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Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2023

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


	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


	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

Policyholder Account Balance

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2023		December 31, 2022
	(In millions)
U.S:
Group Life	$	7,965	$	8,028
Capital Markets Investment Products and Stable Value GICs	63,284		63,723
Annuities and Risk Solutions	16,128		15,549
Asia:
Universal and Variable Universal Life	46,770		46,417
Fixed Annuities	34,272		32,454
EMEA - Variable Annuities	2,845		2,802
MetLife Holdings:
Annuities	12,818		13,286
Life and Other	12,234		12,402
Other	16,253		15,936
Total	$	212,569	$	210,597

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	8,028	$	7,893
Deposits	851		947
Policy charges	(160)		(150)
Surrenders and withdrawals	(799)		(683)
Benefit payments	(1)		(4)
Net transfers from (to) separate accounts	1		—
Interest credited	45		31

Balance, end of period	$	7,965	$	8,034

Weighted-average annual crediting rate	2.3 %		1.6 %
Cash surrender value	$	7,904	$	7,980

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s group life products was as follows at:


	March 31,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	249,463	N/A	$	240,610	N/A

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	63,723	$	62,521
Deposits	21,234		23,521

Surrenders and withdrawals	(22,590)		(19,935)


Interest credited	460		227
Effect of foreign currency translation and other, net	457		(169)
Balance, end of period	$	63,284	$	66,165

Weighted-average annual crediting rate	2.9 %		1.4 %
Cash surrender value	$	2,074	$	2,227

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	15,549	$	14,431
Deposits	629		206
Policy charges	(47)		(45)
Surrenders and withdrawals	(39)		(39)
Benefit payments	(191)		(186)
Net transfers from (to) separate accounts	55		(27)
Interest credited	151		129
Other	21		(84)
Balance, end of period	$	16,128	$	14,385

Weighted-average annual crediting rate	3.8 %		3.6 %
Cash surrender value	$	7,592	$	6,527

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the U.S. segment’s annuities and risk solutions products was as follows at:


	March 31,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	41,924	N/A	$	39,755	N/A

__________________

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	46,417	$	46,590
Deposits	1,070		1,771
Policy charges	(242)		(311)
Surrenders and withdrawals	(517)		(391)
Benefit payments	(149)		(122)

Interest credited	344		254
Effect of foreign currency translation and other, net	(153)		(836)
Balance, end of period	$	46,770	$	46,955

Weighted-average annual crediting rate	3.0 %		2.2 %
Cash surrender value	$	40,028	$	42,960

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s universal and variable universal life products was as follows at:


	March 31,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	94,001	N/A	$	102,751	N/A

__________________

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	32,454	$	30,976
Deposits	2,733		1,087
Policy charges	(1)		—
Surrenders and withdrawals	(445)		(498)
Benefit payments	(545)		(533)

Interest credited	191		149
Effect of foreign currency translation and other, net	(115)		296
Balance, end of period	$	34,272	$	31,477

Weighted-average annual crediting rate	2.3 %		1.9 %
Cash surrender value	$	29,162	$	29,292

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the Asia segment’s fixed annuities products was as follows at:


	March 31,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	—	N/A	$	17	N/A

__________________

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	2,802	$	4,215
Deposits	1		2
Policy charges	(16)		(22)
Surrenders and withdrawals	(65)		(107)
Benefit payments	(31)		(35)

Interest credited (1)	77		(175)
Effect of foreign currency translation and other, net	77		(109)
Balance, end of period	$	2,845	$	3,769

Weighted-average annual crediting rate	11.6 %		(16.1) %
Cash surrender value	$	2,845	$	3,769

__________________

(1)Interest credited on EMEA’s variable annuities 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.

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the EMEA segment’s variable annuities products was as follows at:


	March 31,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(In millions)
Net amount at risk	$	565	$	713	$	265	$	383

__________________

(2)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	13,286	$	14,398
Deposits	41		66
Policy charges	(4)		(4)
Surrenders and withdrawals	(531)		(323)
Benefit payments	(119)		(111)
Net transfers from (to) separate accounts	35		66
Interest credited	100		101
Other	10		(11)
Balance, end of period	$	12,818	$	14,182

Weighted-average annual crediting rate	3.1 %		2.9 %
Cash surrender value	$	11,981	$	13,090

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s annuities products was as follows at:


	March 31,
	2023				2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)		In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits (2)
	(In millions)
Net amount at risk (3)	$	3,600	$	831	$	2,003	$	755

__________________

(3)Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 5, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	12,402	$	12,699
Deposits	226		276
Policy charges	(179)		(181)
Surrenders and withdrawals	(287)		(182)
Benefit payments	(47)		(55)
Net transfers from (to) separate accounts	6		8
Interest credited	113		115
Other	—		(4)
Balance, end of period	$	12,234	$	12,676

Weighted-average annual crediting rate	3.7 %		3.6 %
Cash surrender value	$	11,731	$	12,147

Information regarding the Company’s net amount at risk, excluding offsets from ceded reinsurance, if any, for the MetLife Holdings segment’s life and other products was as follows at:


	March 31,
	2023			2022
	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits	In the Event of Death (1)		At Annuitization or Exercise of Other Living Benefits
	(In millions)
Net amount at risk	$	70,483	N/A	$	73,301	N/A

__________________

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The U.S. 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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	77	$	935	$	4,640	$	5,652
Equal to or greater than 2% but less than 4%	1,277		10		63		2		1,352
Equal to or greater than 4%	759		1		43		33		836
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		125
Total	$	2,036	$	88	$	1,041	$	4,675	$	7,965

March 31, 2022
Equal to or greater than 0% but less than 2%	$	5,318	$	194	$	—	$	132	$	5,644
Equal to or greater than 2% but less than 4%	1,355		51		16		—		1,422
Equal to or greater than 4%	808		—		—		30		838
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		130
Total	$	7,481	$	245	$	16	$	162	$	8,034

The U.S. 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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,835	$	1,836


Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		61,448
Total	$	—	$	—	$	1	$	1,835	$	63,284

March 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	300	$	3,523	$	1,258	$	5,081


Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		61,084
Total	$	—	$	300	$	3,523	$	1,258	$	66,165

The U.S. segment’s annuities 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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	58	$	1,424	$	1,482
Equal to or greater than 2% but less than 4%	230		39		125		441		835
Equal to or greater than 4%	4,460		120		96		5		4,681
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		9,130
Total	$	4,690	$	159	$	279	$	1,870	$	16,128

March 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	115	$	493	$	608
Equal to or greater than 2% but less than 4%	301		36		125		421		883
Equal to or greater than 4%	4,421		125		56		4		4,606
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		8,288
Total	$	4,722	$	161	$	296	$	918	$	14,385

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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	10,978	$	67	$	136	$	85	$	11,266
Equal to or greater than 2% but less than 4%	21,256		2,857		5,730		4,913		34,756
Equal to or greater than 4%	265		—		—		—		265
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		483
Total	$	32,499	$	2,924	$	5,866	$	4,998	$	46,770

March 31, 2022
Equal to or greater than 0% but less than 2%	$	11,323	$	132	$	—	$	—	$	11,455
Equal to or greater than 2% but less than 4%	21,819		2,735		5,480		4,734		34,768
Equal to or greater than 4%	282		—		—		—		282
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		450
Total	$	33,424	$	2,867	$	5,480	$	4,734	$	46,955

The Asia segment’s fixed annuities 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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	377	$	636	$	6,980	$	24,865	$	32,858
Equal to or greater than 2% but less than 4%	—		6		—		—		6

Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		1,408
Total	$	377	$	642	$	6,980	$	24,865	$	34,272

March 31, 2022
Equal to or greater than 0% but less than 2%	$	370	$	1,136	$	8,024	$	20,351	$	29,881
Equal to or greater than 2% but less than 4%	8		—		—		—		8

Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		1,588
Total	$	378	$	1,136	$	8,024	$	20,351	$	31,477

The EMEA segment’s variable annuities 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)
March 31, 2023



Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		2,845
Total	$	—	$	—	$	—	$	—	$	2,845

March 31, 2022



Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		3,769
Total	$	—	$	—	$	—	$	—	$	3,769

MetLife Holdings segment’s annuities 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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	658	$	90	$	136	$	24	$	908
Equal to or greater than 2% but less than 4%	6,517		3,203		376		36		10,132
Equal to or greater than 4%	964		321		11		—		1,296
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		482
Total	$	8,139	$	3,614	$	523	$	60	$	12,818

March 31, 2022
Equal to or greater than 0% but less than 2%	$	1,038	$	7	$	13	$	11	$	1,069
Equal to or greater than 2% but less than 4%	10,601		282		183		1		11,067
Equal to or greater than 4%	1,296		40		5		—		1,341
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		705
Total	$	12,935	$	329	$	201	$	12	$	14,182

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)
March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	55	$	75
Equal to or greater than 2% but less than 4%	4,872		172		296		560		5,900
Equal to or greater than 4%	5,209		127		417		5		5,758
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	10,081	$	299	$	733	$	620	$	12,234

March 31, 2022
Equal to or greater than 0% but less than 2%	$	39	$	8	$	—	$	—	$	47
Equal to or greater than 2% but less than 4%	5,147		145		308		570		6,170
Equal to or greater than 4%	5,398		131		424		5		5,958
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	10,584	$	284	$	732	$	575	$	12,676