Future Policy Benefits (Tables)

9 Months Ended

Sep. 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 amounts of contracts and contract features that are market risk benefits	(59)		—		—		(1,818)		(958)		(72)		2,789		—		—		—
Adjustments for the difference between previous carrying amounts and fair value measurements 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 September 30, 2022						Nine Months Ended September 30, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	17,547	$	(215)	$	17,332	$	40,039	$	(534)	$	39,505
Universal life and investment-type product policy fees	$	1,302	$	(27)	$	1,275	$	4,236	$	(277)	$	3,959
Other revenues	$	730	$	(2)	$	728	$	2,006	$	(3)	$	2,003
Net investment gains (losses)	$	(414)	$	3	$	(411)	$	(1,617)	$	7	$	(1,610)
Net derivative gains (losses)	$	(480)	$	254	$	(226)	$	(2,534)	$	387	$	(2,147)
Total revenues	$	22,270	$	13	$	22,283	$	53,582	$	(420)	$	53,162
Expenses
Policyholder benefits and claims	$	17,993	$	(390)	$	17,603	$	40,976	$	(584)	$	40,392
Policyholder liability remeasurement (gains) losses	$	—	$	136	$	136	$	—	$	94	$	94
Market risk benefits remeasurement (gains) losses	$	—	$	(965)	$	(965)	$	—	$	(3,162)	$	(3,162)
Interest credited to policyholder account balances	$	980	$	34	$	1,014	$	2,102	$	65	$	2,167
Policyholder dividends	$	155	$	3	$	158	$	546	$	5	$	551
Other expenses	$	2,723	$	199	$	2,922	$	8,826	$	(44)	$	8,782
Total expenses	$	21,851	$	(983)	$	20,868	$	52,450	$	(3,626)	$	48,824
Income (loss) before provision for income tax	$	419	$	996	$	1,415	$	1,132	$	3,206	$	4,338
Provision for income tax expense (benefit)	$	19	$	229	$	248	$	(80)	$	697	$	617
Net income (loss)	$	400	$	767	$	1,167	$	1,212	$	2,509	$	3,721
Net income (loss) attributable to noncontrolling interests	$	5	$	—	$	5	$	16	$	(1)	$	15
Net income (loss) attributable to MetLife, Inc.	$	395	$	767	$	1,162	$	1,196	$	2,510	$	3,706
Net income (loss) available to MetLife, Inc.'s common shareholders	$	331	$	767	$	1,098	$	1,040	$	2,510	$	3,550
Comprehensive income (loss)	$	(10,923)	$	7,670	$	(3,253)	$	(38,405)	$	22,048	$	(16,357)
Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	$	5	$	—	$	5	$	13	$	(1)	$	12
Comprehensive income (loss) attributable to MetLife, Inc.	$	(10,928)	$	7,670	$	(3,258)	$	(38,418)	$	22,049	$	(16,369)
Net income (loss) available to MetLife, Inc.'s common shareholders per common share:
Basic	$	0.42	$	0.96	$	1.38	$	1.28	$	3.10	$	4.38
Diluted	$	0.41	$	0.96	$	1.37	$	1.28	$	3.07	$	4.35

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)	$	801	$	1,743	$	2,544
Balance at June 30, 2022	$	41,101	$	(2,623)	$	38,478
Net income (loss)	$	395	$	767	$	1,162
Balance at September 30, 2022	$	41,032	$	(1,856)	$	39,176
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	$	(28,291)	$	12,636	$	(15,655)
Balance at June 30, 2022	$	(17,372)	$	(734)	$	(18,106)
Other comprehensive income (loss), net of income tax	$	(11,323)	$	6,903	$	(4,420)
Balance at September 30, 2022	$	(28,695)	$	6,169	$	(22,526)
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 June 30, 2022	$	37,101	$	(3,357)	$	33,744
Balance at September 30, 2022	$	25,076	$	4,313	$	29,389
Balance at December 31, 2022	$	27,040	$	2,841	$	29,881
Noncontrolling Interests
Balance at December 31, 2021	$	267	$	—	$	267
Net income (loss)	$	11	$	(1)	$	10
Balance at June 30, 2022	$	266	$	(1)	$	265
Change in equity of noncontrolling interests	$	(17)	$	(2)	$	(19)
Balance at September 30, 2022	$	254	$	(3)	$	251
Balance at December 31, 2022	$	247	$	(3)	$	244
Total Equity
Balance at December 31, 2021	$	67,749	$	(17,736)	$	50,013
Balance at June 30, 2022	$	37,367	$	(3,358)	$	34,009
Balance at September 30, 2022	$	25,330	$	4,310	$	29,640
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:

	Nine Months Ended September 30, 2022
	As Previously  Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	10,670	$	73	$	10,743
Cash flows from financing activities
Policyholder account balances - deposits	$	83,707	$	492	$	84,199
Policyholder account balances - withdrawals	$	(79,114)	$	(565)	$	(79,679)
Net cash provided by (used in) financing activities	$	(5,407)	$	(73)	$	(5,480)

The LDTI transition adjustments related to traditional and limited-payment contracts, DPLs, and additional insurance liabilities, as well as the associated ceded recoverables, as described in Note 1, were as follows at the Transition Date:

	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 amounts 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 amounts 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 amounts 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 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

The LDTI transition adjustments related to MRB 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 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

__________________

(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 amounts 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:

	September 30, 2023		December 31, 2022
	(In millions)
Traditional and Limited-Payment Contracts:
U.S. - Annuities	$	57,496	$	58,495
Asia:
Whole and term life & endowments	11,404		12,792
Accident & health	9,329		10,040
Latin America - Fixed annuities	8,662		9,265
MetLife Holdings - Long-term care	13,025		13,845
Deferred Profit Liabilities:
U.S. - Annuities	3,647		3,327
Asia:
Whole and term life & endowments	592		510
Accident & health	762		760
Latin America - Fixed annuities	546		560
Additional Insurance Liabilities:
Asia:
Variable life	1,193		1,381
Universal and variable universal life	386		455
MetLife Holdings - Universal and variable universal life	2,273		2,156
MetLife Holdings - Participating life	49,717		50,371
Other long-duration (1)	9,676		10,101
Short-duration and other	13,047		13,164
Total	$	181,755	$	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:

	Nine Months Ended September 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 changes in cash flow assumptions (1)	—			—
Effect of actual variances from expected experience (2)	(89)			(15)
Adjusted balance	(89)			(15)
Issuances	4,422			12,500
Net premiums collected	(4,333)			(12,485)
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 changes in cash flow assumptions (1)	(284)			(115)
Effect of actual variances from expected experience (2)	(222)			(82)
Adjusted balance	60,920			50,693
Issuances	4,420			12,598
Interest accrual	2,145			1,811
Benefit payments	(4,121)			(3,322)
Ending balance at original discount rate	63,364			61,780
Effect of changes in discount rate assumptions	(5,438)			(4,382)
Balance, end of period, at current discount rate at balance sheet date	57,926			57,398
Cumulative amount of fair value hedging adjustments	(430)			(169)
Net liability for future policy benefits	57,496			57,229
Less: Reinsurance recoverables	—			—
Net liability for future policy benefits, net of reinsurance	$	57,496		$	57,229
Undiscounted - Expected future benefit payments	$	119,270		$	114,766
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	57,926		$	57,398
Weighted-average duration of the liability	9 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.7		%	4.4		%
Weighted-average current discount rate at balance sheet date	6.1		%	5.8		%

_________________

(1)    For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $211 million. For the nine months ended September 30, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the U.S. segment’s annuities products of $128 million.

(2)    For the nine months ended September 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 $95 million and $40 million, respectively.

Information regarding these products was as follows:

	Nine Months Ended September 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 changes in cash flow assumptions		11			71
Effect of actual variances from expected experience		(41)			35
Adjusted balance		4,913			5,987
Issuances		614			146
Interest accrual		43			33
Net premiums collected		(457)			(469)
Effect of foreign currency translation		(518)			(1,109)
Ending balance at original discount rate		4,595			4,588
Effect of changes in discount rate assumptions		(319)			(160)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		23			5
Balance, end of period, at current discount rate at balance sheet date		$	4,299		$	4,433
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 changes in cash flow assumptions		58			97
Effect of actual variances from expected experience		(14)			50
Adjusted balance		18,253			21,423
Issuances		614			146
Interest accrual		278			277
Benefit payments		(895)			(1,088)
Effect of foreign currency translation		(1,847)			(4,071)
Ending balance at original discount rate		16,403			16,687
Effect of changes in discount rate assumptions		(742)			(74)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		40			(228)
Balance, end of period, at current discount rate at balance sheet date		15,701			16,385
Cumulative impact of flooring the future policyholder benefits reserve		2			30
Net liability for future policy benefits		11,404			11,982
Less: Reinsurance recoverables (Amount due to reinsurer)		(1)			—
Net liability for future policy benefits, net of reinsurance		$	11,405		$	11,982
Undiscounted:
Expected future gross premiums		$	8,911		$	8,888
Expected future benefit payments		$	26,785		$	25,565
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,582		$	7,796
Expected future benefit payments		$	15,701		$	16,385
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		2.9		%	2.5		%

Information regarding these products was as follows:

	Nine Months Ended September 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 changes in cash flow assumptions	867		24
Effect of actual variances from expected experience	(75)		298
Adjusted balance	23,386		26,259
Issuances	813		1,149
Interest accrual	179		192
Net premiums collected	(1,546)		(1,659)
Effect of foreign currency translation	(2,474)		(5,180)
Ending balance at original discount rate	20,358		20,761
Effect of changes in discount rate assumptions	(1,803)		(886)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	136		45
Balance, end of period, at current discount rate at balance sheet date	$	18,691	$	19,920
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 changes in cash flow assumptions	898		(7)
Effect of actual variances from expected experience	(99)		354
Adjusted balance	37,988		41,864
Issuances	812		1,150
Interest accrual	367		381
Benefit payments	(958)		(1,242)
Effect of foreign currency translation	(4,061)		(8,327)
Ending balance at original discount rate	34,148		33,826
Effect of changes in discount rate assumptions	(6,866)		(5,168)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	595		535
Balance, end of period, at current discount rate at balance sheet date	27,877		29,193
Cumulative impact of flooring the future policyholder benefits reserve	143		247
Net liability for future policy benefits	9,329		9,520
Less: Reinsurance recoverables	136		16
Net liability for future policy benefits, net of reinsurance	$	9,193	$	9,504
Undiscounted:
Expected future gross premiums	$	39,891	$	39,847
Expected future benefit payments	$	44,612	$	43,770
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	32,286	$	34,046
Expected future benefit payments	$	27,877	$	29,193
Weighted-average duration of the liability	25 years		20 years
Weighted-average interest accretion (original locked-in) rate	1.8%		1.8%
Weighted-average current discount rate at balance sheet date	2.8%		2.4%

Information regarding these products was as follows:

	Nine Months Ended September 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 changes in cash flow assumptions (1)	—		—
Effect of actual variances from expected experience (2)	(2)		1
Adjusted balance	(2)		1
Issuances	785		551
Interest accrual	16		(3)
Net premiums collected	(799)		(549)
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 changes in cash flow assumptions (1)	(5)		(11)
Effect of actual variances from expected experience (2)	(13)		(26)
Adjusted balance	8,222		6,814
Issuances	869		590
Interest accrual	258		213
Benefit payments	(504)		(422)
Inflation adjustment	273		713
Effect of foreign currency translation	(403)		(821)
Ending balance at original discount rate	8,715		7,087
Effect of changes in discount rate assumptions	(59)		394
Effect of foreign currency translation on the effect of changes in discount rate assumptions	6		(87)
Balance, end of period, at current discount rate at balance sheet date	8,662		7,394
Net liability for future policy benefits	$	8,662	$	7,394
Undiscounted - Expected future benefit payments	$	13,204	$	10,931
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	8,662	$	7,394
Weighted-average duration of the liability	10 years		11 years
Weighted-average interest accretion (original locked-in) rate	3.9%		4.2%
Weighted-average current discount rate at balance sheet date	3.7%		3.4%

__________________

(1)    For the nine months ended September 30, 2023 and 2022, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuities products of $4 million and $10 million, respectively. (2)    For the nine months ended September 30, 2023, 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 $2 million. For the nine months ended September 30, 2022, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuities products of $17 million.Information regarding these products was as follows:

	Nine Months Ended September 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 changes in cash flow assumptions	(152)		272
Effect of actual variances from expected experience	173		101
Adjusted balance	5,828		6,072
Interest accrual	222		223
Net premiums collected	(438)		(434)
Ending balance at original discount rate	5,612		5,861
Effect of changes in discount rate assumptions	(258)		(142)
Balance, end of period, at current discount rate at balance sheet date	$	5,354	$	5,719
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 changes in cash flow assumptions	(190)		301
Effect of actual variances from expected experience	194		100
Adjusted balance	20,169		19,807
Interest accrual	801		778
Benefit payments	(579)		(522)
Ending balance at original discount rate	20,391		20,063
Effect of changes in discount rate assumptions	(2,012)		(1,358)
Balance, end of period, at current discount rate at balance sheet date	18,379		18,705
Net liability for future policy benefits	$	13,025	$	12,986
Undiscounted:
Expected future gross premiums	$	10,713	$	11,335
Expected future benefit payments	$	45,152	$	46,011
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,714	$	7,126
Expected future benefit payments	$	18,379	$	18,705
Weighted-average duration of the liability	14 years		15 years
Weighted-average interest accretion (original locked-in) rate	5.5%		5.5%
Weighted-average current discount rate at balance sheet date	6.3%		6.0%

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:

	Nine Months  Ended September 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 changes in cash flow assumptions	$	(4)		$	8		$	(2)		$	(1)
Effect of actual variances from expected experience	(9)			2			(32)			(56)
Adjusted balance	1,368			1,605			454			542
Assessments accrual	(3)			(2)			—			(1)
Interest accrual	15			16			5			6
Excess benefits paid	(29)			(31)			—			—
Effect of foreign currency translation and other, net	(158)			(324)			(55)			(117)
Balance, end of period, before AOCI adjustment	1,193			1,264			404			430
Add: AOCI adjustment	—			—			(18)			(28)
Balance, end of period	$	1,193		$	1,264		$	386		$	402
Weighted-average duration of the liability	16 years			17 years			43 years			43 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.5		%

Information regarding these additional insurance liabilities was as follows:

	Nine Months  Ended September 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 changes in cash flow assumptions	$	38		$	35
Effect of actual variances from expected experience	(10)			27
Adjusted balance	2,247			2,112
Assessments accrual	80			77
Interest accrual	92			86
Excess benefits paid	(81)			(90)
Balance, end of period, before AOCI adjustment	2,338			2,185
Add: AOCI adjustment	(65)			(66)
Balance, end of period	2,273			2,119
Less: Reinsurance recoverables	766			741
Balance, end of period, net of reinsurance	$	1,507		$	1,378
Weighted-average duration of the liability	16 years			16 years
Weighted-average interest accretion rate	5.5		%	5.6		%

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:

		Nine Months Ended September 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		$	4,433	$	2,145	$	12,627	$	1,811
Asia:
Whole and term life & endowments		841		235		880		244
Accident & health		2,580		188		2,773		189
Latin America - Fixed annuities		799		242		549		216
MetLife Holdings - Long-term care		547		579		550		555
Deferred Profit Liabilities:
U.S. - Annuities		N/A		124		N/A		115
Asia:
Whole and term life & endowments		N/A		22		N/A		19
Accident & health		N/A		13		N/A		12
Latin America - Fixed annuities		N/A		17		N/A		15
Additional Insurance Liabilities:
Asia:
Variable life		60		15		37		16
Universal and variable universal life		(20)		5		(8)		6
MetLife Holdings - Universal and variable universal life		559		92		584		86
Other long-duration		3,194		341		2,671		339
Total		$	12,993	$	4,018	$	20,663	$	3,623

__________________

(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:

	Nine Months Ended September 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	19,983		19,391
Prior periods (1)	327		689
Total incurred	20,310		20,080
Paid related to:
Current period	(13,991)		(13,641)
Prior periods	(5,883)		(5,593)
Total paid	(19,874)		(19,234)
Net balance, end of period	14,082		13,815
Add: Reinsurance recoverables	2,523		2,398
Balance, end of period (included in future policy benefits and other policy-related balances)	$	16,605	$	16,213

__________________

(1)For the nine months ended September 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 nine months ended September 30, 2022, incurred claims and claim adjustment expenses include expenses associated with prior periods but reported in the 2022 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.