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Separate Account
 6 Months Ended
Jun. 30, 2024
Separate Accounts Disclosure [Abstract]  
Separate Account
7. Separate Accounts
Separate account assets consist of investment accounts established and maintained by the Company. The investment objectives of these assets are directed by the contractholder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.
Separate Account Liabilities
The Company’s separate account liabilities on the interim condensed consolidated balance sheets were as follows at:
June 30, 2024December 31, 2023
(In millions)
RIS:
Stable Value and Risk Solutions
$38,689 $41,343 
Annuities
11,246 11,659 
Latin America - Pensions38,944 41,320 
MetLife Holdings - Annuities28,843 29,224 
Other21,985 21,088 
Total
$139,707 $144,634 
Rollforwards
The following information about the separate account liabilities includes 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.
The separate account liabilities are primarily comprised of the following: RIS stable value and risk solutions contracts, RIS annuities participating and non-participating group contracts, Latin America savings-oriented pension product in Chile under a mandatory privatized social security system, and MetLife Holdings variable annuities.
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)
Six Months Ended June 30, 2024
Balance, beginning of period$41,343 $11,659 $41,320 $29,224 
Premiums and deposits1,053 25 3,427 123 
Policy charges(139)(10)(132)(296)
Surrenders and withdrawals(2,945)(401)(2,652)(1,857)
Benefit payments(60)— (812)(259)
Investment performance692 (95)875 1,972 
Net transfers from (to) general account(20)— — (59)
Effect of foreign currency translation and other, net (1)
(1,235)68 (3,082)(5)
Balance, end of period$38,689 $11,246 $38,944 $28,843 
Six Months Ended June 30, 2023
Balance, beginning of period$48,265 $11,694 $39,428 $28,499 
Premiums and deposits1,586 120 4,096 139 
Policy charges(148)(11)(150)(305)
Surrenders and withdrawals(7,542)(360)(2,921)(1,362)
Benefit payments(46)— (879)(242)
Investment performance1,277 448 187 2,933 
Net transfers from (to) general account(57)3 — (47)
Effect of foreign currency translation and other, net
(715)(102)2,452 1 
Balance, end of period$42,620 $11,792 $42,213 $29,616 
Cash surrender value at June 30, 2024 (2)
$34,519 N/A$38,944 $28,706 
Cash surrender value at June 30, 2023 (2)
$37,782 N/A$42,213 $29,471 
__________________
(1)    The effect of foreign currency translation and other, net for RIS stable value and risk solutions primarily includes changes related to unsettled trades of mortgage-backed securities.
(2)    Cash surrender value represents the amount of the contractholders’ account balances distributable at the balance sheet date less policy loans and certain surrender charges.
Separate Account Assets
The Company’s aggregate fair value of assets, by major investment asset category, supporting separate account liabilities was as follows at:
June 30, 2024
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $530 $1,184 $279 $2,889 $— $4,882 
U.S. government and agency— 9,307 — 9,115 — 18 18,440 
Public utilities— 1,078 220 — — 5 1,303 
Municipals— 306 24 — — 13 343 
Corporate bonds:
Materials— 125 — — — 1 126 
Communications— 759 15 — — 3 777 
Consumer— 1,783 36 — — 10 1,829 
Energy— 832 102 — — 3 937 
Financial— 2,512 500 5,268 281 18 8,579 
Industrial and other— 705 53 3,302 — 2 4,062 
Technology— 474 7 — — 3 484 
Foreign— 1,947 — 3,425 8 12 5,392 
Total corporate bonds
— 9,137 713 11,995 289 52 22,186 
Total bonds— 20,358 2,141 21,389 3,178 88 47,154 
Mortgage-backed securities
— 9,381 — — — 40 9,421 
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)
— 2,349 17 — — 11 2,377 
Redeemable preferred stock— 9 — — — — 9 
Total fixed maturity securities— 32,097 2,158 21,389 3,178 139 58,961 
Equity securities:
Common stock:
Industrial, miscellaneous and all other— 2,392 2,610 2,258 779 — 8,039 
Banks, trust and insurance companies— 705 309 386 373 — 1,773 
Public utilities— 64 20 — 128 — 212 
Non-redeemable preferred stock— — 132 — — — 132 
Mutual funds 1,270 9,276 3,036 10,672 127 35,439 59,820 
Total equity securities1,270 12,437 6,107 13,316 1,407 35,439 69,976 
Other invested assets
— 1,504 383 3,621 74 — 5,582 
Total investments
1,270 46,038 8,648 38,326 4,659 35,578 134,519 
Other assets
— 3,995 454 618 118 3 5,188 
Total
$1,270 $50,033 $9,102 $38,944 $4,777 $35,581 $139,707 
December 31, 2023
Group
Benefits
RIS
Asia
Latin
America
EMEA
MetLife
Holdings
Total
(In millions)
Fixed maturity securities:
Bonds:
Foreign government$— $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 
ABS & CLO
— 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 securities1,159 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