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Policyholder Account Balances (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Standards Update and Change in Accounting Principle

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


	Premiums, Reinsurance and Other Receivables		Deferred Policy Acquisition Costs and Value of Business Acquired		Other Assets		Future Policy Benefits		Policyholder Account Balances		Other Policy-related Balances		Market Risk Benefit Liabilities		Deferred Income Tax Liability		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	(In millions)
Balances as reported, December 31, 2020	$	17,870	$	16,389	$	11,685	$	206,656	$	205,176	$	17,101	$	—	$	11,008	$	36,491	$	18,072
Reclassification of carrying 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


	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


	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

Policyholder Account Balances

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


	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

Policyholder Account Balance Rollforward

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

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


	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.

Information regarding this liability was as follows:


	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

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

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


	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

__________________

Information regarding this liability was as follows:


	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

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


	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

__________________


	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

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


	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

__________________

Information regarding the EMEA segment’s variable annuities PAB liability in the United Kingdom was as follows:


	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.

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


	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.

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

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


	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.

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

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


	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

__________________

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The U.S. segment’s group life product account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of differences between rates being credited to policyholders and the respective guaranteed minimums were as follows at:


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
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

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 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

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

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


Range of GMCR	At GMCR		Greater than 0% but less than 0.50% above GMCR		Equal to or greater than 0.50% but less than 1.50% above GMCR		Equal to or greater than 1.50% above GMCR		Total Account Value
	(In millions)
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

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 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 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