Market Risk Benefits (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

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(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

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(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.

Market Risk Benefit

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

Market Risk Benefit, Activity

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

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(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.

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.

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