Separate Account (Tables)

3 Months Ended

Mar. 31, 2024

Separate Accounts Disclosure [Abstract]

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


	March 31, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	39,451	$	41,343
Annuities	11,465		11,659
Latin America - Pensions	38,512		41,320
MetLife Holdings - Annuities	29,866		29,224
Other	21,709		21,088
Total	$	141,003	$	144,634

Separate Account, Liability Rollforward

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)
Three Months Ended March 31, 2024
Balance, beginning of period	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	818		15		1,702		63
Policy charges	(64)		(5)		(67)		(144)
Surrenders and withdrawals	(1,828)		(172)		(1,276)		(885)
Benefit payments	(27)		—		(404)		(129)
Investment performance	310		(54)		1,797		1,767
Net transfers from (to) general account	(19)		—		—		(27)
Effect of foreign currency translation and other, net (1)	(1,082)		22		(4,560)		(3)
Balance, end of period	$	39,451	$	11,465	$	38,512	$	29,866
Three Months Ended March 31, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	652		78		1,963		67
Policy charges	(70)		(6)		(75)		(149)
Surrenders and withdrawals	(3,425)		(135)		(1,345)		(662)
Benefit payments	(21)		—		(429)		(120)
Investment performance	1,139		505		(393)		1,720
Net transfers from (to) general account	(57)		2		—		(35)
Effect of foreign currency translation and other, net	(796)		81		3,062		—
Balance, end of period	$	45,687	$	12,219	$	42,211	$	29,320

Cash surrender value at March 31, 2024 (2)	$	35,132	N/A		$	38,512	$	29,719
Cash surrender value at March 31, 2023 (2)	$	40,947	N/A		$	42,211	$	29,173

__________________

(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.

Fair Value, Separate Account Investment

The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:


	March 31, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	557	$	1,141	$	1,121	$	2,777	$	—	$	5,596
U.S. government and agency	—		9,237		—		8,822		—		20		18,079
Public utilities	—		1,089		243		—		—		5		1,337
Municipals	—		331		23		—		—		13		367
Corporate bonds:
Materials	—		135		—		—		—		1		136
Communications	—		838		7		—		—		3		848
Consumer	—		1,837		44		—		—		10		1,891
Energy	—		883		106		—		—		2		991
Financial	—		2,682		538		5,283		353		18		8,874
Industrial and other	—		702		54		3,285		—		4		4,045
Technology	—		477		—		—		—		2		479
Foreign	—		1,873		—		3,070		20		11		4,974
Total corporate bonds	—		9,427		749		11,638		373		51		22,238
Total bonds	—		20,641		2,156		21,581		3,150		89		47,617
Mortgage-backed securities	—		9,477		—		—		—		38		9,515
Asset-backed securities and collateralized loan obligations	—		2,384		18		—		—		13		2,415
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		32,511		2,174		21,581		3,150		140		59,556
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,452		2,597		2,206		721		—		7,976
Banks, trust and insurance companies	—		748		302		365		331		—		1,746
Public utilities	—		65		20		—		70		—		155
Non-redeemable preferred stock	—		—		122		—		—		—		122
Mutual funds	1,261		9,091		2,964		10,509		173		36,479		60,477
Total equity securities	1,261		12,356		6,005		13,080		1,295		36,479		70,476
Other invested assets	—		1,536		387		3,481		26		—		5,430
Total investments	1,261		46,403		8,566		38,142		4,471		36,619		135,462
Other assets	—		4,609		510		370		48		4		5,541
Total	$	1,261	$	51,012	$	9,076	$	38,512	$	4,519	$	36,623	$	141,003


	December 31, 2023
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(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 securities	1,159		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