The Company establishes liabilities for PABs which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.


	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 amounts 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


	September 30, 2023		December 31, 2022
	(In millions)
U.S.:
Group Life	$	7,785	$	8,028
Capital Markets Investment Products and Stable Value GICs	63,417		63,723
Annuities and Risk Solutions	17,064		15,549
Asia:
Universal and Variable Universal Life	47,630		46,417
Fixed Annuities	35,480		32,454
EMEA - Variable Annuities	2,571		2,802
MetLife Holdings:
Annuities	12,006		13,286
Life and Other	11,844		12,402
Other	16,136		15,936
Total	$	213,933	$	210,597

The following information about the direct and assumed liability for PABs includes year-to-date disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

The U.S. segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	8,028	$	7,893
Deposits	2,529		2,596
Policy charges	(475)		(458)
Surrenders and withdrawals	(2,432)		(2,057)
Benefit payments	(9)		(7)
Net transfers from (to) separate accounts	1		(2)
Interest credited	143		96

Balance, end of period	$	7,785	$	8,061

Weighted-average annual crediting rate	2.4 %		1.6 %
Cash surrender value	$	7,721	$	8,007


	September 30,
	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	$	250,611	N/A	$	246,676	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.

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)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	82	$	887	$	4,595	$	5,564
Equal to or greater than 2% but less than 4%	1,223		10		62		2		1,297
Equal to or greater than 4%	733		1		42		34		810
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		114
Total	$	1,956	$	93	$	991	$	4,631	$	7,785

September 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	990	$	4,469	$	247	$	5,706
Equal to or greater than 2% but less than 4%	1,321		53		22		—		1,396
Equal to or greater than 4%	799		1		—		31		831
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		128
Total	$	2,120	$	1,044	$	4,491	$	278	$	8,061


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	63,723	$	62,521
Deposits	54,674		67,810

Surrenders and withdrawals	(56,873)		(65,880)


Interest credited	1,524		843
Effect of foreign currency translation and other, net	369		(1,756)
Balance, end of period	$	63,417	$	63,538

Weighted-average annual crediting rate	3.2 %		1.8 %
Cash surrender value	$	2,110	$	2,060

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)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,620	$	2,621


Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		60,796
Total	$	—	$	—	$	1	$	2,620	$	63,417

September 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	22	$	3,553	$	3,575


Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		59,963
Total	$	—	$	—	$	22	$	3,553	$	63,538

The U.S. segment’s annuities and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	15,549	$	14,431
Deposits	2,007		1,324
Policy charges	(133)		(137)
Surrenders and withdrawals	(134)		(95)
Benefit payments	(615)		(560)
Net transfers from (to) separate accounts	54		(26)
Interest credited	469		398
Other	(133)		(228)
Balance, end of period	$	17,064	$	15,107

Weighted-average annual crediting rate	3.9 %		3.7 %
Cash surrender value	$	7,693	$	7,212


	September 30,
	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	$	42,043	N/A	$	41,435	N/A

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)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	22	$	1,525	$	1,547
Equal to or greater than 2% but less than 4%	260		33		94		437		824
Equal to or greater than 4%	4,363		—		277		6		4,646
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		10,047
Total	$	4,623	$	33	$	393	$	1,968	$	17,064

September 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	116	$	1,164	$	1,280
Equal to or greater than 2% but less than 4%	303		40		124		416		883
Equal to or greater than 4%	4,410		121		57		4		4,592
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		8,352
Total	$	4,713	$	161	$	297	$	1,584	$	15,107


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	46,417	$	46,590
Deposits	5,439		4,421
Policy charges	(888)		(847)
Surrenders and withdrawals	(2,018)		(2,052)
Benefit payments	(393)		(374)

Interest credited	979		759
Effect of foreign currency translation and other, net	(1,906)		(3,783)
Balance, end of period	$	47,630	$	44,714

Weighted-average annual crediting rate	2.8 %		2.2 %
Cash surrender value	$	40,663	$	39,678


	September 30,
	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	$	91,861	N/A	$	95,274	N/A

The Asia segment’s universal and variable universal life account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	9,986	$	25	$	233	$	729	$	10,973
Equal to or greater than 2% but less than 4%	5,742		17,923		5,628		6,633		35,926
Equal to or greater than 4%	256		—		—		—		256
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		475
Total	$	15,984	$	17,948	$	5,861	$	7,362	$	47,630

September 30, 2022
Equal to or greater than 0% but less than 2%	$	9,825	$	81	$	138	$	59	$	10,103
Equal to or greater than 2% but less than 4%	20,968		2,834		5,456		4,661		33,919
Equal to or greater than 4%	273		—		—		—		273
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		419
Total	$	31,066	$	2,915	$	5,594	$	4,720	$	44,714


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	32,454	$	30,976
Deposits	6,230		4,997
Policy charges	(2)		(2)
Surrenders and withdrawals	(1,665)		(3,174)
Benefit payments	(1,614)		(1,629)

Interest credited	629		452
Effect of foreign currency translation and other, net	(552)		(1,506)
Balance, end of period	$	35,480	$	30,114

Weighted-average annual crediting rate	2.5 %		2.0 %
Cash surrender value	$	30,289	$	25,727


	September 30,
	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	$	—	N/A


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	315	$	574	$	6,494	$	26,811	$	34,194
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		1,280
Total	$	315	$	580	$	6,494	$	26,811	$	35,480

September 30, 2022
Equal to or greater than 0% but less than 2%	$	475	$	774	$	7,461	$	20,042	$	28,752
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		1,354
Total	$	483	$	774	$	7,461	$	20,042	$	30,114


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	2,802	$	4,215
Deposits	3		4
Policy charges	(48)		(57)
Surrenders and withdrawals	(206)		(248)
Benefit payments	(95)		(107)

Interest credited (1)	69		(561)
Effect of foreign currency translation and other, net	46		(636)
Balance, end of period	$	2,571	$	2,610

Weighted-average annual crediting rate	3.5 %		(19.7) %
Cash surrender value	$	2,571	$	2,610

(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.


	September 30,
	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	$	577	$	725	$	621	$	766

(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.

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)
September 30, 2023



Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		2,571
Total	$	—	$	—	$	—	$	—	$	2,571

September 30, 2022



Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		2,610
Total	$	—	$	—	$	—	$	—	$	2,610

The MetLife Holdings segment’s annuities PABs primarily includes fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	13,286	$	14,398
Deposits	115		190
Policy charges	(12)		(12)
Surrenders and withdrawals	(1,425)		(998)
Benefit payments	(320)		(308)
Net transfers from (to) separate accounts	48		166
Interest credited	299		304
Other	15		(39)
Balance, end of period	$	12,006	$	13,701

Weighted-average annual crediting rate	3.2 %		3.0 %
Cash surrender value	$	11,263	$	12,728


	September 30,
	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)	$	3,970	$	923	$	5,188	$	1,352

(3)Includes amounts for certain variable annuities with guarantees, which are also disclosed in “MetLife Holdings – Annuities” in Note 6, due to contracts recorded as PABs, along with related guarantees recorded as MRBs.

The 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)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	235	$	245	$	292	$	227	$	999
Equal to or greater than 2% but less than 4%	2,887		5,828		457		130		9,302
Equal to or greater than 4%	965		274		26		—		1,265
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		440
Total	$	4,087	$	6,347	$	775	$	357	$	12,006

September 30, 2022
Equal to or greater than 0% but less than 2%	$	986	$	5	$	9	$	14	$	1,014
Equal to or greater than 2% but less than 4%	10,398		253		130		1		10,782
Equal to or greater than 4%	1,281		40		5		—		1,326
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		579
Total	$	12,665	$	298	$	144	$	15	$	13,701

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:


	Nine Months Ended September 30,
	2023		2022
	(Dollars in millions)
Balance, beginning of period	$	12,402	$	12,699
Deposits	617		709
Policy charges	(529)		(541)
Surrenders and withdrawals	(892)		(566)
Benefit payments	(120)		(138)
Net transfers from (to) separate accounts	29		35
Interest credited	336		344
Other	1		2
Balance, end of period	$	11,844	$	12,544

Weighted-average annual crediting rate	3.8 %		3.7 %
Cash surrender value	$	11,360	$	12,015


	September 30,
	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	$	68,972	N/A	$	72,538	N/A

The MetLife Holdings segment’s life and other products account values by range of GMCR and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
September 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	54	$	73
Equal to or greater than 2% but less than 4%	4,595		172		285		554		5,606
Equal to or greater than 4%	5,109		126		414		15		5,664
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	9,704	$	298	$	718	$	623	$	11,844

September 30, 2022
Equal to or greater than 0% but less than 2%	$	—	$	21	$	43	$	6	$	70
Equal to or greater than 2% but less than 4%	5,097		145		296		566		6,104
Equal to or greater than 4%	5,305		129		421		14		5,869
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	10,402	$	295	$	760	$	586	$	12,544


	Asia Retirement Assurance		MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amounts 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	$	318	$	7,001	$	582	$	7,901

Reinsured MRB assets at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		63		63
Adjustments for the difference between previous carrying amounts and fair value measurements	—		—		(12)		$	(12)
Reinsured MRB assets at January 1, 2021 (1)	$	—	$	—	$	51	$	51


	September 30, 2023						December 31, 2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	193	$	193	$	—	$	226	$	226
MetLife Holdings - Annuities	185		2,453		2,268		153		3,378		3,225
Other	149		92		(57)		127		159		32
Total	$	334	$	2,738	$	2,404	$	280	$	3,763	$	3,483

The following information about the direct and assumed liability for MRBs includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business.

The Asia segment’s retirement assurance product in Japan offers a contract feature where the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:


	Nine Months Ended September 30,
	2023		2022
	(In millions)
Balance, beginning of period	$	226	$	277

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	233	$	284

Attributed fees collected	2		2
Benefit payments	(9)		—
Effect of changes in interest rates	2		(17)


Actual policyholder behavior different from expected behavior	(1)		(1)
Effect of changes in future expected policyholder behavior and other assumptions	(1)		5
Effect of foreign currency translation and other, net	(30)		(58)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	196		215
Cumulative effect of changes in the instrument-specific credit risk	(3)		(10)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		2
Balance, end of period	$	193	$	207

Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the Asia segment’s retirement assurance products was as follows at:


	September 30,
	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)
	(Dollars in millions)
Net amount at risk	$	—	$	116	$	—	$	108
Weighted-average attained age of contractholders	N/A		58 years		N/A		57 years

(1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum 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.

(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.

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also assumes certain variable annuity guaranteed minimum benefits from a former operating joint venture in Japan. Information regarding MetLife Holdings annuities products (including assumed reinsurance) was as follows:


		Nine Months Ended September 30,
		2023		2022
	(In millions)
Balance, beginning of period		$	3,225	$	5,929

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	3,360	$	6,229

Attributed fees collected		286		293
Benefit payments		(36)		(35)
Effect of changes in interest rates		(881)		(3,364)
Effect of changes in capital markets		(542)		1,189
Effect of changes in equity index volatility		(84)		91
Actual policyholder behavior different from expected behavior		95		(2)
Effect of changes in future expected policyholder behavior and other assumptions (1)		9		(326)
Effect of foreign currency translation and other, net (2)		118		(92)
Effect of changes in risk margin		(46)		(239)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,279		3,744
Cumulative effect of changes in the instrument-specific credit risk		(16)		(209)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		5		(1)
Balance, end of period		$	2,268	$	3,534

(1) For the nine months ended September 30, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities.

Information regarding the Company’s net amount at risk, excluding offsets from hedging, and the weighted-average attained age of the contractholder for the MetLife Holdings segment’s annuities products was as follows at:


	September 30,
	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)
	(Dollars in millions)
Net amount at risk (3)	$	3,979	$	921	$	5,209	$	1,452
Weighted-average attained age of contractholders	70 years		70 years		69 years		70 years

(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.

(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.

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding this liability was as follows: