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Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2024

The Company’s PABs on the interim condensed consolidated balance sheets were as follows at:


	March 31, 2024		December 31, 2023
	(In millions)
Group Benefits - Group Life	$	7,747	$	7,692
RIS:
Capital Markets Investment Products and Stable Value GICs	64,269		64,140
Annuities and Risk Solutions	18,266		17,711
Asia:
Universal and Variable Universal Life	49,484		49,739
Fixed Annuities	36,969		36,863
EMEA - Variable Annuities	2,631		2,720
MetLife Holdings:
Annuities	11,129		11,537
Life and Other	11,486		11,641
Other	17,187		17,226
Total	$	219,168	$	219,269

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	7,692	$	8,028
Deposits	1,083		851
Policy charges	(163)		(160)
Surrenders and withdrawals	(906)		(799)
Benefit payments	(4)		(1)
Net transfers from (to) separate accounts	(3)		1
Interest credited	48		45

Balance, end of period	$	7,747	$	7,965

Weighted-average annual crediting rate	2.5 %		2.3 %

At period end:
Cash surrender value	$	7,687	$	7,904
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	260,502	$	249,463

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	64,140	$	63,723
Deposits	18,073		21,234

Surrenders and withdrawals	(18,070)		(22,590)


Interest credited	573		460
Effect of foreign currency translation and other, net	(447)		457
Balance, end of period	$	64,269	$	63,284

Weighted-average annual crediting rate	3.6 %		2.9 %
Cash surrender value at period end	$	1,992	$	2,074

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	17,711	$	15,549
Deposits	700		629
Policy charges	(15)		(47)
Surrenders and withdrawals	(58)		(39)
Benefit payments	(242)		(191)
Net transfers from (to) separate accounts	19		55
Interest credited	177		151
Other	(26)		21
Balance, end of period	$	18,266	$	16,128

Weighted-average annual crediting rate	3.9 %		3.8 %

At period end:
Cash surrender value	$	8,043	$	7,592
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	42,677	$	41,924

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	49,739	$	46,417
Deposits	1,682		1,070
Policy charges	(282)		(242)
Surrenders and withdrawals	(826)		(517)
Benefit payments	(124)		(149)

Interest credited	382		344
Effect of foreign currency translation and other, net	(1,087)		(153)
Balance, end of period	$	49,484	$	46,770

Weighted-average annual crediting rate	3.1 %		3.0 %

At period end:
Cash surrender value	$	42,842	$	40,028
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	90,786	$	94,001

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


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	36,863	$	32,454
Deposits	1,665		2,733
Policy charges	—		(1)
Surrenders and withdrawals	(740)		(445)
Benefit payments	(649)		(545)

Interest credited	248		191
Effect of foreign currency translation and other, net	(418)		(115)
Balance, end of period	$	36,969	$	34,272

Weighted-average annual crediting rate	2.7 %		2.3 %

At period end:
Cash surrender value	$	32,072	$	29,162
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	3	$	—

Information regarding the EMEA segment’s variable annuity PABs in the United Kingdom was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	2,720	$	2,802
Deposits	1		1
Policy charges	(15)		(16)
Surrenders and withdrawals	(73)		(65)
Benefit payments	(31)		(31)

Interest credited (1)	54		77
Effect of foreign currency translation and other, net	(25)		77
Balance, end of period	$	2,631	$	2,845

Weighted-average annual crediting rate	8.4 %		11.6 %

At period end:
Cash surrender value	$	2,631	$	2,845
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	422	$	565
At annuitization or exercise of other living benefits	$	541	$	713

__________________

(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.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,537	$	13,286
Deposits	38		41
Policy charges	(3)		(4)
Surrenders and withdrawals	(457)		(531)
Benefit payments	(108)		(119)
Net transfers from (to) separate accounts	27		35
Interest credited	91		100
Other	4		10
Balance, end of period	$	11,129	$	12,818

Weighted-average annual crediting rate	3.3 %		3.1 %

At period end:
Cash surrender value	$	10,507	$	11,981
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,486	$	3,600
At annuitization or exercise of other living benefits	$	614	$	831

__________________

(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.

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,641	$	12,402
Deposits	206		226
Policy charges	(174)		(179)
Surrenders and withdrawals	(265)		(287)
Benefit payments	(39)		(47)
Net transfers from (to) separate accounts	11		6
Interest credited	106		113
Other	—		—
Balance, end of period	$	11,486	$	12,234

Weighted-average annual crediting rate	3.7 %		3.7 %

At period end:
Cash surrender value	$	11,038	$	11,731
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	66,684	$	70,483

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both March 31, 2024 and December 31, 2023, would be reduced by 99%.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	154	$	839	$	4,628	$	5,621
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	163	$	939	$	4,663	$	7,747

March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	77	$	935	$	4,640	$	5,652
Equal to or greater than 2% but less than 4%	1,277		10		63		2		1,352
Equal to or greater than 4%	759		1		43		33		836
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		125
Total	$	2,036	$	88	$	1,041	$	4,675	$	7,965

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,270
Total	$	—	$	—	$	1	$	1,998	$	64,269

March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,835	$	1,836


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,448
Total	$	—	$	—	$	1	$	1,835	$	63,284

The RIS segment’s annuity 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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,834	$	1,854
Equal to or greater than 2% but less than 4%	244		34		106		416		800
Equal to or greater than 4%	4,260		—		390		5		4,655
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,957
Total	$	4,504	$	34	$	516	$	2,255	$	18,266

March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	58	$	1,424	$	1,482
Equal to or greater than 2% but less than 4%	230		39		125		441		835
Equal to or greater than 4%	4,460		120		96		5		4,681
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		9,130
Total	$	4,690	$	159	$	279	$	1,870	$	16,128

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	9,960	$	21	$	230	$	1,149	$	11,360
Equal to or greater than 2% but less than 4%	7,732		15,644		5,550		8,387		37,313
Equal to or greater than 4%	246		—		—		—		246
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		565
Total	$	17,938	$	15,665	$	5,780	$	9,536	$	49,484

March 31, 2023
Equal to or greater than 0% but less than 2%	$	10,978	$	67	$	136	$	85	$	11,266
Equal to or greater than 2% but less than 4%	21,256		2,857		5,730		4,913		34,756
Equal to or greater than 4%	265		—		—		—		265
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		483
Total	$	32,499	$	2,924	$	5,866	$	4,998	$	46,770

The Asia segment’s fixed annuity 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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	331	$	521	$	5,821	$	29,031	$	35,704
Equal to or greater than 2% but less than 4%	—		5		—		—		5

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,260
Total	$	331	$	526	$	5,821	$	29,031	$	36,969

March 31, 2023
Equal to or greater than 0% but less than 2%	$	377	$	636	$	6,980	$	24,865	$	32,858
Equal to or greater than 2% but less than 4%	—		6		—		—		6

Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,408
Total	$	377	$	642	$	6,980	$	24,865	$	34,272

The MetLife Holdings segment’s annuity 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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	866		7,157		540		201		8,764
Equal to or greater than 4%	773		403		30		—		1,206
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		414
Total	$	1,645	$	7,797	$	1,012	$	261	$	11,129

March 31, 2023
Equal to or greater than 0% but less than 2%	$	658	$	90	$	136	$	24	$	908
Equal to or greater than 2% but less than 4%	6,517		3,203		376		36		10,132
Equal to or greater than 4%	964		321		11		—		1,296
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		482
Total	$	8,139	$	3,614	$	523	$	60	$	12,818

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)
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	17	$	54	$	71
Equal to or greater than 2% but less than 4%	4,351		171		275		546		5,343
Equal to or greater than 4%	5,022		124		410		15		5,571
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,373	$	295	$	702	$	615	$	11,486

March 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	55	$	75
Equal to or greater than 2% but less than 4%	4,872		172		296		560		5,900
Equal to or greater than 4%	5,209		127		417		5		5,758
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	10,081	$	299	$	733	$	620	$	12,234