Market Risk Benefits

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Market Risk Benefits

5. Policyholder Account Balances

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

The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date:

	Group Benefits Group Life		RIS Capital Markets Investment Products and Stable Value GICs		RIS 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 Company’s PABs on the consolidated balance sheets were as follows at:

	December 31, 2023		December 31, 2022
	(In millions)
Group Benefits - Group Life	$	7,692	$	8,028
RIS:
Capital Markets Investment Products and Stable Value GICs	64,140		63,723
Annuities and Risk Solutions	17,711		15,549
Asia:
Universal and Variable Universal Life	49,739		46,417
Fixed Annuities	36,863		32,454
EMEA - Variable Annuities	2,720		2,802
MetLife Holdings:
Annuities	11,537		13,286
Life and Other	11,641		12,402
Other	17,226		15,936
Total	$	219,269	$	210,597

Rollforwards

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

Group Benefits

Group Life

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

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	8,028	$	7,893	$	7,586
Deposits	3,311		3,361		3,450
Policy charges	(635)		(612)		(589)
Surrenders and withdrawals	(3,192)		(2,744)		(2,670)
Benefit payments	(12)		(10)		(9)
Net transfers from (to) separate accounts	—		(2)		(1)
Interest credited	192		142		126
Balance at December 31,	$	7,692	$	8,028	$	7,893
Weighted-average annual crediting rate	2.5 %		1.8 %		1.6 %
At period end:
Cash surrender value	$	7,630	$	7,974	$	7,840
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	250,033	$	244,638	$	238,062

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Group Benefits 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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	86	$	863	$	4,558	$	5,507
Equal to or greater than 2% but less than 4%	1,196		9		62		2		1,269
Equal to or greater than 4%	727		1		43		34		805
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		111
Total	$	1,923	$	96	$	968	$	4,594	$	7,692
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	973	$	4,471	$	236	$	5,680
Equal to or greater than 2% but less than 4%	1,303		52		21		—		1,376
Equal to or greater than 4%	803		1		11		30		845
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		127
Total	$	2,106	$	1,026	$	4,503	$	266	$	8,028
December 31, 2021
Equal to or greater than 0% but less than 2%	$	5,229	$	135	$	—	$	131	$	5,495
Equal to or greater than 2% but less than 4%	1,374		50		23		—		1,447
Equal to or greater than 4%	793		—		—		29		822
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		129
Total	$	7,396	$	185	$	23	$	160	$	7,893

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements.

In addition, certain subsidiaries of the Company have entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The PAB balances for FHLBNY funding agreements were $14.6 billion and $14.9 billion at December 31, 2023 and 2022, respectively. These advances are collateralized by residential mortgage-backed securities (“RMBS”) with an estimated fair value of $17.8 billion and $17.9 billion at December 31, 2023 and 2022, respectively. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY. The PAB balances for the Farmer Mac funding agreements were $2.1 billion at both December 31, 2023 and 2022. The obligations under the Farmer Mac funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The carrying value of such collateral was $2.2 billion and $2.1 billion at December 31, 2023 and 2022, respectively.

Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows:

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	63,723	$	62,521	$	62,908
Deposits	69,229		81,050		76,672
Surrenders and withdrawals	(71,938)		(80,382)		(77,524)
Interest credited	2,091		1,276		914
Effect of foreign currency translation and other, net	1,035		(742)		(449)
Balance at December 31,	$	64,140	$	63,723	$	62,521
Weighted-average annual crediting rate	3.3 %		2.0 %		1.5 %
Cash surrender value at period end	$	2,126	$	2,071	$	1,882

The RIS 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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,621	$	2,622
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		61,518
Total	$	—	$	—	$	1	$	2,621	$	64,140
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	3,553	$	3,554
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		60,169
Total	$	—	$	—	$	1	$	3,553	$	63,723
December 31, 2021
Equal to or greater than 0% but less than 2%	$	—	$	632	$	4,142	$	10	$	4,784
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		57,737
Total	$	—	$	632	$	4,142	$	10	$	62,521

Annuities and Risk Solutions

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

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	15,549	$	14,431	$	13,643
Deposits	2,734		1,843		1,615
Policy charges	(178)		(153)		(126)
Surrenders and withdrawals	(210)		(120)		(442)
Benefit payments	(812)		(739)		(704)
Net transfers from (to) separate accounts	53		(26)		11
Interest credited	637		543		517
Other	(62)		(230)		(83)
Balance at December 31,	$	17,711	$	15,549	$	14,431
Weighted-average annual crediting rate	3.9 %		3.7 %		3.8 %
At period end:
Cash surrender value	$	7,912	$	7,331	$	6,559
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	40,397	$	40,607	$	38,066

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The RIS 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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,651	$	1,671
Equal to or greater than 2% but less than 4%	249		34		105		432		820
Equal to or greater than 4%	4,346		—		282		5		4,633
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		10,587
Total	$	4,595	$	34	$	407	$	2,088	$	17,711
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	64	$	1,232	$	1,296
Equal to or greater than 2% but less than 4%	301		39		124		375		839
Equal to or greater than 4%	4,446		122		63		4		4,635
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		8,779
Total	$	4,747	$	161	$	251	$	1,611	$	15,549
December 31, 2021
Equal to or greater than 0% but less than 2%	$	—	$	—	$	115	$	490	$	605
Equal to or greater than 2% but less than 4%	258		36		125		469		888
Equal to or greater than 4%	4,435		126		54		5		4,620
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		8,318
Total	$	4,693	$	162	$	294	$	964	$	14,431

Asia

Universal and Variable Universal Life

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	46,417	$	46,590	$	43,868
Deposits	7,595		5,673		6,487
Policy charges	(1,210)		(1,103)		(1,178)
Surrenders and withdrawals	(2,959)		(2,993)		(1,265)
Benefit payments	(508)		(502)		(514)
Interest credited	1,408		1,066		1,199
Effect of foreign currency translation and other, net	(1,004)		(2,314)		(2,007)
Balance at December 31,	$	49,739	$	46,417	$	46,590
Weighted-average annual crediting rate	3.0 %		2.3 %		2.7 %
At period end:
Cash surrender value	$	42,577	$	39,737	$	43,329
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	93,172	$	95,412	$	104,551

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The 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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	10,640	$	24	$	231	$	1,001	$	11,896
Equal to or greater than 2% but less than 4%	5,932		15,634		7,801		7,669		37,036
Equal to or greater than 4%	250		—		—		—		250
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		557
Total	$	16,822	$	15,658	$	8,032	$	8,670	$	49,739
December 31, 2022
Equal to or greater than 0% but less than 2%	$	10,965	$	76	$	138	$	75	$	11,254
Equal to or greater than 2% but less than 4%	21,184		2,847		5,583		4,846		34,460
Equal to or greater than 4%	265		—		—		—		265
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		438
Total	$	32,414	$	2,923	$	5,721	$	4,921	$	46,417
December 31, 2021
Equal to or greater than 0% but less than 2%	$	11,754	$	152	$	—	$	—	$	11,906
Equal to or greater than 2% but less than 4%	21,672		2,625		5,160		4,517		33,974
Equal to or greater than 4%	282		—		—		—		282
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		428
Total	$	33,708	$	2,777	$	5,160	$	4,517	$	46,590

Fixed Annuities

Information regarding the Asia segment’s fixed annuity PABs in Japan was as follows:

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	32,454	$	30,976	$	31,422
Deposits	8,115		7,813		3,681
Policy charges	(2)		(2)		(3)
Surrenders and withdrawals	(2,344)		(4,024)		(1,260)
Benefit payments	(2,156)		(2,014)		(2,500)
Interest credited	866		623		617
Effect of foreign currency translation and other, net	(70)		(918)		(981)
Balance at December 31,	$	36,863	$	32,454	$	30,976
Weighted-average annual crediting rate	2.5 %		2.0 %		2.0 %
At period end:
Cash surrender value	$	31,936	$	27,902	$	29,835
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	73	$	1	$	64

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The 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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	322	$	584	$	6,274	$	28,343	$	35,523
Equal to or greater than 2% but less than 4%	—		5		—		—		5
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		1,335
Total	$	322	$	589	$	6,274	$	28,343	$	36,863
December 31, 2022
Equal to or greater than 0% but less than 2%	$	438	$	664	$	7,160	$	22,755	$	31,017
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		1,431
Total	$	438	$	670	$	7,160	$	22,755	$	32,454
December 31, 2021
Equal to or greater than 0% but less than 2%	$	264	$	1,153	$	8,100	$	19,817	$	29,334
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		1,634
Total	$	272	$	1,153	$	8,100	$	19,817	$	30,976

EMEA

Variable Annuities

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom (“U.K.”) was as follows:

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	2,802	$	4,215	$	4,779
Deposits	4		5		8
Policy charges	(63)		(73)		(95)
Surrenders and withdrawals	(285)		(313)		(483)
Benefit payments	(125)		(137)		(157)
Interest credited (1)	228		(465)		208
Effect of foreign currency translation and other, net	159		(430)		(45)
Balance at December 31,	$	2,720	$	2,802	$	4,215
Weighted-average annual crediting rate	8.6 %		(12.4) %		4.7 %
At period end:
Cash surrender value	$	2,720	$	2,802	$	4,215
Net amount at risk, excluding offsets from reinsurance:
In the event of death (2)	$	456	$	557	$	182
At annuitization or exercise of other living benefits (3)	$	585	$	699	$	257

__________________

(1)Interest credited on EMEA’s variable annuity 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. There are no GMCR on these products.

(2)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.

(3)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.

MetLife Holdings

Annuities

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

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	13,286	$	14,398	$	15,234
Deposits	176		233		284
Policy charges	(15)		(16)		(16)
Surrenders and withdrawals	(1,981)		(1,494)		(1,380)
Benefit payments	(420)		(415)		(413)
Net transfers from (to) separate accounts	72		198		237
Interest credited	396		406		425
Other	23		(24)		27
Balance at December 31,	$	11,537	$	13,286	$	14,398
Weighted-average annual crediting rate	3.3 %		3.0 %		3.0 %
At period end:
Cash surrender value	$	10,904	$	12,373	$	13,256
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death (2)	$	2,821	$	4,354	$	1,119
At annuitization or exercise of other living benefits (3)	$	688	$	960	$	581

__________________

(1)Includes amounts for certain variable annuities recorded as PABs with the related guarantees recorded as MRBs which are disclosed in “MetLife Holdings – Annuities” in Note 6.

(2)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.

(3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

The 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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	36	$	307	$	378	$	252	$	973
Equal to or greater than 2% but less than 4%	1,033		7,205		459		202		8,899
Equal to or greater than 4%	788		411		32		—		1,231
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		434
Total	$	1,857	$	7,923	$	869	$	454	$	11,537
December 31, 2022
Equal to or greater than 0% but less than 2%	$	934	$	4	$	8	$	16	$	962
Equal to or greater than 2% but less than 4%	9,388		892		191		12		10,483
Equal to or greater than 4%	1,261		43		5		—		1,309
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		532
Total	$	11,583	$	939	$	204	$	28	$	13,286
December 31, 2021
Equal to or greater than 0% but less than 2%	$	1,066	$	7	$	14	$	11	$	1,098
Equal to or greater than 2% but less than 4%	10,679		299		197		1		11,176
Equal to or greater than 4%	1,307		40		5		—		1,352
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		772
Total	$	13,052	$	346	$	216	$	12	$	14,398

Life and Other

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

	Years Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Balance at January 1,	$	12,402	$	12,699	$	12,856
Deposits	783		895		1,172
Policy charges	(702)		(718)		(731)
Surrenders and withdrawals	(1,171)		(785)		(887)
Benefit payments	(152)		(183)		(213)
Net transfers from (to) separate accounts	35		29		32
Interest credited	445		460		470
Other	1		5		—
Balance at December 31,	$	11,641	$	12,402	$	12,699
Weighted-average annual crediting rate	3.8 %		3.7 %		3.8 %
At period end:
Cash surrender value	$	11,177	$	11,882	$	12,170
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1), (2)	$	67,786	$	71,548	$	73,840

__________________

(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.

(2)Taking into consideration reinsurance, the net amount at risk at December 31, 2023, 2022 and 2021 as presented in the above table, would be reduced by 99%, 65%, and 66%, respectively.

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)
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	16	$	55	$	71
Equal to or greater than 2% but less than 4%	4,453		171		280		549		5,453
Equal to or greater than 4%	5,066		124		413		13		5,616
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	9,519	$	295	$	709	$	617	$	11,641
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	20	$	50	$	5	$	75
Equal to or greater than 2% but less than 4%	5,025		144		441		410		6,020
Equal to or greater than 4%	5,253		128		420		5		5,806
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	10,278	$	292	$	911	$	420	$	12,402
December 31, 2021
Equal to or greater than 0% but less than 2%	$	26	$	8	$	—	$	—	$	34
Equal to or greater than 2% but less than 4%	5,122		145		313		571		6,151
Equal to or greater than 4%	5,448		132		427		6		6,013
Products with either a fixed rate or no guaranteed minimum crediting rate	N/A		N/A		N/A		N/A		501
Total	$	10,596	$	285	$	740	$	577	$	12,699

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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 Company’s MRB assets and MRB liabilities on the consolidated balance sheets were as follows at:

	December 31,
	2023						2022
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	203	$	203	$	—	$	226	$	226
MetLife Holdings - Annuities	156		2,878		2,722		153		3,378		3,225
Other	130		98		(32)		127		159		32
Total	$	286	$	3,179	$	2,893	$	280	$	3,763	$	3,483

Rollforwards

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

Asia - Retirement Assurance

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

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	226	$	277	$	318
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	233	$	284	$	326
Attributed fees collected	3		3		4
Benefit payments	(12)		—		(7)
Effect of changes in interest rates	1		(25)		(6)
Effect of changes in equity index volatility	—		—		(3)
Actual policyholder behavior different from expected behavior	(1)		6		(16)
Effect of changes in future expected policyholder behavior and other assumptions	(1)		5		—
Effect of foreign currency translation and other, net	(18)		(40)		(14)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	205		233		284
Cumulative effect of changes in the instrument-specific credit risk	(2)		(8)		(8)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		1		1
Balance at December 31,	$	203	$	226	$	277
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits (1)	$	119	$	127	$	119
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits (1)	58 years		58 years		57 years

__________________

(1)    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.

Significant Methodologies and Assumptions

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

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

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 13 for additional information on significant unobservable inputs.

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

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

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

MetLife Holdings - Annuities

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

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	3,225	$	5,929	$	7,001
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	3,360	$	6,229	$	7,055
Attributed fees collected	377		387		413
Benefit payments	(58)		(42)		(41)
Effect of changes in interest rates	(161)		(3,610)		(536)
Effect of changes in capital markets	(900)		861		(1,163)
Effect of changes in equity index volatility	(135)		38		25
Actual policyholder behavior different from expected behavior	144		20		(92)
Effect of changes in future expected policyholder behavior and other assumptions (1)	9		(328)		563
Effect of foreign currency translation and other, net (2)	152		36		350
Effect of changes in risk margin	(16)		(231)		(345)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	2,772		3,360		6,229
Cumulative effect of changes in the instrument-specific credit risk	(54)		(130)		(304)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	4		(5)		4
Balance at December 31,	$	2,722	$	3,225	$	5,929
At period end:
Net amount at risk, excluding offsets from hedging (3):
In the event of death (4)	$	2,828	$	4,387	$	1,131
At annuitization or exercise of other living benefits (5)	$	675	$	1,141	$	565
Weighted-average attained age of contractholders:
In the event of death (4)	70 years		69 years		70 years
At annuitization or exercise of other living benefits (5)	70 years		71 years		68 years

__________________

(1)    For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities.

(2)    Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(3)    Includes amounts for certain variable annuities guarantees recorded as MRBs on contracts also recorded as PABs which are disclosed in “MetLife Holdings – Annuities” in Note 5.

(4)    For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(5)    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.

Significant Methodologies and Assumptions

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

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

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 13 for additional information on significant unobservable inputs.

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

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

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 13 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	32	$	491	$	582
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	24	$	539	$	619
Attributed fees collected	34		61		72
Benefit payments	(28)		(4)		(2)
Effect of changes in interest rates	(3)		(499)		(227)
Effect of changes in capital markets	(41)		139		(110)
Effect of changes in equity index volatility	(6)		31		4
Actual policyholder behavior different from expected behavior	(22)		(12)		29
Effect of changes in future expected policyholder behavior and other assumptions	2		(1)		56
Effect of foreign currency translation and other, net	(9)		(224)		100
Effect of changes in risk margin	(1)		(6)		(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(50)		24		539
Cumulative effect of changes in the instrument-specific credit risk	17		7		(49)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		1		1
Net balance at December 31,	(32)		32		491
Less: Reinsurance recoverable	18		23		33
Balance at December 31,	$	(50)	$	9	$	458