balance sheet date		$	4,680		$	5,440
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date		$	17,463		$	24,453
Balance, beginning of period, at original discount rate		$	18,209		$	21,276
Effect of actual variances from expected experience		(4)			(19)
Adjusted balance		18,205			21,257
Issuances		141			38
Interest accrual		93			99
Benefit payments		(340)			(419)
Effect of foreign currency translation and other, net		(220)			(949)
Ending balance at original discount rate		17,879			20,026
Effect of changes in discount rate assumptions		329			2,084
Effect of foreign currency translation on the effect of changes in discount rate assumptions		(32)			(63)
Balance, end of period, at current discount rate at balance sheet date		18,176			22,047
Cumulative impact of flooring the future policyholder benefits reserve		2			7
Net liability for future policy benefits, exclusive of net premiums		13,498			16,614
Less: Amount due to reinsurer		(1)			(9)
Net liability for future policy benefits, exclusive of net premiums, after reinsurance		$	13,499		$	16,623
Undiscounted:
Expected future gross premiums		$	9,309		$	10,275
Expected future benefit payments		$	28,009		$	30,754
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	8,146		$	9,416
Expected future benefit payments		$	18,176		$	22,047
Weighted-average duration of the liability		17 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.5		%	2.4		%
Weighted-average current discount rate at balance sheet date		2.4		%	1.7		%

Information regarding these products was as follows:

	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	21,181	$	26,543
Balance, beginning of period, at original discount rate	$	22,594	$	25,937
Effect of actual variances from expected experience	(55)		2
Adjusted balance	22,539		25,939
Issuances	257		423
Interest accrual	61		70
Net premiums collected	(546)		(594)
Effect of foreign currency translation and other, net	(225)		(1,261)
Ending balance at original discount rate	22,086		24,577
Effect of changes in discount rate assumptions	(1,051)		25
Effect of foreign currency translation on the effect of changes in discount rate assumptions	16		(10)
Balance, end of period, at current discount rate at balance sheet date	$	21,051	$	24,592
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date	$	30,879	$	41,874
Balance, beginning of period, at original discount rate	$	37,189	$	41,517
Effect of actual variances from expected experience	(60)		11
Adjusted balance	37,129		41,528
Issuances	256		425
Interest accrual	125		135
Benefit payments	(323)		(347)
Effect of foreign currency translation and other, net	(400)		(1,982)
Ending balance at original discount rate	36,787		39,759
Effect of changes in discount rate assumptions	(4,726)		(1,483)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	54		62
Balance, end of period, at current discount rate at balance sheet date	32,115		38,338
Cumulative impact of flooring the future policyholder benefits reserve	113		95
Net liability for future policy benefits, exclusive of net premiums	11,177		13,841
Less: Reinsurance recoverables/(Amount due to reinsurer)	155		(11)
Net liability for future policy benefits, exclusive of net premiums, after reinsurance	$	11,022	$	13,852
Undiscounted:
Expected future gross premiums	$	42,544	$	47,457
Expected future benefit payments	$	47,574	$	51,080
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	36,047	$	42,593
Expected future benefit payments	$	32,115	$	38,338
Weighted-average duration of the liability	26 years		29 years
Weighted-average interest accretion (original locked-in) rate	1.8%		1.7%
Weighted-average current discount rate at balance sheet date	2.3%		1.7%

Information regarding these products was as follows:

	Three Months Ended March 31,
	2023		2022
	(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 actual variances from expected experience (1)	—		1
Adjusted balance	—		1
Issuances	294		145
Interest accrual	2		—
Net premiums collected	(296)		(146)
Ending balance at original discount rate	—		—
Balance, end of period, at current discount rate at balance sheet date	$	—	$	—
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date	$	9,265	$	7,343
Balance, beginning of period, at original discount rate	$	8,240	$	6,851
Effect of actual variances from expected experience (1)	(8)		(32)
Adjusted balance	8,232		6,819
Issuances	325		154
Interest accrual	85		71
Benefit payments	(162)		(147)
Inflation adjustment	116		170
Effect of foreign currency translation and other, net	649		555
Ending balance at original discount rate	9,245		7,622
Effect of changes in discount rate assumptions	976		609
Effect of foreign currency translation on the effect of changes in discount rate assumptions	77		43
Balance, end of period, at current discount rate at balance sheet date	10,298		8,274
Net liability for future policy benefits, exclusive of net premiums	$	10,298	$	8,274
Undiscounted - Expected future benefit payments	$	14,095	$	11,848
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	10,298	$	8,274
Weighted-average duration of the liability	11 years		11 years
Weighted-average interest accretion (original locked-in) rate	3.9%		4.0%
Weighted-average current discount rate at balance sheet date	2.7%		3.1%

__________________

(1)    For the three months ended March 31, 2023 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America fixed annuities products of $3 million and $17 million, respectively.Information regarding these products was as follows:

	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	5,775	$	7,058
Balance, beginning of period, at original discount rate	$	5,807	$	5,699
Effect of actual variances from expected experience	26		87
Adjusted balance	5,833		5,786
Interest accrual	75		74
Net premiums collected	(146)		(145)
Ending balance at original discount rate	5,762		5,715
Effect of changes in discount rate assumptions	104		796
Balance, end of period, at current discount rate at balance sheet date	$	5,866	$	6,511
Present Value of Expected Future Policy Benefits
Balance, beginning of period, at current discount rate at balance sheet date	$	19,619	$	27,627
Balance, beginning of period, at original discount rate	$	20,165	$	19,406
Effect of actual variances from expected experience	28		96
Adjusted balance	20,193		19,502
Interest accrual	266		257
Benefit payments	(191)		(170)
Ending balance at original discount rate	20,268		19,589
Effect of changes in discount rate assumptions	215		4,677
Balance, end of period, at current discount rate at balance sheet date	20,483		24,266
Net liability for future policy benefits, exclusive of net premiums	$	14,617	$	17,755
Undiscounted:
Expected future gross premiums	$	11,053	$	11,209
Expected future benefit payments	$	45,741	$	45,898
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	7,295	$	8,210
Expected future benefit payments	$	20,483	$	24,266
Weighted-average duration of the liability	15 years		17 years
Weighted-average interest accretion (original locked-in) rate	5.4%		5.5%
Weighted-average current discount rate at balance sheet date	5.3%		3.9%

Additional Liability, Long-Duration Insurance

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:

	Three Months  Ended  March 31,
	2023			2022			2023			2022
	Variable Life						Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,381		$	1,595		$	455		$	655
Less: AOCI adjustment	—			—			(33)			56
Balance, beginning of period, before AOCI adjustment	1,381			1,595			488			599
Effect of actual variances from expected experience	(2)			1			(3)			(13)
Adjusted balance	1,379			1,596			485			586
Assessments accrual	(1)			(1)			(1)			—
Interest accrual	5			6			2			2
Excess benefits paid	(10)			(12)			—			—
Effect of foreign currency translation and other, net	(11)			(82)			(5)			(30)
Balance, end of period, before AOCI adjustment	1,362			1,507			481			558
Add: AOCI adjustment	—			—			(23)			10
Balance, end of period	$	1,362		$	1,507		$	458		$	568
Weighted-average duration of the liability	17 years			18 years			42 years			41 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.5		%

Information regarding these additional insurance liabilities was as follows:

	Three Months  Ended  March 31,
	2023			2022
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,156		$	2,117
Less: AOCI adjustment	(63)			67
Balance, beginning of period, before AOCI adjustment	2,219			2,050
Effect of actual variances from expected experience	11			14
Adjusted balance	2,230			2,064
Assessments accrual	28			27
Interest accrual	30			28
Excess benefits paid	(40)			(39)
Balance, end of period, before AOCI adjustment	2,248			2,080
Add: AOCI adjustment	(50)			14
Balance, end of period	2,198			2,094
Less: Reinsurance recoverable	748			745
Balance, end of period, net of reinsurance	$	1,450		$	1,349
Weighted-average duration of the liability	16 years			16 years
Weighted-average interest accretion rate	5.6		%	5.5		%

The Company’s revenue and interest 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:

		Three Months  Ended March 31,
		2023				2022
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities		$	245	$	703	$	1,373	$	587
Asia:
Whole and term life & endowments		282		80		331		87
Accident & health		908		64		1,010		65
Latin America - Fixed annuities		296		83		146		71
MetLife Holdings - Long-term care		183		191		183		183
Deferred Profit Liabilities:
U.S. - Annuities		N/A		40		N/A		38
Asia:
Whole and term life & endowments		N/A		7		N/A		6
Accident & health		N/A		4		N/A		4
Latin America - Fixed annuities		N/A		6		N/A		5
Additional Insurance Liabilities:
Asia:
Variable life		5		5		6		6
Universal and variable universal life		(12)		2		—		2
MetLife Holdings - Universal and variable universal life		192		30		196		28
Other long-duration		947		112		920		118
Total		$	3,046	$	1,327	$	4,165	$	1,200

__________________

(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:

	Three Months Ended March 31,
	2023		2022
	(In millions)
Balance, beginning of period	$	16,098	$	15,598
Less: Reinsurance recoverables	2,452		2,629
Net balance, beginning of period	13,646		12,969
Incurred related to:
Current period	6,798		7,044
Prior periods (1)	206		372
Total incurred	7,004		7,416
Paid related to:
Current period	(3,230)		(3,182)
Prior periods	(3,565)		(3,462)
Total paid	(6,795)		(6,644)
Net balance, end of period	13,855		13,741
Add: Reinsurance recoverables	2,631		2,668
Balance, end of period (included in future policy benefits and other policy-related balances)	$	16,486	$	16,409

__________________

(1)For the three months ended March 31, 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the current period. For the three months ended March 31, 2022, incurred claims and claim adjustment expenses include expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.