Policyholder Account Balances (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet:

	December 31, 2022
	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	17,461	$	(97)	$	17,364
Market risk benefits	$	—	$	280	$	280
Deferred policy acquisition costs and value of business acquired	$	22,983	$	(3,330)	$	19,653
Deferred income tax asset	$	2,830	$	(391)	$	2,439
Other assets	$	11,026	$	(1)	$	11,025
Total assets	$	666,611	$	(3,539)	$	663,072
Liabilities
Future policy benefits	$	204,228	$	(17,006)	$	187,222
Policyholder account balances	$	203,082	$	7,515	$	210,597
Market risk benefits	$	—	$	3,763	$	3,763
Other policy-related balances	$	19,651	$	(1,227)	$	18,424
Deferred income tax liability	$	325	$	625	$	950
Other liabilities	$	25,980	$	(47)	$	25,933
Total liabilities	$	639,324	$	(6,377)	$	632,947
Equity
Retained earnings	$	41,953	$	(1,621)	$	40,332
Accumulated other comprehensive income (loss)	$	(27,083)	$	4,462	$	(22,621)
Total MetLife, Inc.'s stockholders' equity	$	27,040	$	2,841	$	29,881
Noncontrolling interests	$	247	$	(3)	$	244
Total equity	$	27,287	$	2,838	$	30,125
Total liabilities and equity	$	666,611	$	(3,539)	$	663,072

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statement of operations:

	December 31,
	2022						2021
	As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Revenues
Premiums	$	49,397	$	(887)	$	48,510	$	42,009	$	(857)	$	41,152
Universal life and investment-type product policy fees	$	5,585	$	(360)	$	5,225	$	5,756	$	(512)	$	5,244
Other revenues	$	2,634	$	(4)	$	2,630	$	2,619	$	—	$	2,619
Net investment gains (losses)	$	(1,262)	$	2	$	(1,260)	$	1,529	$	14	$	1,543
Net derivative gains (losses)	$	(2,372)	$	121	$	(2,251)	$	(2,228)	$	(1,029)	$	(3,257)
Total revenues	$	69,898	$	(1,128)	$	68,770	$	71,080	$	(2,384)	$	68,696
Expenses
Policyholder benefits and claims	$	50,612	$	(1,105)	$	49,507	$	43,954	$	(836)	$	43,118
Policyholder liability remeasurement (gains) losses	$	—	$	114	$	114	$	—	$	(172)	$	(172)
Market risk benefit remeasurement (gains) losses	$	—	$	(3,674)	$	(3,674)	$	—	$	(1,237)	$	(1,237)
Interest credited to policyholder account balances	$	3,692	$	202	$	3,894	$	5,538	$	33	$	5,571
Policyholder dividends	$	701	$	5	$	706	$	876	$	4	$	880
Other expenses	$	12,034	$	(175)	$	11,859	$	12,586	$	(568)	$	12,018
Total expenses	$	67,039	$	(4,633)	$	62,406	$	62,954	$	(2,776)	$	60,178
Income (loss) before provision for income tax	$	2,859	$	3,505	$	6,364	$	8,126	$	392	$	8,518
Provision for income tax expense (benefit)	$	301	$	761	$	1,062	$	1,551	$	91	$	1,642
Net income (loss)	$	2,558	$	2,744	$	5,302	$	6,575	$	301	$	6,876
Net income (loss) attributable to noncontrolling interests	$	19	$	(1)	$	18	$	21	$	—	$	21
Net income (loss) attributable to MetLife, Inc.	$	2,539	$	2,745	$	5,284	$	6,554	$	301	$	6,855
Net income (loss) available to MetLife, Inc.'s common shareholders	$	2,354	$	2,745	$	5,099	$	6,353	$	301	$	6,654
Net income (loss) available to MetLife, Inc.'s common shareholders per common share:
Basic	$	2.93	$	3.42	$	6.35	$	7.36	$	0.35	$	7.71
Diluted	$	2.91	$	3.39	$	6.30	$	7.31	$	0.34	$	7.65

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of comprehensive income:

	December 31,
		2022						2021
		As Previously Reported		Adoption Adjustment		Post Adoption		As Previously  Reported		Adoption Adjustment		Post Adoption
	(In millions)
Net income (loss)		$	2,558	$	2,744	$	5,302	$	6,575	$	301	$	6,876
Unrealized investment gains (losses), net of related offsets		$	(47,831)	$	(8,666)	$	(56,497)	$	(8,171)	$	(4,669)	$	(12,840)
Future policy benefits discount rate remeasurement gains (losses)		$	—	$	31,804	$	31,804	$	—	$	10,102	$	10,102
Market risk benefits instrument-specific credit risk remeasurement gains (losses)		$	—	$	(219)	$	(219)	$	—	$	257	$	257
Foreign currency translation adjustments		$	(1,242)	$	4	$	(1,238)	$	(1,306)	$	40	$	(1,266)
Other comprehensive income (loss), before income tax		$	(48,879)	$	22,923	$	(25,956)	$	(9,012)	$	5,730	$	(3,282)
Income tax (expense) benefit related to items of other comprehensive income (loss)		$	10,871	$	(5,092)	$	5,779	$	1,862	$	(1,343)	$	519
Other comprehensive income (loss), net of income tax		$	(38,008)	$	17,831	$	(20,177)	$	(7,150)	$	4,387	$	(2,763)
Comprehensive income (loss)		$	(35,450)	$	20,575	$	(14,875)	$	(575)	$	4,688	$	4,113
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax		$	13	$	(2)	$	11	$	24	$	—	$	24
Comprehensive income (loss) attributable to MetLife, Inc.		$	(35,463)	$	20,577	$	(14,886)	$	(599)	$	4,688	$	4,089

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of equity:

	As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Retained Earnings
Balance at December 31, 2020	$	36,491	$	—	$	36,491
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(4,667)	$	(4,667)
Net income (loss)	$	6,554	$	301	$	6,855
Balance at December 31, 2021	$	41,197	$	(4,366)	$	36,831
Net income (loss)	$	2,539	$	2,745	$	5,284
Balance at December 31, 2022	$	41,953	$	(1,621)	$	40,332
Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	18,072	$	—	$	18,072
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(17,757)	$	(17,757)
Other comprehensive income (loss), net of income tax	$	(7,153)	$	4,387	$	(2,766)
Balance at December 31, 2021	$	10,919	$	(13,370)	$	(2,451)
Other comprehensive income (loss), net of income tax	$	(38,002)	$	17,832	$	(20,170)
Balance at December 31, 2022	$	(27,083)	$	4,462	$	(22,621)
Total MetLife, Inc.’s Stockholders’ Equity
Balance at December 31, 2020	$	74,558	$	—	$	74,558
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(22,424)	$	(22,424)
Net income (loss)	$	6,554	$	301	$	6,855
Other comprehensive income (loss), net of income tax	$	(7,153)	$	4,387	$	(2,766)
Balance at December 31, 2021	$	67,482	$	(17,736)	$	49,746
Net income (loss)	$	2,539	$	2,745	$	5,284
Other comprehensive income (loss), net of income tax	$	(38,002)	$	17,832	$	(20,170)
Balance at December 31, 2022	$	27,040	$	2,841	$	29,881
Noncontrolling Interests
Balance at December 31, 2021	$	267	$	—	$	267
Change in equity of noncontrolling interests	$	(33)	$	(1)	$	(34)
Net income (loss)	$	19	$	(1)	$	18
Other comprehensive income (loss), net of income tax	$	(6)	$	(1)	$	(7)
Balance at December 31, 2022	$	247	$	(3)	$	244
Total Equity
Balance at December 31, 2020	$	74,817	$	—	$	74,817
Cumulative effects of changes in accounting principles, net of income tax	$	—	$	(22,424)	$	(22,424)
Net income (loss)	$	6,575	$	301	$	6,876
Other comprehensive income (loss), net of income tax	$	(7,150)	$	4,387	$	(2,763)
Balance at December 31, 2021	$	67,749	$	(17,736)	$	50,013
Change in equity of noncontrolling interests	$	(33)	$	(1)	$	(34)
Net income (loss)	$	2,558	$	2,744	$	5,302
Other comprehensive income (loss), net of income tax	$	(38,008)	$	17,831	$	(20,177)
Balance at December 31, 2022	$	27,287	$	2,838	$	30,125

The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of cash flows:

	December 31,
		2022						2021
		As Previously Reported		Adoption Adjustment		Post Adoption		As Previously Reported		Adoption Adjustment		Post Adoption
	(In millions)
Cash flows from operating activities
Net income (loss)		$	2,558	$	2,744	$	5,302	$	6,575	$	301	$	6,876
Amortization of premiums and accretion of discounts associated with investments, net		$	(960)	$	(32)	$	(992)	$	(855)	$	(19)	$	(874)
(Gains) losses on investments and from sales of businesses, net		$	1,262	$	(2)	$	1,260	$	(1,529)	$	(14)	$	(1,543)
(Gains) losses on derivatives, net		$	4,317	$	(167)	$	4,150	$	4,190	$	486	$	4,676
Interest credited to policyholder account balances		$	3,737	$	34	$	3,771	$	5,490	$	138	$	5,628
Universal life and investment-type product policy fees		$	(3,970)	$	1	$	(3,969)	$	(3,638)	$	(25)	$	(3,663)
Change in premiums, reinsurance and other receivables		$	256	$	43	$	299	$	389	$	(27)	$	362
Change in market risk benefits		$	—	$	(3,347)	$	(3,347)	$	—	$	(839)	$	(839)
Change in deferred policy acquisition costs and value of business acquired, net		$	(568)	$	(232)	$	(800)	$	(106)	$	(602)	$	(708)
Change in income tax		$	(591)	$	789	$	198	$	598	$	258	$	856
Change in other assets		$	27	$	111	$	138	$	(681)	$	(327)	$	(1,008)
Change in insurance-related liabilities and policy-related balances		$	4,058	$	(121)	$	3,937	$	4,553	$	449	$	5,002
Change in other liabilities		$	341	$	19	$	360	$	71	$	(3)	$	68
Other, net		$	245	$	—	$	245	$	138	$	(25)	$	113
Net cash provided by (used in) operating activities		$	13,204	$	(160)	$	13,044	$	12,596	$	(249)	$	12,347
Cash flows from financing activities
Policyholder account balances - deposits		$	103,036	$	865	$	103,901	$	96,367	$	839	$	97,206
Policyholder account balances - withdrawals		$	(97,886)	$	(705)	$	(98,591)	$	(92,540)	$	(590)	$	(93,130)
Net cash provided by (used in) financing activities		$	(10,108)	$	160	$	(9,948)	$	(1,375)	$	249	$	(1,126)

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

	Asia Retirement Assurance		MetLife Holdings Annuities		Other		Total
	(In millions)
Direct and assumed MRB liabilities at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	247		2,291		251		2,789
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date	(7)		(54)		(38)		(99)
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value	78		4,764		369		5,211
Direct and assumed MRB liabilities at January 1, 2021	$	318	$	7,001	$	582	$	7,901
Reinsured MRB assets at December 31, 2020	$	—	$	—	$	—	$	—
Reclassification of carrying amounts of contracts and contract features that are market risk benefits	—		—		63		63
Adjustments for the difference between previous carrying amounts and fair value measurements	—		—		(12)		$	(12)
Reinsured MRB assets at January 1, 2021 (1)	$	—	$	—	$	51	$	51

__________________

(1)Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets.

The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date:

	Group Benefits (1)		RIS (1)		Asia		Latin America		EMEA		MetLife Holdings		Corporate & Other		Total
	(In millions)
DAC:
Balance at December 31, 2020	$	279	$	130	$	7,432	$	1,344	$	1,551	$	2,679	$	31	$	13,446
Removal of related amounts in AOCI	—		—		2,309		50		—		1,621		—		3,980
Other adjustments upon adoption of the LDTI standard	—		—		—		—		14		11		—		25
Balance at January 1, 2021	$	279	$	130	$	9,741	$	1,394	$	1,565	$	4,311	$	31	$	17,451
VOBA:
Balance at December 31, 2020	$	—	$	25	$	1,901	$	748	$	236	$	33	$	—	$	2,943
Removal of related amounts in AOCI	—		—		14		8		—		5		—		27
Other adjustments upon adoption of the LDTI standard	—		—		—		—		(4)		—		—		(4)
Balance at January 1, 2021	$	—	$	25	$	1,915	$	756	$	232	$	38	$	—	$	2,966
UREV:
Balance at December 31, 2020	$	—	$	42	$	587	$	740	$	556	$	188	$	—	$	2,113
Removal of related amounts in AOCI	—		—		1,029		95		(81)		—		—		1,043
Other adjustments upon adoption of the LDTI standard	—		—		—		—		7		—		—		7
Balance at January 1, 2021	$	—	$	42	$	1,616	$	835	$	482	$	188	$	—	$	3,163
Negative VOBA:
Balance at December 31, 2020															$	738
Reclassification of carrying amounts of contracts and contract features that are market risk benefits															(72)
Balance at January 1, 2021															$	666

__________________

(1)See Note 2 for information on the reorganization of the Company’s segments.

Policyholder Account Balances

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

Policyholder Account Balance Rollforward

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.

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

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 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.

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.

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.

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.

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.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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

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

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

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

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

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

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