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Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2024

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


	June 30, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,644	$	7,692
RIS:
Capital markets investment products and stable value GICs	64,945		64,140
Annuities and risk solutions	18,797		17,711
Asia:
Universal and variable universal life	49,229		49,739
Fixed annuities	37,629		36,863
EMEA - Variable annuities	2,552		2,720
MetLife Holdings:
Annuities	10,747		11,537
Life and other	11,303		11,641
Other	16,697		17,226
Total	$	219,543	$	219,269

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	7,692	$	8,028
Deposits	1,959		1,685
Policy charges	(327)		(318)
Surrenders and withdrawals	(1,767)		(1,608)
Benefit payments	(6)		(6)
Net transfers from (to) separate accounts	(3)		1
Interest credited	96		93

Balance, end of period	$	7,644	$	7,875

Weighted-average annual crediting rate	2.5 %		2.4 %

At period end:
Cash surrender value	$	7,584	$	7,813
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	264,497	$	251,590

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:


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	64,140	$	63,723
Deposits	37,608		38,526

Surrenders and withdrawals	(37,540)		(39,865)


Interest credited	1,180		971
Effect of foreign currency translation and other, net	(443)		748
Balance, end of period	$	64,945	$	64,103

Weighted-average annual crediting rate	3.7 %		3.1 %
Cash surrender value at period end	$	1,850	$	2,309

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	17,711	$	15,549
Deposits	1,467		1,362
Policy charges	(63)		(96)
Surrenders and withdrawals	(189)		(83)
Benefit payments	(471)		(385)
Net transfers from (to) separate accounts	20		54
Interest credited	360		307
Other	(38)		(15)
Balance, end of period	$	18,797	$	16,693

Weighted-average annual crediting rate	4.0 %		3.8 %

At period end:
Cash surrender value	$	8,209	$	7,683
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death	$	43,702	$	43,311

Information regarding this liability was as follows:


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	49,739	$	46,417
Deposits	3,146		3,244
Policy charges	(545)		(563)
Surrenders and withdrawals	(1,736)		(1,238)
Benefit payments	(234)		(287)

Interest credited	744		683
Effect of foreign currency translation and other, net	(1,885)		(1,405)
Balance, end of period	$	49,229	$	46,851

Weighted-average annual crediting rate	3.1 %		3.0 %

At period end:
Cash surrender value	$	43,078	$	40,257
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	88,255	$	92,521

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


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	36,863	$	32,454
Deposits	3,412		4,612
Policy charges	(1)		(1)
Surrenders and withdrawals	(1,645)		(1,003)
Benefit payments	(1,174)		(1,071)

Interest credited	509		404
Effect of foreign currency translation and other, net	(335)		(271)
Balance, end of period	$	37,629	$	35,124

Weighted-average annual crediting rate	2.8 %		2.4 %

At period end:
Cash surrender value	$	32,555	$	30,244
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	—	$	6,224

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


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	2,720	$	2,802
Deposits	2		2
Policy charges	(30)		(32)
Surrenders and withdrawals	(142)		(132)
Benefit payments	(61)		(64)

Interest credited (1)	87		32
Effect of foreign currency translation and other, net	(24)		153
Balance, end of period	$	2,552	$	2,761

Weighted-average annual crediting rate	6.8 %		2.4 %

At period end:
Cash surrender value	$	2,552	$	2,761
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	410	$	635
At annuitization or exercise of other living benefits	$	529	$	797

__________________

(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:


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,537	$	13,286
Deposits	86		132
Policy charges	(7)		(8)
Surrenders and withdrawals	(903)		(1,038)
Benefit payments	(211)		(224)
Net transfers from (to) separate accounts	58		47
Interest credited	183		200
Other	4		15
Balance, end of period	$	10,747	$	12,410

Weighted-average annual crediting rate	3.4 %		3.2 %

At period end:
Cash surrender value	$	10,154	$	11,629
Net amount at risk, excluding offsets from ceded reinsurance (1):
In the event of death	$	2,541	$	3,246
At annuitization or exercise of other living benefits	$	707	$	813

__________________

(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:


	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	11,641	$	12,402
Deposits	381		446
Policy charges	(347)		(354)
Surrenders and withdrawals	(523)		(612)
Benefit payments	(76)		(85)
Net transfers from (to) separate accounts	19		21
Interest credited	211		223
Other	(3)		3
Balance, end of period	$	11,303	$	12,044

Weighted-average annual crediting rate	3.7 %		3.7 %

At period end:
Cash surrender value	$	10,863	$	11,556
Net amount at risk, excluding offsets from ceded reinsurance:
In the event of death (1)	$	65,885	$	69,633

__________________

(1)Including offsets from ceded reinsurance, the net amount at risk at both June 30, 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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	157	$	819	$	4,574	$	5,550
Equal to or greater than 2% but less than 4%	1,217		9		59		1		1,286
Equal to or greater than 4%	697		—		39		34		770
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		38
Total	$	1,914	$	166	$	917	$	4,609	$	7,644

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	79	$	910	$	4,615	$	5,604
Equal to or greater than 2% but less than 4%	1,252		10		63		2		1,327
Equal to or greater than 4%	746		1		43		34		824
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		120
Total	$	1,998	$	90	$	1,016	$	4,651	$	7,875

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,647	$	2,647


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,298
Total	$	—	$	—	$	—	$	2,647	$	64,945

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,595	$	2,596


Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,507
Total	$	—	$	—	$	1	$	2,595	$	64,103

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	19	$	2,048	$	2,067
Equal to or greater than 2% but less than 4%	201		35		109		421		766
Equal to or greater than 4%	4,239		—		397		5		4,641
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		11,323
Total	$	4,440	$	35	$	525	$	2,474	$	18,797

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	53	$	1,472	$	1,525
Equal to or greater than 2% but less than 4%	227		35		130		448		840
Equal to or greater than 4%	4,439		117		107		6		4,669
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		9,659
Total	$	4,666	$	152	$	290	$	1,926	$	16,693

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	9,431	$	18	$	230	$	1,281	$	10,960
Equal to or greater than 2% but less than 4%	7,413		15,613		5,486		8,989		37,501
Equal to or greater than 4%	242		—		—		—		242
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		526
Total	$	17,086	$	15,631	$	5,716	$	10,270	$	49,229

June 30, 2023
Equal to or greater than 0% but less than 2%	$	10,211	$	45	$	138	$	239	$	10,633
Equal to or greater than 2% but less than 4%	20,859		2,919		5,783		5,884		35,445
Equal to or greater than 4%	261		—		—		—		261
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		512
Total	$	31,331	$	2,964	$	5,921	$	6,123	$	46,851

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	394	$	487	$	5,486	$	30,060	$	36,427
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		1,197
Total	$	394	$	492	$	5,486	$	30,060	$	37,629

June 30, 2023
Equal to or greater than 0% but less than 2%	$	343	$	603	$	6,795	$	26,057	$	33,798
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		1,320
Total	$	343	$	609	$	6,795	$	26,057	$	35,124

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	4	$	195	$	446	$	38	$	683
Equal to or greater than 2% but less than 4%	1,049		6,760		472		198		8,479
Equal to or greater than 4%	759		404		24		—		1,187
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		398
Total	$	1,812	$	7,359	$	942	$	236	$	10,747

June 30, 2023
Equal to or greater than 0% but less than 2%	$	444	$	158	$	219	$	25	$	846
Equal to or greater than 2% but less than 4%	3,917		5,447		395		72		9,831
Equal to or greater than 4%	982		277		19		—		1,278
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		455
Total	$	5,343	$	5,882	$	633	$	97	$	12,410

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)
June 30, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	18	$	54	$	72
Equal to or greater than 2% but less than 4%	4,242		172		270		540		5,224
Equal to or greater than 4%	4,960		124		407		15		5,506
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,202	$	296	$	695	$	609	$	11,303

June 30, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	21	$	56	$	77
Equal to or greater than 2% but less than 4%	4,735		172		289		558		5,754
Equal to or greater than 4%	5,158		127		415		12		5,712
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,893	$	299	$	725	$	626	$	12,044