Separate Account (Tables)

9 Months Ended

Sep. 30, 2024

Separate Accounts Disclosure [Abstract]

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


	September 30, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	40,448	$	41,343
Annuities	11,989		11,659
Latin America - Pensions	44,158		41,320
MetLife Holdings - Annuities	29,349		29,224
Other	22,865		21,088
Total	$	148,809	$	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)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	1,669		34		5,082		175
Policy charges	(214)		(16)		(198)		(454)
Surrenders and withdrawals	(3,799)		(609)		(3,913)		(2,798)
Benefit payments	(81)		—		(1,231)		(377)
Investment performance	2,152		561		4,075		3,691
Net transfers from (to) general account	(21)		—		—		(105)
Effect of foreign currency translation and other, net (1)	(601)		360		(977)		(7)
Balance, end of period	$	40,448	$	11,989	$	44,158	$	29,349
Nine Months Ended September 30, 2023
Balance, beginning of period	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	1,857		154		6,181		190
Policy charges	(223)		(17)		(219)		(460)
Surrenders and withdrawals	(8,696)		(636)		(4,485)		(2,114)
Benefit payments	(74)		—		(1,301)		(350)
Investment performance	711		(157)		(216)		1,740
Net transfers from (to) general account	(57)		3		—		(49)
Effect of foreign currency translation and other, net (1)	(1,280)		111		(1,915)		(1)
Balance, end of period	$	40,503	$	11,152	$	37,473	$	27,455

Cash surrender value at September 30, 2024 (2)	$	35,632	N/A		$	44,158	$	29,210
Cash surrender value at September 30, 2023 (2)	$	36,246	N/A		$	37,473	$	27,320

__________________

(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:


	September 30, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Foreign government	$	—	$	508	$	1,271	$	524	$	3,139	$	—	$	5,442
U.S. government and agency	—		9,875		—		12,228		—		19		22,122
Public utilities	—		1,157		239		—		—		7		1,403
Municipals	—		295		20		—		—		13		328
Corporate bonds:
Materials	—		131		—		—		—		1		132
Communications	—		807		16		—		—		4		827
Consumer	—		1,910		38		—		—		11		1,959
Energy	—		822		113		—		—		3		938
Financial	—		2,697		558		5,371		307		19		8,952
Industrial and other	—		748		68		3,759		—		2		4,577
Technology	—		531		—		—		—		2		533
Foreign	—		1,935		—		3,227		54		12		5,228
Total corporate bonds	—		9,581		793		12,357		361		54		23,146
Total bonds	—		21,416		2,323		25,109		3,500		93		52,441
Mortgage-backed securities	—		9,372		—		—		—		40		9,412
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,357		18		—		—		13		2,388
Redeemable preferred stock	—		9		—		—		—		—		9
Total fixed maturity securities	—		33,154		2,341		25,109		3,500		146		64,250
Equity securities:
Common stock:
Industrial, miscellaneous and all other	—		2,426		2,417		2,413		807		—		8,063
Banks, trust and insurance companies	—		730		333		442		378		—		1,883
Public utilities	—		73		24		—		123		—		220
Non-redeemable preferred stock	—		—		130		—		—		—		130
Mutual funds	1,320		9,435		3,153		11,835		200		36,250		62,193
Total equity securities	1,320		12,664		6,057		14,690		1,508		36,250		72,489
Other invested assets	—		1,372		369		4,287		98		—		6,126
Total investments	1,320		47,190		8,767		44,086		5,106		36,396		142,865
Other assets	—		5,348		454		72		68		2		5,944
Total	$	1,320	$	52,538	$	9,221	$	44,158	$	5,174	$	36,398	$	148,809


	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 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