Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2024

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


	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	189	$	189	$	—	$	203	$	203
MetLife Holdings - Annuities	206		2,437		2,231		156		2,878		2,722
Other	145		70		(75)		130		98		(32)
Total	$	351	$	2,696	$	2,345	$	286	$	3,179	$	2,893

Market Risk Benefit, Activity

Information regarding this liability was as follows:


	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	203	$	226

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	205	$	233

Attributed fees collected	1		1
Benefit payments	(2)		—
Effect of changes in interest rates	2		7


Actual policyholder behavior different from expected behavior	(1)		(7)

Effect of foreign currency translation and other, net	(15)		(8)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	190		226
Cumulative effect of changes in the instrument-specific credit risk	(1)		(5)

Balance, end of period	$	189	$	221



At period end:
Net amount at risk, excluding offsets from hedging:

At annuitization or exercise of other living benefits	$	113	$	121
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:


		Three Months Ended March 31,
		2024		2023
	(In millions)
Balance, beginning of period		$	2,722	$	3,225

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	2,772	$	3,360

Attributed fees collected		90		98
Benefit payments		(22)		(11)
Effect of changes in interest rates		(373)		368
Effect of changes in capital markets		(306)		(358)
Effect of changes in equity index volatility		34		(132)
Actual policyholder behavior different from expected behavior		69		29

Effect of foreign currency translation and other, net (1)		(26)		232
Effect of changes in risk margin		(46)		3
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,192		3,589
Cumulative effect of changes in the instrument-specific credit risk		39		(229)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		—		1
Balance, end of period		$	2,231	$	3,361



At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,489	$	3,619
At annuitization or exercise of other living benefits		$	579	$	897
Weighted-average attained age of contractholders:
In the event of death		72 years		70 years
At annuitization or exercise of other living benefits		70 years		71 years

__________________

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

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

Information regarding these product liabilities was as follows:


	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance, beginning of period	$	(32)	$	32

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(50)	$	24

Attributed fees collected	13		8
Benefit payments	(2)		(15)
Effect of changes in interest rates	(42)		61
Effect of changes in capital markets	(13)		(24)
Effect of changes in equity index volatility	(1)		(4)
Actual policyholder behavior different from expected behavior	2		(21)

Effect of foreign currency translation and other, net	(4)		34
Effect of changes in risk margin	(1)		—
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(98)		63
Cumulative effect of changes in the instrument-specific credit risk	23		(3)

Balance, end of period	(75)		60
Less: Reinsurance recoverable	13		25
Balance, end of period, net of reinsurance	$	(88)	$	35