Future Policy Benefits

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts.

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:

	RIS 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 Company’s future policy benefits on the consolidated balance sheets was as follows at:

	December 31,
	2023		2022
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	64,324	$	58,495
Asia:
Whole and term life & endowments	12,874		12,792
Accident & health	10,712		10,040
Latin America - Fixed annuities	9,637		9,265
MetLife Holdings - Long-term care	15,240		13,845
Deferred Profit Liabilities:
RIS - Annuities	3,697		3,327
Asia:
Whole and term life & endowments	654		510
Accident & health	830		760
Latin America - Fixed annuities	562		560
Additional Insurance Liabilities:
Asia:
Variable life	1,258		1,381
Universal and variable universal life	424		455
MetLife Holdings - Universal and variable universal life	2,362		2,156
MetLife Holdings - Participating life	49,543		50,371
Other long-duration (1)	11,099		10,101
Short-duration and other	13,190		13,164
Total	$	196,406	$	187,222

__________________

(1)    This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. 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 adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers, certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. Information regarding these products was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—
Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	(106)			(94)			(60)
Adjusted balance	(106)			(94)			(60)
Issuances	6,572			12,672			3,995
Net premiums collected	(6,466)			(12,578)			(3,935)
Balance at December 31, at original discount rate	—			—			—
Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date	$	58,695		$	62,954		$	64,896
Balance at January 1, at original discount rate	$	61,426		$	50,890		$	49,061
Effect of changes in cash flow assumptions (1)	(284)			(115)			(130)
Effect of actual variances from expected experience (2)	(270)			(175)			(270)
Adjusted balance	60,872			50,600			48,661
Issuances	6,588			12,770			4,060
Interest accrual	2,897			2,519			2,336
Benefit payments	(5,620)			(4,463)			(4,167)
Balance at December 31, at original discount rate	64,737			61,426			50,890
Effect of changes in discount rate assumptions	(222)			(2,731)			12,064
Balance at December 31, at current discount rate at balance sheet date	64,515			58,695			62,954
Cumulative amount of fair value hedging adjustments	(191)			(200)			727
Net liability for future policy benefits	64,324			58,495			63,681
Less: Reinsurance recoverables	269			—			312
Net liability for future policy benefits, net of reinsurance	$	64,055		$	58,495		$	63,369
Undiscounted - Expected future benefit payments	$	130,878		$	113,932		$	96,623
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	64,515		$	58,695		$	62,954
Weighted-average duration of the liability	9 years			9 years			12 years
Weighted-average interest accretion (original locked-in) rate	4.7		%	4.6		%	4.8		%
Weighted-average current discount rate at balance sheet date	5.1		%	5.5		%	2.9		%

__________________

(1)    For the years ended December 31, 2023 and 2021, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $211 million and $112 million, respectively. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $128 million.

(2)    For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $118 million. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $46 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was substantially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $197 million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

For each of the years ended December 31, 2023, 2022 and 2021, the net effect of changes in cash flow assumptions was primarily driven by updates in biometric assumptions related to mortality.

For the year ended December 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements. For the years ended December 31, 2022 and 2021, the net effect of actual variances from expected experience was primarily driven by favorable mortality.

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the year ended December 31, 2022, the Company incurred a loss at issue of $99 million and recognized a net remeasurement loss of $31 million attributable to cohorts with no DPL or where the DPL was depleted during the year.

Asia

Whole and Term Life & Endowments

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:

		Years Ended December 31,
		2023			2022			2021
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date		$	4,682		$	5,986		$	7,396
Balance at January 1, at original discount rate		$	4,943		$	5,881		$	7,243
Effect of changes in cash flow assumptions (1)		11			69			(60)
Effect of actual variances from expected experience (2)		(62)			28			(80)
Adjusted balance		4,892			5,978			7,103
Issuances		730			231			208
Interest accrual		59			44			51
Net premiums collected		(611)			(615)			(777)
Effect of foreign currency translation		(277)			(695)			(704)
Balance at December 31, at original discount rate		4,793			4,943			5,881
Effect of changes in discount rate assumptions		(242)			(247)			117
Effect of foreign currency translation on the effect of changes in discount rate assumptions		10			(14)			(12)
Balance at December 31, at current discount rate at balance sheet date		$	4,561		$	4,682		$	5,986
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date		$	17,463		$	24,453		$	29,581
Balance at January 1, at original discount rate		$	18,209		$	21,276		$	25,063
Effect of changes in cash flow assumptions (1)		58			96			(108)
Effect of actual variances from expected experience (2)		(30)			54			(70)
Adjusted balance		18,237			21,426			24,885
Issuances		729			231			208
Interest accrual		370			364			422
Benefit payments		(1,174)			(1,406)			(1,794)
Effect of foreign currency translation		(964)			(2,406)			(2,445)
Balance at December 31, at original discount rate		17,198			18,209			21,276
Effect of changes in discount rate assumptions		224			(475)			3,545
Effect of foreign currency translation on the effect of changes in discount rate assumptions		13			(271)			(368)
Balance at December 31, at current discount rate at balance sheet date		17,435			17,463			24,453
Cumulative impact of flooring the future policyholder benefits reserve		—			11			5
Net liability for future policy benefits		12,874			12,792			18,472
Less: Amount due to reinsurer		(1)			(1)			(10)
Net liability for future policy benefits, net of reinsurance		$	12,875		$	12,793		$	18,482
Undiscounted:
Expected future gross premiums		$	9,331		$	9,369		$	11,097
Expected future benefit payments		$	28,130		$	28,507		$	32,372
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	8,067		$	8,086		$	10,377
Expected future benefit payments		$	17,435		$	17,463		$	24,453
Weighted-average duration of the liability		17 years			15 years			18 years
Weighted -average interest accretion (original locked-in) rate		2.5		%	2.3		%	2.3		%
Weighted-average current discount rate at balance sheet date		2.6		%	2.7		%	1.5		%

__________________

(1)    For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification of the products and the underlying characteristics. For the years ended December 31, 2022 and 2021, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of ($13) million and $1 million, respectively.

(2)    For the years ended December 31, 2023 and 2022, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment product due to the diversification of the products and the underlying characteristics. For the year ended December 31, 2021, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of ($6) million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for Asia segment’s whole and term life & endowment products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity.

Accident & Health

The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	21,181		$	26,543		$	30,327
Balance at January 1, at original discount rate	$	22,594		$	25,937		$	29,456
Effect of changes in cash flow assumptions (1)	867			24			64
Effect of actual variances from expected experience (2)	(158)			297			101
Adjusted balance	23,303			26,258			29,621
Issuances	1,030			1,387			1,488
Interest accrual	236			250			311
Net premiums collected	(2,016)			(2,160)			(2,509)
Effect of foreign currency translation	(1,321)			(3,141)			(2,974)
Balance at December 31, at original discount rate	21,232			22,594			25,937
Effect of changes in discount rate assumptions	(1,449)			(1,341)			674
Effect of foreign currency translation on the effect of changes in discount rate assumptions	52			(72)			(68)
Balance at December 31, at current discount rate at balance sheet date	$	19,835		$	21,181		$	26,543
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date	$	30,879		$	41,874		$	46,282
Balance at January 1, at original discount rate	$	37,189		$	41,517		$	45,296
Effect of changes in cash flow assumptions (1)	898			(7)			126
Effect of actual variances from expected experience (2)	(180)			363			105
Adjusted balance	37,907			41,873			45,527
Issuances	1,028			1,387			1,487
Interest accrual	485			498			578
Benefit payments	(1,279)			(1,613)			(1,458)
Effect of foreign currency translation	(2,131)			(4,956)			(4,617)
Balance at December 31, at original discount rate	36,010			37,189			41,517
Effect of changes in discount rate assumptions	(5,793)			(6,291)			394
Effect of foreign currency translation on the effect of changes in discount rate assumptions	263			(19)			(37)
Balance at December 31, at current discount rate at balance sheet date	30,480			30,879			41,874
Cumulative impact of flooring the future policyholder benefits reserve	67			342			68
Net liability for future policy benefits	10,712			10,040			15,399
Less: Reinsurance recoverables/(Amount due to reinsurer)	142			143			(11)
Net liability for future policy benefits, net of reinsurance	$	10,570		$	9,897		$	15,410
Undiscounted:
Expected future gross premiums	$	41,734		$	43,440		$	49,959
Expected future benefit payments	$	47,046		$	48,147		$	53,327
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	34,356		$	36,179		$	45,872
Expected future benefit payments	$	30,480		$	30,879		$	41,874
Weighted-average duration of the liability	25 years			17 years			30 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.7		%	1.7		%
Weighted-average current discount rate at balance sheet date	2.5		%	2.7		%	1.4		%

__________________

(1)    For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of ($10) million. For the years ended December 31, 2022 and 2021 the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $44 million and ($69) million, respectively.

(2)    For the years ended December 31, 2023 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $4 million and ($20) million, respectively. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of ($58) million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity.

For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to lapses, partially offset by updates in biometric assumptions related to mortality and morbidity. For the year ended December 31, 2021, the effect of changes in cash flow assumptions was primarily driven by updates in biometric assumptions related to mortality and updates in policyholder behavior assumptions related to lapses, partially offset by updates in biometric assumptions related to morbidity.

Latin America - Fixed Annuities

The Latin America segment’s fixed annuity products in Chile and Mexico offer fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—
Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	—			1			1
Adjusted balance	—			1			1
Issuances	1,045			714			415
Interest accrual	29			(3)			(6)
Net premiums collected	(1,074)			(712)			(410)
Balance at December 31, at original discount rate	—			—			—
Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date	$	9,265		$	7,343		$	10,517
Balance at January 1, at original discount rate	$	8,240		$	6,851		$	7,649
Effect of changes in cash flow assumptions (1)	(5)			(8)			(37)
Effect of actual variances from expected experience (2)	(31)			(32)			2
Adjusted balance	8,204			6,811			7,614
Issuances	1,153			757			491
Interest accrual	341			286			294
Benefit payments	(671)			(560)			(749)
Inflation adjustment	415			896			464
Effect of foreign currency translation	(193)			50			(1,263)
Balance at December 31, at original discount rate	9,249			8,240			6,851
Effect of changes in discount rate assumptions	391			1,026			658
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(3)			(1)			(166)
Balance at December 31, at current discount rate at balance sheet date	9,637			9,265			7,343
Net liability for future policy benefits	$	9,637		$	9,265		$	7,343
Undiscounted - Expected future benefit payments	$	13,994		$	12,675		$	10,712
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	9,637		$	9,265		$	7,343
Weighted-average duration of the liability	11 years			11 years			11 years
Weighted-average interest accretion (original locked-in) rate	3.6		%	3.9		%	4.2		%
Weighted-average current discount rate at balance sheet date	3.3		%	2.7		%	3.2		%

__________________

(1)     For the years ended December 31, 2023, 2022 and 2021, 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 annuity products of $4 million, $7 million and $30 million, respectively.

(2)    For the year ended December 31, 2023, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $20 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of ($28) million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Latin America segment’s fixed annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:

	Years Ended December 31,
	2023			2022			2021
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	5,775		$	7,058		$	7,142
Balance at January 1, at original discount rate	$	5,807		$	5,699		$	5,516
Effect of changes in cash flow assumptions	(152)			272			270
Effect of actual variances from expected experience	199			120			183
Adjusted balance	5,854			6,091			5,969
Interest accrual	294			298			287
Net premiums collected	(582)			(582)			(557)
Balance at December 31, at original discount rate	5,566			5,807			5,699
Effect of changes in discount rate assumptions	121			(32)			1,359
Balance at December 31, at current discount rate at balance sheet date	$	5,687		$	5,775		$	7,058
Present Value of Expected Future Policy Benefits
Balance at January 1, at current discount rate at balance sheet date	$	19,619		$	27,627		$	28,483
Balance at January 1, at original discount rate	$	20,165		$	19,406		$	18,586
Effect of changes in cash flow assumptions	(190)			301			276
Effect of actual variances from expected experience	223			115			188
Adjusted balance	20,198			19,822			19,050
Interest accrual	1,070			1,043			998
Benefit payments	(774)			(700)			(642)
Balance at December 31, at original discount rate	20,494			20,165			19,406
Effect of changes in discount rate assumptions	433			(546)			8,221
Balance at December 31, at current discount rate at balance sheet date	20,927			19,619			27,627
Other adjustments	—			1			—
Net liability for future policy benefits	$	15,240		$	13,845		$	20,569
Undiscounted:
Expected future gross premiums	$	10,603		$	11,201		$	11,404
Expected future benefit payments	$	45,016		$	45,872		$	45,835
Discounted (at current discount rate at balance sheet date ):
Expected future gross premiums	$	7,139		$	7,200		$	9,049
Expected future benefit payments	$	20,927		$	19,619		$	27,627
Weighted-average duration of the liability	15 years			15 years			18 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.5		%	5.5		%
Weighted-average current discount rate at balance sheet date	5.2		%	5.6		%	3.0		%

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in biometric assumptions associated with an increase in incidence rates. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to inflation, which increased the expected cost of care.

For the year ended December 31, 2021, the net effect of actual variances from expected experience was primarily driven by a model refinement resulting in unfavorable claim utilization expectations, largely offset by higher than expected claim terminations and mortality.

Rollforwards - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance liabilities 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 adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

Asia

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:

	Years Ended December 31,
	2023			2022			2021			2023			2022			2021
	Variable Life									Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1,	$	1,381		$	1,595		$	1,824		$	455		$	655		$	788
Less: AOCI adjustment	—			—			—			(33)			56			102
Balance, at January 1, before AOCI adjustment	1,381			1,595			1,824			488			599			686
Effect of changes in cash flow assumptions	(4)			9			—			(2)			(1)			—
Effect of actual variances from expected experience	(10)			2			(24)			(24)			(39)			(30)
Adjusted balance	1,367			1,606			1,800			462			559			656
Assessments accrual	(3)			(3)			(3)			—			(3)			5
Interest accrual	19			21			25			7			7			9
Excess benefits paid	(36)			(40)			(40)			—			—			—
Effect of foreign currency translation and other, net	(89)			(203)			(187)			(31)			(75)			(71)
Balance, at December 31, before AOCI adjustment	1,258			1,381			1,595			438			488			599
Add: AOCI adjustment	—			—			—			(14)			(33)			56
Balance, at December 31,	$	1,258		$	1,381		$	1,595		$	424		$	455		$	655
Weighted-average duration of the liability	16 years			17 years			18 years			42 years			42 years			41 years
Weighted-average interest accretion rate	1.5		%	1.4		%	1.5		%	1.4		%	1.4		%	1.5		%

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s variable life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions.

The stochastic fund return scenario assumption includes the long-term average return and volatility for each fund, and the correlation matrix for each fund. For newer products, the discount rate is determined based on the weighting and return of each fund.

The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s universal and variable universal life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions.

The stochastic fund return scenario assumption includes the foreign currency exchange long-term average trend, foreign currency exchange volatility, long-term U.S. swap and treasury yield, U.S. swap volatility and the correlation between foreign currency exchange and U.S. swap rates.

The locked-in discount rate used for these products is based on the earned rate and foreign currency exchange rates at acquisition.

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:

	Years Ended December 31,
	2023			2022			2021
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1	$	2,156		$	2,117		$	2,014
Less: AOCI adjustment	(63)			67			95
Balance, at January 1, before AOCI adjustment	2,219			2,050			1,919
Effect of changes in cash flow assumptions	38			35			—
Effect of actual variances from expected experience	—			39			19
Adjusted balance	2,257			2,124			1,938
Assessments accrual	105			103			114
Interest accrual	124			116			107
Excess benefits paid	(110)			(124)			(109)
Balance, at December 31, before AOCI adjustment	2,376			2,219			2,050
Add: AOCI adjustment	(14)			(63)			67
Balance, at December 31	2,362			2,156			2,117
Less: Reinsurance recoverables	2,055			745			739
Balance, at December 31, net of reinsurance	$	307		$	1,411		$	1,378
Weighted-average duration of the liability	15 years			16 years			17 years
Weighted-average interest accretion rate	5.5		%	5.6		%	5.6		%

Significant Methodologies and Assumptions

Liabilities for ULSG and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments.

The guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception.

The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:

		Years Ended December 31,
		2023				2022				2021
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	6,660	$	2,897	$	12,748	$	2,519	$	3,965	$	2,336
Asia:
Whole and term life & endowments		1,124		311		1,144		320		1,457		371
Accident & health		3,364		249		3,602		248		4,203		267
Latin America - Fixed annuities		1,074		312		712		289		410		300
MetLife Holdings - Long-term care		731		776		734		745		736		711
Deferred Profit Liabilities:
RIS - Annuities		N/A		167		N/A		154		N/A		147
Asia:
Whole and term life & endowments		N/A		31		N/A		26		N/A		18
Accident & health		N/A		18		N/A		16		N/A		14
Latin America - Fixed annuities		N/A		22		N/A		19		N/A		20
Additional Insurance Liabilities:
Asia:
Variable life		89		19		58		21		28		25
Universal and variable universal life		(31)		7		(26)		7		19		9
MetLife Holdings - Universal and variable universal life		730		124		805		116		831		107
Other long-duration		4,516		460		3,701		450		4,063		480
Total		$	18,257	$	5,393	$	23,478	$	4,930	$	15,712	$	4,805

__________________

(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.

Participating Business

Participating business represented 2% of the Company’s life insurance in-force at both December 31, 2023 and 2022. Participating policies represented 10%, 11% and 12% of gross traditional life insurance premiums for the years ended December 31, 2023, 2022 and 2021, respectively.

Liabilities for Unpaid Claims and Claim Expenses

The following is information about incurred and paid claims development by segment at December 31, 2023. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. In order to eliminate potential fluctuations related to foreign exchange rates, liabilities and payments denominated in a foreign currency have been translated using the 2023 year-end spot rates for all periods presented. The information about incurred and paid claims development prior to 2023 is presented as supplementary information.

Group Benefits

Group Life - Term

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	6,986	$	6,919	$	6,913	$	6,910	$	6,914	$	6,919	$	6,920	$	6,918	$	6,920	$	6,921	$	1	216,354
2015			7,040		7,015		7,014		7,021		7,024		7,025		7,026		7,026		7,028		1		219,102
2016					7,125		7,085		7,095		7,104		7,105		7,104		7,107		7,109		2		221,155
2017							7,432		7,418		7,425		7,427		7,428		7,428		7,432		2		264,341
2018									7,757		7,655		7,646		7,650		7,651		7,652		2		252,744
2019											7,935		7,900		7,907		7,917		7,914		4		254,564
2020													8,913		9,367		9,389		9,384		11		299,634
2021															10,555		10,795		10,777		23		332,964
2022																	9,640		9,653		44		331,022
2023																			9,584		1,198		263,329
Total																			83,454
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(80,287)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			20
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	3,187

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	5,428	$	6,809	$	6,858	$	6,869	$	6,902	$	6,912	$	6,915	$	6,916	$	6,917	$	6,919
2015			5,524		6,913		6,958		6,974		7,008		7,018		7,022		7,024		7,027
2016					5,582		6,980		7,034		7,053		7,086		7,096		7,100		7,106
2017							5,761		7,292		7,355		7,374		7,400		7,414		7,427
2018									6,008		7,521		7,578		7,595		7,629		7,646
2019											6,178		7,756		7,820		7,853		7,898
2020													6,862		9,103		9,242		9,296
2021															8,008		10,476		10,640
2022																	7,101		9,399
2023																			6,929
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	80,287

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Life - Term	76.3%	21.1%	0.9%	0.3%	0.5%	0.2%	0.1%	—%	—%	—%

Group Long-Term Disability

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	1,076	$	1,077	$	1,079	$	1,101	$	1,109	$	1,098	$	1,097	$	1,081	$	1,078	$	1,071	$	—	22,854
2015			1,082		1,105		1,093		1,100		1,087		1,081		1,067		1,086		1,078		—		21,218
2016					1,131		1,139		1,159		1,162		1,139		1,124		1,123		1,086		—		17,974
2017							1,244		1,202		1,203		1,195		1,165		1,181		1,101		—		16,329
2018									1,240		1,175		1,163		1,147		1,170		1,102		—		15,215
2019											1,277		1,212		1,169		1,177		1,103		—		15,408
2020													1,253		1,223		1,155		1,100		—		15,773
2021															1,552		1,608		1,477		9		19,557
2022																	1,641		1,732		46		18,006
2023																			1,725		793		10,994
Total																			12,575
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(6,295)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			1,477
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	7,757

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	51	$	266	$	428	$	526	$	609	$	677	$	732	$	778	$	818	$	850
2015			50		264		427		524		601		665		718		764		801
2016					49		267		433		548		628		696		750		769
2017							56		290		476		579		655		719		718
2018									54		314		497		594		666		663
2019											57		342		522		620		621
2020													59		355		535		560
2021															95		505		620
2022																	76		609
2023																			84
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	6,295

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Long-Term Disability	5.0%	24.0%	14.9%	8.3%	6.0%	4.8%	3.7%	3.4%	3.6%	3.0%

Significant Methodologies and Assumptions

Group Life - Term and Group Long-Term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability.

An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure.

For Group Life - Term, first year incurred claims and allocated loss adjustment expenses decreased in 2023 compared to the 2022 incurral year due to the decline in COVID-19 related death claims. For Group Long-Term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2023 compared to 2022 incurral year due to the growth in the size of the business.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-Term Disability are updated annually to reflect emerging trends in claim experience.

Certain of the Group Life - Term customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations.

Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted.

The liabilities for Group Long-Term Disability unpaid claims and claim adjustment expenses were $6.7 billion and $6.5 billion at December 31, 2023 and 2022, respectively. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.3 billion and $1.2 billion at December 31, 2023 and 2022, respectively. The amount of interest accretion recognized was $516 million, $461 million and $518 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts were reflected in policyholder benefits and claims.

For Group Life - Term, claims were based upon individual death claims. For Group Long-Term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability.

The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims.

The Group Long-Term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis.

Asia

Group Disability & Group Life

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	259	$	243	$	223	$	224	$	234	$	230	$	231	$	231	$	225	$	226	$	6	6,930
2015			244		233		236		230		241		243		246		243		244		10		6,879
2016					204		207		196		209		211		216		218		217		13		4,797
2017							265		246		253		271		279		273		275		22		5,751
2018									323		295		307		317		311		318		43		6,170
2019											349		326		341		337		346		57		6,307
2020													388		361		333		341		104		5,488
2021															369		384		404		154		6,617
2022																	491		454		230		6,955
2023																			453		359		3,544
Total																			3,278
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(2,280)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			13
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	1,011

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	61	$	126	$	157	$	176	$	198	$	199	$	209	$	214	$	217	$	219
2015			71		134		168		182		205		219		226		230		233
2016					57		118		134		168		182		191		199		204
2017							77		139		184		226		241		243		254
2018									85		156		210		244		254		275
2019											93		171		222		258		289
2020													86		154		205		237
2021															78		172		249
2022																	90		225
2023																			95
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	2,280

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Disability & Group Life	24.9%	24.8%	14.6%	10.8%	7.2%	3.5%	3.7%	2.1%	1.3%	0.9%

Significant Methodologies and Assumptions

This business line consists of employer sponsored and industry sponsored Group Life and Group Disability risks.

For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims.

For Group Disability, the IBNR liability is calculated by applying a percentage to premiums in-force based on the expected delay as evidenced by the experience in the portfolio. The IBNR liability is then allocated back into different incurral years based on historical run-off patterns. As the benefit for this class of business is a regular series of payments, an additional reserve is required for the liability for ongoing benefit payments - claims in course of payment (“CICP”). The assumptions employed in the calculation of the CICP are adjusted for the Company’s own experience.

An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Disability and Group Life are updated annually to reflect emerging trends in claim experience.

No additional premiums or return premiums have been accrued as a result of the prior year development.

The liabilities for unpaid claims and claim adjustment expenses were $1.3 billion at both December 31, 2023 and 2022. These amounts were discounted using interest rates ranging from 1% to 7%, based on the incurral year. The total discount applied to these liabilities was $163 million and $118 million at December 31, 2023 and 2022, respectively. The amount of interest accretion recognized was $37 million, $22 million and $22 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts were reflected in policyholder benefits and claims.

The Company tracks claim frequency by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts include claims that do not ultimately result in a liability. A liability is only established for those claims that are expected to result in a liability, based on historical factors.

Latin America

Protection Life

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	261	$	400	$	411	$	375	$	378	$	379	$	380	$	380	$	370	$	371	$	—	38,397
2015			342		492		458		463		463		464		458		446		447		—		44,554
2016					362		475		488		496		497		498		487		486		—		38,936
2017							373		363		363		362		362		352		351		—		31,052
2018									347		335		333		334		333		333		—		29,857
2019											374		342		346		343		344		1		32,435
2020													567		567		573		576		7		43,062
2021															717		625		625		15		52,935
2022																	495		467		27		40,656
2023																			481		199		26,972
Total																			4,481
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(4,036)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			1
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	446

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	232	$	349	$	355	$	359	$	363	$	365	$	367	$	368	$	359	$	360
2015			278		394		418		426		433		436		437		426		428
2016					257		460		481		490		493		496		488		489
2017							221		331		350		354		357		348		349
2018									174		297		310		315		312		314
2019											194		295		318		316		320
2020													245		490		504		513
2021															370		517		539
2022																	305		410
2023																			314
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	4,036

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Life	58.2%	31.7%	4.2%	1.2%	0.7%	—%	(0.1)%	(0.7)%	(1.0)%	0.3%

Protection Health

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2023
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Dollars in millions)
2014	$	271	$	302	$	304	$	302	$	301	$	301	$	301	$	302	$	303	$	302	$	—	98,246
2015			233		265		267		265		265		265		266		266		266		—		87,711
2016					306		352		349		349		349		349		349		350		—		106,797
2017							443		412		413		412		412		412		413		—		121,765
2018									474		498		472		471		471		471		—		144,770
2019											158		206		199		198		199		1		132,789
2020													572		562		560		559		2		150,117
2021															735		737		733		7		171,217
2022																	800		790		17		196,579
2023																			1,011		96		159,272
Total																			5,094
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(4,900)
All outstanding liabilities for incurral years prior to 2014, net of reinsurance																			2
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	196

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(In millions)
2014	$	269	$	300	$	302	$	298	$	298	$	298	$	298	$	298	$	299	$	299
2015			233		265		263		264		265		265		266		266		266
2016					288		344		347		348		348		349		349		350
2017							361		407		409		410		411		412		413
2018									405		461		465		466		468		469
2019											133		187		191		194		196
2020													484		547		552		554
2021															649		718		724
2022																	678		771
2023																			858
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	4,900

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2023:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Health	84.5%	13.4%	0.7%	0.2%	0.3%	0.1%	0.2%	0.1%	0.2%	—%

Significant Methodologies and Assumptions

The Latin America segment establishes liabilities for unpaid losses, which are equal to the accumulation of unpaid reported claims, plus an estimate for claims IBNR.

In general terms, for both the Protection Life and Protection Health products, the methodology for IBNR is the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. In the more recent incurral months, the credibility is higher on expected loss ratios and lower on claims calculated using the experience-derived factors. The credibility grows for the factors as incurral months become older.

For Protection Health products, claim duration can be very long due to the multiple incidences that may occur over time for a single claim. Depending on the characteristics of the product, the number of claims reported per year may or may not be based on the original claim occurrence date for each individual claim. For Protection Life products, claims are based upon individual death claims.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Protection Life and Protection Health are updated annually to reflect emerging trends in claim experience.

Certain of the Protection Life customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations.

Liabilities for unpaid claims and claim adjustment expenses were not discounted.

For Protection Life and Protection Health products, claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability.

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at:

	December 31, 2023
	(In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
Group Benefits:
Group Life - Term	$	3,187
Group Long-Term Disability	7,757
Total			$	10,944
Asia - Group Disability & Group Life			1,011
Latin America:
Protection Life	446
Protection Health	196
Total			642
Other insurance lines - all segments combined			1,871
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance			14,468
Reinsurance recoverables on unpaid claims:
Group Benefits:
Group Life - Term	8
Group Long-Term Disability	272
Total			280
Asia - Group Disability & Group Life			475
Latin America:
Protection Life	14
Protection Health	24
Total			38
Other insurance lines - all segments combined			285
Total reinsurance recoverable on unpaid claims			1,078
Total unpaid claims and allocated claims adjustment expense			15,546
Unallocated claims adjustment expenses			—
Discounting			(1,488)
Liability for unpaid claims and claim adjustment liabilities - short-duration			14,058
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines			2,410
Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances)			$	16,468

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	16,098	$	15,598	$	14,698
Less: Reinsurance recoverables	2,452		2,629		1,896
Net balance at January 1,	13,646		12,969		12,802
Incurred related to:
Current year	27,080		26,505		26,903
Prior years (1)	374		668		922
Total incurred	27,454		27,173		27,825
Paid related to:
Current year	(20,220)		(19,917)		(21,027)
Prior years	(7,004)		(6,579)		(6,512)
Total paid	(27,224)		(26,496)		(27,539)
Reclassified to liabilities held-for-sale (2)	—		—		(55)
Dispositions (2)	—		—		(64)
Net balance at December 31,	13,876		13,646		12,969
Add: Reinsurance recoverables	2,592		2,452		2,629
Balance at December 31,	$	16,468	$	16,098	$	15,598

__________________

(1)For the year ended December 31, 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. For the years ended December 31, 2022 and 2021, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 and 2021 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.

(2)See Note 3 for information on the Company’s business dispositions.