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Separate Account
 12 Months Ended
Dec. 31, 2023
Separate Accounts Disclosure [Abstract]  
Separate Account
7. Separate Accounts
Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.
Separate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $115.6 billion and $108.9 billion at December 31, 2023 and 2022, respectively, for which the contractholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the contractholder which totaled $29.0 billion and $37.1 billion at December 31, 2023 and 2022, respectively. The latter category consisted primarily of GICs. The average interest rate credited on these contracts was 2.6% and 2.5% at December 31, 2023 and 2022, respectively.
Separate Account Liabilities
The Company’s separate account liabilities on the consolidated balance sheets were as follows at:
December 31, 2023December 31, 2022
(In millions)
RIS:
Stable Value and Risk Solutions
$41,343 $48,265 
Annuities
11,659 11,694 
Latin America - Pensions41,320 39,428 
MetLife Holdings - Annuities29,224 28,499 
Other
21,088 18,152 
Total
$144,634 $146,038 
Rollforwards
The following information about the separate account 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 separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.
The balances of and changes in separate account liabilities were as follows:
RIS
 Stable Value and Risk Solutions
RIS
Annuities
Latin America
Pensions		MetLife Holdings
Annuities
(In millions)
Balance, January 1, 2021$62,150 $21,895 $50,075 $40,825 
Premiums and deposits3,676 944 6,251 298 
Policy charges(302)(35)(228)(789)
Surrenders and withdrawals(8,170)(2,457)(4,432)(4,461)
Benefit payments(142)— (6,410)(500)
Investment performance833 1,189 825 5,037 
Net transfers from (to) general account(41)30 — (237)
Effect of foreign currency translation and other, net
469 (274)(8,450)— 
Balance, December 31, 2021$58,473 $21,292 $37,631 $40,173 
Premiums and deposits5,253 1,233 7,058 267 
Policy charges(309)(25)(253)(665)
Surrenders and withdrawals(5,885)(7,481)(5,155)(2,911)
Benefit payments(125)— (1,559)(431)
Investment performance(4,503)(2,823)1,490 (7,738)
Net transfers from (to) general account82 (56)— (199)
Effect of foreign currency translation and other, net (1)
(4,721)(446)216 3 
Balance, December 31, 2022$48,265 $11,694 $39,428 $28,499 
Premiums and deposits2,203 175 7,936 256 
Policy charges(285)(21)(287)(609)
Surrenders and withdrawals(11,123)(944)(5,781)(2,948)
Benefit payments(99)— (1,702)(464)
Investment performance2,595 774 2,814 4,561 
Net transfers from (to) general account(56)3 — (74)
Effect of foreign currency translation and other, net
(157)(22)(1,088)3 
Balance, December 31, 2023$41,343 $11,659 $41,320 $29,224 
Cash surrender value at December 31, 2021 (2)
$48,276 N/A$37,631 $39,932 
Cash surrender value at December 31, 2022 (2)
$42,728 N/A$39,428 $28,348 
Cash surrender value at December 31, 2023 (2)
$35,950 N/A$41,320 $29,078 
__________________
(1)The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(2)Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Separate Account Assets
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
December 31, 2023
Group
Benefits
RISAsia
Latin
America
EMEAMetLife HoldingsTotal
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $509 $1,190 $1,051 $2,638 $— $5,388 
U.S. government and agency— 9,673 — 9,920 — 18 19,611 
Public utilities— 1,077 308 — — 4 1,389 
Municipals— 380 31 — — 13 424 
Corporate bonds:







Materials— 144 — — — — 144 
Communications— 893 8 — — 3 904 
Consumer— 1,882 39 — — 8 1,929 
Energy— 911 105 — — 2 1,018 
Financial— 2,717 551 6,006 398 15 9,687 
Industrial and other— 764 38 3,598 — 3 4,403 
Technology— 547 — — — 3 550 
Foreign— 1,920 — 3,095 27 13 5,055 
Total corporate bonds
— 9,778 741 12,699 425 47 23,690 
Total bonds— 21,417 2,270 23,670 3,063 82 50,502 
Mortgage-backed securities
— 9,671 — — — 35 9,706 
Asset-backed securities and collateralized loan obligations
— 2,557 18 — — 11 2,586 
Redeemable preferred stock— 9 — — — — 9 
Total fixed maturity securities— 33,654 2,288 23,670 3,063 128 62,803 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,411 2,661 2,453 677 — 8,202 
Banks, trust and insurance companies— 731 269 392 341 — 1,733 
Public utilities— 67 19 — 72 — 158 
Non-redeemable preferred stock— — 115 — — — 115 
Mutual funds 1,159 8,517 2,929 10,099 109 35,418 58,231 
Total equity securities1,159 11,726 5,993 12,944 1,199 35,418 68,439 
Other invested assets
— 1,620 403 4,212 30 — 6,265 
Total investments
1,159 47,000 8,684 40,826 4,292 35,546 137,507 
Other assets
— 6,093 503 494 35 2 7,127 
Total
$1,159 $53,093 $9,187 $41,320 $4,327 $35,548 $144,634 
December 31, 2022
Group
Benefits (1)
RIS (1)
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $588 $1,047 $593 $1,988 $— $4,216 
U.S. government and agency— 11,340 — 8,828 — 13 20,181 
Public utilities— 1,183 281 — — 4 1,468 
Municipals— 504 33 — — 12 549 
Corporate bonds:

Materials— 242 — — — — 242 
Communications— 1,182 8 — — 3 1,193 
Consumer— 2,393 — — — 7 2,400 
Energy— 866 103 — — 1 970 
Financial— 3,538 527 7,389 444 16 11,914 
Industrial and other— 882 186 3,635 — 3 4,706 
Technology— 717 — — — 3 720 
Foreign— 2,473 — 4,018 21 12 6,524 
Total corporate bonds
— 12,293 824 15,042 465 45 28,669 
Total bonds— 25,908 2,185 24,463 2,453 74 55,083 
Mortgage-backed securities
— 12,328 — — — 32 12,360 
Asset-backed securities and collateralized loan obligations
— 2,926 28 — — 14 2,968 
Redeemable preferred stock— 4 — — — — 4 
Total fixed maturity securities— 41,166 2,213 24,463 2,453 120 70,415 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,910 2,330 2,100 475 — 7,815 
Banks, trust and insurance companies— 599 270 347 188 — 1,404 
Public utilities— 96 27 — 45 — 168 
Non-redeemable preferred stock— 2 — — — — 2 
Mutual funds 988 7,259 2,607 8,639 75 33,848 53,416 
Total equity securities988 10,866 5,234 11,086 783 33,848 62,805 
Other invested assets
2 1,863 411 3,687 43 — 6,006 
Total investments
990 53,895 7,858 39,236 3,279 33,968 139,226 
Other assets
— 6,145 434 192 35 6 6,812 
Total
$990 $60,040 $8,292 $39,428 $3,314 $33,974 $146,038 
__________________
(1)See Note 2 for information on the reorganization of the Company’s segments.