Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2024

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


	September 30, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	197	$	197	$	—	$	203	$	203
MetLife Holdings - Annuities	179		2,787		2,608		156		2,878		2,722
Other	131		133		2		130		98		(32)
Total	$	310	$	3,117	$	2,807	$	286	$	3,179	$	2,893

Market Risk Benefit, Activity

Information regarding this liability was as follows:


	Nine Months Ended September 30,
	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	3		2
Benefit payments	(9)		(9)
Effect of changes in interest rates	4		2


Actual policyholder behavior different from expected behavior	(2)		(1)
Effect of changes in future expected policyholder behavior and other assumptions	—		(1)
Effect of foreign currency translation and other, net	(3)		(30)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	198		196
Cumulative effect of changes in the instrument-specific credit risk	(1)		(3)

Balance, end of period	$	197	$	193



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

At annuitization or exercise of other living benefits	$	122	$	116
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:


		Nine Months Ended September 30,
		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		266		286
Benefit payments		(67)		(36)
Effect of changes in interest rates		(70)		(881)
Effect of changes in capital markets		(527)		(542)
Effect of changes in equity index volatility		37		(84)
Actual policyholder behavior different from expected behavior		176		95
Effect of changes in future expected policyholder behavior and other assumptions		12		9
Effect of foreign currency translation and other, net (1)		34		118
Effect of changes in risk margin		(7)		(46)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,626		2,279
Cumulative effect of changes in the instrument-specific credit risk		(19)		(16)
Effect of foreign currency translation on the cumulative instrument-specific credit risk		1		5
Balance, end of period		$	2,608	$	2,268



At period end:
Net amount at risk, excluding offsets from hedging (2):
In the event of death		$	2,243	$	3,979
At annuitization or exercise of other living benefits		$	643	$	921
Weighted-average attained age of contractholders:
In the event of death		71 years		70 years
At annuitization or exercise of other living benefits		68 years		70 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:


	Nine Months Ended September 30,
	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	38		23
Benefit payments	(5)		(23)
Effect of changes in interest rates	(12)		(98)
Effect of changes in capital markets	(8)		(15)
Effect of changes in equity index volatility	—		(4)
Actual policyholder behavior different from expected behavior	6		(21)
Effect of changes in future expected policyholder behavior and other assumptions	(2)		2
Effect of foreign currency translation and other, net	22		37
Effect of changes in risk margin	(1)		(2)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(12)		(77)
Cumulative effect of changes in the instrument-specific credit risk	13		20
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		—
Balance, end of period	2		(57)
Less: Reinsurance recoverable	16		18
Balance, end of period, net of reinsurance	$	(14)	$	(75)