Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	11,721	$	(165)	$	11,556	$	22,492	$	(319)	$	22,173
Universal life and investment-type product policy fees	$	1,516	$	(144)	$	1,372	$	2,934	$	(250)	$	2,684
Other revenues	$	616	$	(1)	$	615	$	1,276	$	(1)	$	1,275
Net investment gains (losses)	$	(685)	$	3	$	(682)	$	(1,203)	$	4	$	(1,199)
Net derivative gains (losses)	$	(1,195)	$	225	$	(970)	$	(2,054)	$	133	$	(1,921)
Total revenues	$	15,556	$	(82)	$	15,474	$	31,312	$	(433)	$	30,879
Expenses
Policyholder benefits and claims	$	11,790	$	(175)	$	11,615	$	22,983	$	(194)	$	22,789
Policyholder liability remeasurement (gains) losses	$	—	$	(1)	$	(1)	$	—	$	(42)	$	(42)
Market risk benefits remeasurement (gains) losses	$	—	$	(757)	$	(757)	$	—	$	(2,197)	$	(2,197)
Interest credited to policyholder account balances	$	492	$	35	$	527	$	1,122	$	31	$	1,153
Policyholder dividends	$	193	$	1	$	194	$	391	$	2	$	393
Other expenses	$	3,083	$	(175)	$	2,908	$	6,103	$	(243)	$	5,860
Total expenses	$	15,558	$	(1,072)	$	14,486	$	30,599	$	(2,643)	$	27,956
Income (loss) before provision for income tax	$	(2)	$	990	$	988	$	713	$	2,210	$	2,923
Provision for income tax expense (benefit)	$	(140)	$	213	$	73	$	(99)	$	468	$	369
Net income (loss)	$	138	$	777	$	915	$	812	$	1,742	$	2,554
Net income (loss) attributable to noncontrolling interests	$	6	$	(1)	$	5	$	11	$	(1)	$	10
Net income (loss) attributable to MetLife, Inc.	$	132	$	778	$	910	$	801	$	1,743	$	2,544
Net income (loss) available to MetLife, Inc.'s common shareholders	$	103	$	778	$	881	$	709	$	1,743	$	2,452
Comprehensive income (loss)	$	(15,323)	$	8,175	$	(7,148)	$	(27,482)	$	14,378	$	(13,104)
Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	$	5	$	(1)	$	4	$	8	$	(1)	$	7
Comprehensive income (loss) attributable to MetLife, Inc.	$	(15,328)	$	8,176	$	(7,152)	$	(27,490)	$	14,379	$	(13,111)
Net income (loss) available to MetLife, Inc.'s common shareholders per common share:
Basic	$	0.13	$	0.96	$	1.09	$	0.87	$	2.13	$	3.00
Diluted	$	0.13	$	0.95	$	1.08	$	0.86	$	2.12	$	2.98

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
Net income (loss)	$	132	$	778	$	910
Balance at June 30, 2022	$	41,101	$	(2,623)	$	38,478
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)
Other comprehensive income (loss), net of income tax	$	(15,460)	$	7,398	$	(8,062)
Balance at June 30, 2022	$	(17,372)	$	(734)	$	(18,106)
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 June 30, 2022	$	37,101	$	(3,357)	$	33,744
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
Change in equity of noncontrolling interests	$	(11)	$	1	$	(10)
Net income (loss)	$	6	$	(1)	$	5
Balance at June 30, 2022	$	266	$	(1)	$	265
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 June 30, 2022	$	37,367	$	(3,358)	$	34,009
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:

	Six Months Ended June 30, 2022
	As Previously  Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	6,392	$	41	$	6,433
Cash flows from financing activities
Policyholder account balances - deposits	$	56,109	$	277	$	56,386
Policyholder account balances - withdrawals	$	(52,428)	$	(318)	$	(52,746)
Net cash provided by (used in) financing activities	$	(7,182)	$	(41)	$	(7,223)

	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 and 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:

	June 30, 2023		December 31, 2022
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	60,281	$	58,495
Asia:
Whole and term life & endowments	12,499		12,792
Accident & health	10,662		10,040
Latin America - Fixed annuities	10,192		9,265
MetLife Holdings - Long-term care	14,498		13,845
Deferred Profit Liabilities:
U.S. - Annuities	3,417		3,327
Asia:
Whole and term life & endowments	560		510
Accident & health	765		760
Latin America - Fixed annuities	605		560
Additional Insurance Liabilities:
Asia:
Variable life	1,243		1,381
Universal and variable universal life	410		455
MetLife Holdings - Universal and variable universal life	2,268		2,156
MetLife Holdings - Participating life	49,919		50,371
Other long-duration (1)	10,076		10,101
Short-duration and other	13,079		13,164
Total	$	190,474	$	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:

	Six Months Ended June 30,
	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)	(29)			(2)
Adjusted balance	(29)			(2)
Issuances	2,558			3,929
Net premiums collected	(2,529)			(3,927)
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)	(167)			(79)
Adjusted balance	61,259			50,811
Issuances	2,561			3,933
Interest accrual	1,411			1,182
Benefit payments	(2,726)			(2,185)
Ending balance at original discount rate	62,505			53,741
Effect of changes in discount rate assumptions	(2,020)			797
Balance, end of period, at current discount rate at balance sheet date	60,485			54,538
Cumulative amount of fair value hedging adjustments	(204)			52
Net liability for future policy benefits	60,281			54,590
Less: Reinsurance recoverables	—			230
Net liability for future policy benefits, net of reinsurance	$	60,281		$	54,360
Undiscounted - Expected future benefit payments	$	115,364		$	101,128
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	60,485		$	54,538
Weighted-average duration of the liability	9 years			10 years
Weighted-average interest accretion (original locked-in) rate	4.7		%	4.6		%
Weighted-average current discount rate at balance sheet date	5.3		%	4.8		%

_________________

(1)    For the six months ended June 30, 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 $98 million and $53 million, respectively.

Information regarding these products was as follows:

	Six Months Ended June 30,
		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		(26)			(17)
Adjusted balance		4,917			5,864
Issuances		328			106
Interest accrual		27			24
Net premiums collected		(300)			(323)
Effect of foreign currency translation		(384)			(826)
Ending balance at original discount rate		4,588			4,845
Effect of changes in discount rate assumptions		(196)			(90)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		15			(3)
Balance, end of period, at current discount rate at balance sheet date		$	4,407		$	4,752
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		1			9
Adjusted balance		18,210			21,285
Issuances		328			106
Interest accrual		185			191
Benefit payments		(624)			(787)
Effect of foreign currency translation		(1,360)			(2,901)
Ending balance at original discount rate		16,739			17,894
Effect of changes in discount rate assumptions		154			804
Effect of foreign currency translation on the effect of changes in discount rate assumptions		11			(180)
Balance, end of period, at current discount rate at balance sheet date		16,904			18,518
Cumulative impact of flooring the future policyholder benefits reserve		2			19
Net liability for future policy benefits		12,499			13,785
Less: Amount due to reinsurer		(2)			(7)
Net liability for future policy benefits, net of reinsurance		$	12,501		$	13,792
Undiscounted:
Expected future gross premiums		$	8,786		$	9,211
Expected future benefit payments		$	26,771		$	27,795
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,691		$	8,271
Expected future benefit payments		$	16,904		$	18,518
Weighted-average duration of the liability		17 years			16 years
Weighted -average interest accretion (original locked-in) rate		2.5		%	2.4		%
Weighted-average current discount rate at balance sheet date		2.5		%	2.2		%

Information regarding these products was as follows:

	Six Months Ended June 30,
	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	(33)		26
Adjusted balance	22,561		25,963
Issuances	536		813
Interest accrual	120		132
Net premiums collected	(1,055)		(1,140)
Effect of foreign currency translation	(1,849)		(3,792)
Ending balance at original discount rate	20,313		21,976
Effect of changes in discount rate assumptions	(1,006)		(487)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	83		(2)
Balance, end of period, at current discount rate at balance sheet date	$	19,390	$	21,487
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	(53)		54
Adjusted balance	37,136		41,571
Issuances	536		814
Interest accrual	246		261
Benefit payments	(653)		(767)
Effect of foreign currency translation	(3,017)		(6,020)
Ending balance at original discount rate	34,248		35,859
Effect of changes in discount rate assumptions	(4,664)		(3,733)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	385		276
Balance, end of period, at current discount rate at balance sheet date	29,969		32,402
Cumulative impact of flooring the future policyholder benefits reserve	83		193
Net liability for future policy benefits	10,662		11,108
Less: Reinsurance recoverables/(Amount due to reinsurer)	149		(11)
Net liability for future policy benefits, net of reinsurance	$	10,513	$	11,119
Undiscounted:
Expected future gross premiums	$	39,362	$	42,467
Expected future benefit payments	$	44,435	$	46,153
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	33,399	$	37,169
Expected future benefit payments	$	29,969	$	32,402
Weighted-average duration of the liability	26 years		26 years
Weighted-average interest accretion (original locked-in) rate	1.8%		1.8%
Weighted-average current discount rate at balance sheet date	2.3%		2.1%

Information regarding these products was as follows:

	Six Months Ended June 30,
	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	525		352
Interest accrual	5		(1)
Net premiums collected	(530)		(352)
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)	(9)		(33)
Adjusted balance	8,231		6,818
Issuances	577		376
Interest accrual	173		145
Benefit payments	(336)		(291)
Inflation adjustment	243		469
Effect of foreign currency translation	538		(663)
Ending balance at original discount rate	9,426		6,854
Effect of changes in discount rate assumptions	706		916
Effect of foreign currency translation on the effect of changes in discount rate assumptions	60		(95)
Balance, end of period, at current discount rate at balance sheet date	10,192		7,675
Net liability for future policy benefits	$	10,192	$	7,675
Undiscounted - Expected future benefit payments	$	14,343	$	10,626
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	10,192	$	7,675
Weighted-average duration of the liability	11 years		11 years
Weighted-average interest accretion (original locked-in) rate	3.9%		4.4%
Weighted-average current discount rate at balance sheet date	2.9%		2.7%

__________________

(1)    For the six months ended June 30, 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 segment’s fixed annuities products of $3 million and $18 million, respectively.Information regarding these products was as follows:

	Six Months Ended June 30,
	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	83		106
Adjusted balance	5,890		5,805
Interest accrual	149		147
Net premiums collected	(293)		(288)
Ending balance at original discount rate	5,746		5,664
Effect of changes in discount rate assumptions	3		288
Balance, end of period, at current discount rate at balance sheet date	$	5,749	$	5,952
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	99		116
Adjusted balance	20,264		19,522
Interest accrual	534		515
Benefit payments	(382)		(345)
Ending balance at original discount rate	20,416		19,692
Effect of changes in discount rate assumptions	(169)		1,088
Balance, end of period, at current discount rate at balance sheet date	20,247		20,780
Net liability for future policy benefits	$	14,498	$	14,828
Undiscounted:
Expected future gross premiums	$	10,893	$	11,062
Expected future benefit payments	$	45,653	$	45,787
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	7,089	$	7,501
Expected future benefit payments	$	20,247	$	20,780
Weighted-average duration of the liability	15 years		16 years
Weighted-average interest accretion (original locked-in) rate	5.4%		5.5%
Weighted-average current discount rate at balance sheet date	5.5%		5.0%

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:

	Six Months  Ended June 30,
	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	(8)			1			(22)			(41)
Adjusted balance	1,373			1,596			466			558
Assessments accrual	(2)			(2)			—			—
Interest accrual	10			11			3			4
Excess benefits paid	(19)			(20)			—			—
Effect of foreign currency translation and other, net	(119)			(241)			(41)			(89)
Balance, end of period, before AOCI adjustment	1,243			1,344			428			473
Add: AOCI adjustment	—			—			(18)			(19)
Balance, end of period	$	1,243		$	1,344		$	410		$	454
Weighted-average duration of the liability	17 years			18 years			43 years			42 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.5		%

Information regarding these additional insurance liabilities was as follows:

	Six Months  Ended June 30,
	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	(6)			19
Adjusted balance	2,213			2,069
Assessments accrual	55			53
Interest accrual	61			56
Excess benefits paid	(63)			(62)
Balance, end of period, before AOCI adjustment	2,266			2,116
Add: AOCI adjustment	2			(35)
Balance, end of period	2,268			2,081
Less: Reinsurance recoverables	744			753
Balance, end of period, net of reinsurance	$	1,524		$	1,328
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:

		Six Months  Ended June 30,
		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		$	2,592	$	1,411	$	4,038	$	1,182
Asia:
Whole and term life & endowments		555		158		609		167
Accident & health		1,762		126		1,917		129
Latin America - Fixed annuities		529		168		352		146
MetLife Holdings - Long-term care		366		385		367		368
Deferred Profit Liabilities:
U.S. - Annuities		N/A		81		N/A		75
Asia:
Whole and term life & endowments		N/A		14		N/A		13
Accident & health		N/A		9		N/A		8
Latin America - Fixed annuities		N/A		11		N/A		10
Additional Insurance Liabilities:
Asia:
Variable life		11		10		12		11
Universal and variable universal life		(14)		3		(1)		4
MetLife Holdings - Universal and variable universal life		380		61		387		56
Other long-duration		2,015		227		1,794		229
Total		$	8,196	$	2,664	$	9,475	$	2,398

__________________

(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:

	Six Months Ended June 30,
	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	13,580		13,101
Prior periods (1)	306		634
Total incurred	13,886		13,735
Paid related to:
Current period	(8,546)		(8,291)
Prior periods	(4,959)		(4,831)
Total paid	(13,505)		(13,122)
Net balance, end of period	14,027		13,582
Add: Reinsurance recoverables	2,590		2,537
Balance, end of period (included in future policy benefits and other policy-related balances)	$	16,617	$	16,119

__________________

(1)For the six months ended June 30, 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 six months ended June 30, 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.