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Future Policy Benefits

12 Months Ended

Dec. 31, 2024

Liability for Future Policy Benefits and Unpaid Claims Disclosure

4. Future Policy Benefits

The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts.

The Company’s FPBs on the consolidated balance sheets was as follows at:


	December 31,
	2024		2023
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	66,262	$	64,324
Asia:
Whole and term life & endowments	11,167		12,874
Accident & health	9,406		10,712
Latin America - Fixed annuities	9,600		9,637
MetLife Holdings - Long-term care	14,537		15,240
Deferred Profit Liabilities:
RIS - Annuities	3,780		3,697
Asia:
Whole and term life & endowments	759		654
Accident & health	849		830
Latin America - Fixed annuities	498		562
Additional Insurance Liabilities:
Asia:
Variable life	1,108		1,258
Universal and variable universal life	355		424
MetLife Holdings - Universal and variable universal life	2,496		2,362
MetLife Holdings - Participating life	48,485		49,543
Other long-duration (1)	10,712		11,099
Short-duration and other	13,632		13,190
Total	$	193,646	$	196,406

__________________

(1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Rollforwards - Traditional and Limited-Payment Contracts

The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. 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 adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

RIS - Annuities

The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:


	Years Ended December 31,
	2024			2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—

Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	(48)			(106)			(94)
Adjusted balance	(48)			(106)			(94)
Issuances	7,985			6,572			12,672

Net premiums collected	(7,937)			(6,466)			(12,578)


Balance at December 31, at original discount rate	—			—			—


Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	64,515		$	58,695		$	62,954

Balance at January 1, at original discount rate	$	64,737		$	61,426		$	50,890
Effect of changes in cash flow assumptions (1)	(195)			(284)			(115)
Effect of actual variances from expected experience (2)	(121)			(270)			(175)
Adjusted balance	64,421			60,872			50,600
Issuances	8,129			6,588			12,770
Interest accrual	3,146			2,897			2,519
Benefit payments	(6,050)			(5,620)			(4,463)

Effect of foreign currency translation	(3)			—			—
Balance at December 31, at original discount rate	69,643			64,737			61,426
Effect of changes in discount rate assumptions	(3,022)			(222)			(2,731)

Balance at December 31, at current discount rate at balance sheet date	66,621			64,515			58,695

Cumulative amount of fair value hedging adjustments	(359)			(191)			(200)

Net liability for FPBs	66,262			64,324			58,495
Less: Reinsurance recoverables	1,919			269			—
Net liability for FPBs, net of reinsurance	$	64,343		$	64,055		$	58,495



Undiscounted - Expected future benefit payments	$	126,735		$	130,878		$	113,932


Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	66,621		$	64,515		$	58,695
Weighted-average duration of the liability	8 years			9 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.8		%	4.7		%	4.6		%
Weighted-average current discount rate at balance sheet date	5.6		%	5.1		%	5.5		%

__________________

(1)For the year ended December 31, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $211 million. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $128 million.

(2) For the years ended December 31, 2024 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $35 million and $46 million, respectively. For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $118 million.

For each of the years ended December 31, 2024, 2023 and 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality.

For the year ended December 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements. For the year ended December 31, 2022, the net effect of actual variances from expected experience was primarily driven by favorable mortality.

When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the year ended December 31, 2024, the Company incurred a loss at issue of $147 million. The loss at issue was largely offset by a deferred gain on ceded reinsurance which will be amortized over the life of the reinsurance agreement. Additionally, for the year ended December 31, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions. For the year ended December 31, 2022, the Company incurred a loss at issue of $99 million and recognized a net remeasurement loss of $31 million attributable to cohorts with no DPL or where the DPL was depleted during the year.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPBs for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

Asia

Whole and Term Life & Endowments

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:


		Years Ended December 31,
		2024			2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date		$	4,561		$	4,682		$	5,986

Balance at January 1, at original discount rate		$	4,793		$	4,943		$	5,881
Effect of changes in cash flow assumptions (1)		58			11			69
Effect of actual variances from expected experience (2)		(98)			(62)			28
Adjusted balance		4,753			4,892			5,978
Issuances		558			730			231
Interest accrual		70			59			44
Net premiums collected		(604)			(611)			(615)

Effect of foreign currency translation		(491)			(277)			(695)
Balance at December 31, at original discount rate		4,286			4,793			4,943
Effect of changes in discount rate assumptions		(288)			(242)			(247)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		25			10			(14)
Balance at December 31, at current discount rate at balance sheet date		$	4,023		$	4,561		$	4,682

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date		$	17,435		$	17,463		$	24,453

Balance at January 1, at original discount rate		$	17,198		$	18,209		$	21,276
Effect of changes in cash flow assumptions (1)		36			58			96
Effect of actual variances from expected experience (2)		(135)			(30)			54
Adjusted balance		17,099			18,237			21,426
Issuances		558			729			231
Interest accrual		368			370			364
Benefit payments		(958)			(1,174)			(1,406)

Effect of foreign currency translation		(1,815)			(964)			(2,406)
Balance at December 31, at original discount rate		15,252			17,198			18,209
Effect of changes in discount rate assumptions		11			224			(475)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		(73)			13			(271)
Balance at December 31, at current discount rate at balance sheet date		15,190			17,435			17,463


Cumulative impact of flooring the future policyholder benefits reserve		—			—			11
Net liability for FPBs		11,167			12,874			12,792
Less: Amount due to reinsurer		(2)			(1)			(1)
Net liability for FPBs, net of reinsurance		$	11,169		$	12,875		$	12,793

Undiscounted:
Expected future gross premiums		$	8,678		$	9,331		$	9,369
Expected future benefit payments		$	25,422		$	28,130		$	28,507
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,316		$	8,067		$	8,086
Expected future benefit payments		$	15,190		$	17,435		$	17,463
Weighted-average duration of the liability		17 years			17 years			15 years
Weighted -average interest accretion (original locked-in) rate		2.6		%	2.5		%	2.3		%
Weighted-average current discount rate at balance sheet date		2.8		%	2.6		%	2.7		%

__________________

(1) For the year ended December 31, 2024, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of $28 million. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification of the products and the underlying characteristics. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of ($13) million.

(2) For the years ended December 31, 2023 and 2022, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment product due to the diversification and the underlying characteristics of the products.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Asia segment’s whole and term life & endowment products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity.

Accident & Health

The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:


	Years Ended December 31,
	2024			2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	19,835		$	21,181		$	26,543

Balance at January 1, at original discount rate	$	21,232		$	22,594		$	25,937
Effect of changes in cash flow assumptions (1)	439			867			24
Effect of actual variances from expected experience (2)	(205)			(158)			297
Adjusted balance	21,466			23,303			26,258
Issuances	1,032			1,030			1,387
Interest accrual	223			236			250
Net premiums collected	(1,843)			(2,016)			(2,160)

Effect of foreign currency translation and other - net	(2,058)			(1,321)			(3,141)
Balance at December 31, at original discount rate	18,820			21,232			22,594
Effect of changes in discount rate assumptions	(1,772)			(1,449)			(1,341)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	155			52			(72)
Balance at December 31, at current discount rate at balance sheet date	$	17,203		$	19,835		$	21,181

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	30,480		$	30,879		$	41,874

Balance at January 1, at original discount rate	$	36,010		$	37,189		$	41,517
Effect of changes in cash flow assumptions (1)	439			898			(7)
Effect of actual variances from expected experience (2)	(203)			(180)			363
Adjusted balance	36,246			37,907			41,873
Issuances	1,030			1,028			1,387
Interest accrual	470			485			498
Benefit payments	(1,268)			(1,279)			(1,613)

Effect of foreign currency translation and other - net	(3,640)			(2,131)			(4,956)
Balance at December 31, at original discount rate	32,838			36,010			37,189
Effect of changes in discount rate assumptions	(6,890)			(5,793)			(6,291)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	617			263			(19)
Balance at December 31, at current discount rate at balance sheet date	26,565			30,480			30,879


Cumulative impact of flooring the future policyholder benefits reserve	44			67			342
Net liability for FPBs	9,406			10,712			10,040
Less: Reinsurance recoverables	142			142			143
Net liability for FPBs, net of reinsurance	$	9,264		$	10,570		$	9,897

Undiscounted:
Expected future gross premiums	$	36,908		$	41,734		$	43,440
Expected future benefit payments	$	43,016		$	47,046		$	48,147
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	29,436		$	34,356		$	36,179
Expected future benefit payments	$	26,565		$	30,480		$	30,879
Weighted-average duration of the liability	23 years			25 years			17 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.7		%	1.7		%
Weighted-average current discount rate at balance sheet date	2.8		%	2.5		%	2.7		%

__________________

(1) For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of ($10) million. For the year ended December 31, 2022 the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $44 million.

(2) For the years ended December 31, 2023 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $4 million and ($20) million, respectively.

For the year ended December 31, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses. For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to lapses, partially offset by updates in assumptions related to mortality and morbidity.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity.

Latin America - Fixed Annuities

The Latin America segment’s fixed annuity products in Chile and Mexico include fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:


	Years Ended December 31,
	2024			2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	—		$	—		$	—

Balance at January 1, at original discount rate	$	—		$	—		$	—
Effect of changes in cash flow assumptions (1)	—			—			—
Effect of actual variances from expected experience (2)	—			—			1
Adjusted balance	—			—			1
Issuances	1,020			1,045			714
Interest accrual	21			29			(3)
Net premiums collected	(1,041)			(1,074)			(712)



Balance at December 31, at original discount rate	—			—			—


Balance at December 31, at current discount rate at balance sheet date	$	—		$	—		$	—

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	9,637		$	9,265		$	7,343

Balance at January 1, at original discount rate	$	9,249		$	8,240		$	6,851
Effect of changes in cash flow assumptions (1)	(4)			(5)			(8)
Effect of actual variances from expected experience (2)	(2)			(31)			(32)
Adjusted balance	9,243			8,204			6,811
Issuances	1,065			1,153			757
Interest accrual	339			341			286
Benefit payments	(701)			(671)			(560)

Inflation adjustment	391			415			896
Effect of foreign currency translation	(1,204)			(193)			50
Balance at December 31, at original discount rate	9,133			9,249			8,240
Effect of changes in discount rate assumptions	536			391			1,026
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(69)			(3)			(1)
Balance at December 31, at current discount rate at balance sheet date	9,600			9,637			9,265



Net liability for FPBs	$	9,600		$	9,637		$	9,265





Undiscounted - Expected future benefit payments	$	13,660		$	13,994		$	12,675


Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	9,600		$	9,637		$	9,265
Weighted-average duration of the liability	11 years			11 years			11 years
Weighted-average interest accretion (original locked-in) rate	3.5		%	3.6		%	3.9		%
Weighted-average current discount rate at balance sheet date	3.1		%	3.3		%	2.7		%

__________________

(1)For the years ended December 31, 2024, 2023 and 2022, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $3 million, $4 million and $7 million, respectively.

(2)For the years ended December 31, 2024 and 2023, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $20 million.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for the Latin America segment’s fixed annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions.

MetLife Holdings - Long-term Care

The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:


	Years Ended December 31,
	2024			2023			2022
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance at January 1, at current discount rate at balance sheet date	$	5,687		$	5,775		$	7,058

Balance at January 1, at original discount rate	$	5,566		$	5,807		$	5,699
Effect of changes in cash flow assumptions	212			(152)			272
Effect of actual variances from expected experience	74			199			120
Adjusted balance	5,852			5,854			6,091

Interest accrual	285			294			298
Net premiums collected	(569)			(582)			(582)


Balance at December 31, at original discount rate	5,568			5,566			5,807
Effect of changes in discount rate assumptions	(93)			121			(32)

Balance at December 31, at current discount rate at balance sheet date	$	5,475		$	5,687		$	5,775

Present Value of Expected FPBs
Balance at January 1, at current discount rate at balance sheet date	$	20,927		$	19,619		$	27,627

Balance at January 1, at original discount rate	$	20,494		$	20,165		$	19,406
Effect of changes in cash flow assumptions	205			(190)			301
Effect of actual variances from expected experience	84			223			115
Adjusted balance	20,783			20,198			19,822

Interest accrual	1,089			1,070			1,043
Benefit payments	(848)			(774)			(700)


Balance at December 31, at original discount rate	21,024			20,494			20,165
Effect of changes in discount rate assumptions	(1,012)			433			(546)

Balance at December 31, at current discount rate at balance sheet date	20,012			20,927			19,619



Other adjustments	—			—			1
Net liability for FPBs	$	14,537		$	15,240		$	13,845



Undiscounted:
Expected future gross premiums	$	10,644		$	10,603		$	11,201
Expected future benefit payments	$	44,981		$	45,016		$	45,872
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,966		$	7,139		$	7,200
Expected future benefit payments	$	20,012		$	20,927		$	19,619
Weighted-average duration of the liability	14 years			15 years			15 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%	5.5		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.2		%	5.6		%

For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in assumptions associated with an increase in incidence rates. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to inflation, which increased the expected cost of care.

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases.

Rollforwards - Additional Insurance Liabilities

The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.

The following information about the direct liability for additional insurance 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 adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations.

Asia

The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:


	Years Ended December 31,
	2024			2023			2022			2024			2023			2022
	Variable Life									Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1,	$	1,258		$	1,381		$	1,595		$	424		$	455		$	655
Less: AOCI adjustment	—			—			—			(14)			(33)			56
Balance, at January 1, before AOCI adjustment	1,258			1,381			1,595			438			488			599
Effect of changes in cash flow assumptions	17			(4)			9			(23)			(2)			(1)
Effect of actual variances from expected experience	(12)			(10)			2			(34)			(24)			(39)
Adjusted balance	1,263			1,367			1,606			381			462			559
Assessments accrual	(4)			(3)			(3)			—			—			(3)
Interest accrual	17			19			21			6			7			7
Excess benefits paid	(38)			(36)			(40)			—			—			—
Effect of foreign currency translation and other, net	(130)			(89)			(203)			(42)			(31)			(75)
Balance, at December 31, before AOCI adjustment	1,108			1,258			1,381			345			438			488
Add: AOCI adjustment	—			—			—			10			(14)			(33)
Balance, at December 31,	$	1,108		$	1,258		$	1,381		$	355		$	424		$	455

Weighted-average duration of the liability	16 years			16 years			17 years			42 years			42 years			42 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.4		%	1.4		%	1.4		%	1.4		%

Significant Methodologies and Assumptions

The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s variable life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions.

The stochastic fund return scenario assumption includes the long-term average return and volatility for each fund, and the correlation matrix for each fund. For newer products, the discount rate is determined based on the weighting and return of each fund.

The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s universal and variable universal life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions.

The stochastic fund return scenario assumption includes the foreign currency exchange long-term average trend, foreign currency exchange volatility, long-term U.S. swap and treasury yield, U.S. swap volatility and the correlation between foreign currency exchange and U.S. swap rates.

The locked-in discount rate used for these products is based on the earned rate and foreign currency exchange rates at acquisition.

MetLife Holdings

The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:


	Years Ended December 31,
	2024			2023			2022
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, at January 1	$	2,362		$	2,156		$	2,117
Less: AOCI adjustment	(14)			(63)			67
Balance, at January 1, before AOCI adjustment	2,376			2,219			2,050
Effect of changes in cash flow assumptions	(2)			38			35
Effect of actual variances from expected experience	53			—			39
Adjusted balance	2,427			2,257			2,124
Assessments accrual	104			105			103
Interest accrual	132			124			116
Excess benefits paid	(150)			(110)			(124)
Balance, at December 31, before AOCI adjustment	2,513			2,376			2,219
Add: AOCI adjustment	(17)			(14)			(63)
Balance, at December 31	2,496			2,362			2,156
Less: Reinsurance recoverables	2,174			2,055			745
Balance, at December 31, net of reinsurance	$	322		$	307		$	1,411

Weighted-average duration of the liability	15 years			15 years			16 years
Weighted-average interest accretion rate	5.5		%	5.5		%	5.6		%

Significant Methodologies and Assumptions

Liabilities for ULSG and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments.

The guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception.

The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:


		Years Ended December 31,
		2024				2023				2022
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	8,084	$	3,146	$	6,660	$	2,897	$	12,748	$	2,519
Asia:
Whole and term life & endowments		1,130		298		1,124		311		1,144		320
Accident & health		3,066		247		3,364		249		3,602		248
Latin America - Fixed annuities		1,041		318		1,074		312		712		289
MetLife Holdings - Long-term care		724		804		731		776		734		745
Deferred Profit Liabilities:
RIS - Annuities		N/A		178		N/A		167		N/A		154
Asia:
Whole and term life & endowments		N/A		36		N/A		31		N/A		26
Accident & health		N/A		20		N/A		18		N/A		16
Latin America - Fixed annuities		N/A		20		N/A		22		N/A		19
Additional Insurance Liabilities:
Asia:
Variable life		117		17		89		19		58		21
Universal and variable universal life		(35)		6		(31)		7		(26)		7
MetLife Holdings - Universal and variable universal life		642		132		730		124		805		116
Other long-duration		4,717		473		4,516		460		3,701		450
Total		$	19,486	$	5,695	$	18,257	$	5,393	$	23,478	$	4,930

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Participating Business

Participating business represented 2% of the Company’s life insurance in-force at both December 31, 2024 and 2023. Participating policies represented 9%, 10% and 11% of gross traditional life insurance premiums for the years ended December 31, 2024, 2023 and 2022, respectively.

Liabilities for Unpaid Claims and Claim Expenses

The following is information about incurred and paid claims development by segment at December 31, 2024. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. In order to eliminate potential fluctuations related to foreign exchange rates, liabilities and payments denominated in a foreign currency have been translated using the 2024 year-end spot rates for all periods presented. The information about incurred and paid claims development prior to 2024 is presented as supplementary information.

Group Benefits

Group Life - Term


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2024
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Dollars in millions)
2015	$	7,040	$	7,015	$	7,014	$	7,021	$	7,024	$	7,025	$	7,026	$	7,026	$	7,028	$	7,030	$	1	219,340
2016			7,125		7,085		7,095		7,104		7,105		7,104		7,107		7,109		7,110		1		221,405
2017					7,432		7,418		7,425		7,427		7,428		7,428		7,432		7,434		2		264,746
2018							7,757		7,655		7,646		7,650		7,651		7,652		7,659		3		253,393
2019									7,935		7,900		7,907		7,917		7,914		7,921		4		255,494
2020											8,913		9,367		9,389		9,384		9,388		6		302,292
2021													10,555		10,795		10,777		10,783		10		335,468
2022															9,640		9,653		9,662		21		335,417
2023																	9,584		9,471		43		314,144
2024																			9,909		1,226		264,726
Total																			86,367
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(83,214)
All outstanding liabilities for incurral years prior to 2015, net of reinsurance																			6
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	3,159


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(In millions)
2015	$	5,524	$	6,913	$	6,958	$	6,974	$	7,008	$	7,018	$	7,022	$	7,024	$	7,027	$	7,029
2016			5,582		6,980		7,034		7,053		7,086		7,096		7,100		7,106		7,109
2017					5,761		7,292		7,355		7,374		7,400		7,414		7,427		7,431
2018							6,008		7,521		7,578		7,595		7,629		7,646		7,652
2019									6,178		7,756		7,820		7,853		7,898		7,908
2020											6,862		9,103		9,242		9,296		9,353
2021													8,008		10,476		10,640		10,689
2022															7,101		9,399		9,536
2023																	6,929		9,225
2024																			7,282
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	83,214

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2024:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Life - Term	75.9%	21.6%	1.0%	0.3%	0.5%	0.2%	0.1%	0.1%	—%	—%

Group Long-term Disability


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2024
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Dollars in millions)
2015	$	1,082	$	1,105	$	1,093	$	1,100	$	1,087	$	1,081	$	1,067	$	1,086	$	1,078	$	1,069	$	—	21,220
2016			1,131		1,139		1,159		1,162		1,139		1,124		1,123		1,086		1,108		—		17,974
2017					1,244		1,202		1,203		1,195		1,165		1,181		1,101		1,135		—		16,329
2018							1,240		1,175		1,163		1,147		1,170		1,102		1,150		—		15,216
2019									1,277		1,212		1,169		1,177		1,103		1,166		—		15,426
2020											1,253		1,223		1,155		1,100		1,158		—		15,813
2021													1,552		1,608		1,477		1,586		—		19,663
2022															1,641		1,732		1,578		7		18,364
2023																	1,725		1,722		41		20,089
2024																			1,890		840		12,419
Total																			13,562
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(6,981)
All outstanding liabilities for incurral years prior to 2015, net of reinsurance																			1,468
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	8,049


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(In millions)
2015	$	50	$	264	$	427	$	524	$	601	$	665	$	718	$	764	$	801	$	844
2016			49		267		433		548		628		696		750		769		839
2017					56		290		476		579		655		719		718		812
2018							54		314		497		594		666		663		775
2019									57		342		522		620		621		764
2020											59		355		535		560		706
2021													95		505		620		902
2022															76		609		721
2023																	84		520
2024																			98
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	6,981

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2024:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Long-term Disability	5.0%	24.2%	13.5%	9.3%	6.7%	6.0%	4.9%	4.8%	4.9%	4.0%

Significant Methodologies and Assumptions

Group Life - Term and Group Long-term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability.

An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure.

For Group Life - Term, first year incurred claims and allocated loss adjustment expenses increased in 2024 compared to the 2023 incurral year due to the growth in the size of the business. For Group Long-term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2024 compared to 2023 incurral year due to the growth in the size of the business.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-term Disability are updated annually to reflect emerging trends in claim experience.

Certain of the Group Life - Term customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations.

Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted.

The liabilities for Group Long-term Disability unpaid claims and claim adjustment expenses were $6.8 billion and $6.7 billion at December 31, 2024 and 2023, respectively. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.5 billion and $1.3 billion at December 31, 2024 and 2023, respectively. The amount of interest accretion recognized was $464 million, $516 million and $461 million for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts were reflected in policyholder benefits and claims.

For Group Life - Term, claims were based upon individual death claims. For Group Long-term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability.

The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims.

The Group Long-term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis.

Asia

Group Disability & Group Life


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2024
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Dollars in millions)
2015	$	222	$	212	$	214	$	209	$	219	$	220	$	223	$	220	$	222	$	220	$	6	6,943
2016			185		188		178		189		191		196		198		197		190		10		4,857
2017					240		223		230		246		253		248		250		238		15		5,847
2018							293		267		279		288		282		289		273		30		6,297
2019									316		296		310		306		314		295		37		6,461
2020											352		327		302		309		280		61		5,728
2021													335		349		366		346		97		7,130
2022															445		412		376		110		8,144
2023																	411		344		175		6,690
2024																			463		382		4,295
Total																			3,025
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(2,101)
All outstanding liabilities for incurral years prior to 2015, net of reinsurance																			14
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	938


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(In millions)
2015	$	64	$	122	$	152	$	165	$	186	$	199	$	205	$	209	$	212	$	215
2016			52		107		122		152		165		173		180		185		180
2017					70		126		167		205		219		221		230		223
2018							77		141		190		222		230		250		243
2019									85		156		202		234		262		257
2020											78		140		186		215		219
2021													70		156		226		249
2022															81		204		266
2023																	86		168
2024																			81
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	2,101

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2024:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Disability & Group Life	25.5%	25.5%	15.7%	11.0%	6.0%	3.3%	1.9%	0.5%	(0.6)%	1.4%

Significant Methodologies and Assumptions

For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims.

For Group Disability, the IBNR liability is calculated by applying a percentage to premiums in-force based on the expected delay as evidenced by the experience in the portfolio. The IBNR liability is then allocated back into different incurral years based on historical run-off patterns. As the benefit for this class of business is a regular series of payments, an additional reserve is required for the liability for ongoing benefit payments - claims in course of payment (“CICP”). The assumptions employed in the calculation of the CICP are adjusted for the Company’s own experience.

An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Disability and Group Life are updated annually to reflect emerging trends in claim experience.

No additional premiums or return premiums have been accrued as a result of the prior year development.

The liabilities for unpaid claims and claim adjustment expenses were $1.2 billion and $1.3 billion at December 31, 2024 and 2023, respectively. These amounts were discounted using interest rates ranging from 1% to 7%, based on the incurral year. The total discount applied to these liabilities was $166 million and $163 million at December 31, 2024 and 2023, respectively. The amount of interest accretion recognized was $44 million, $37 million and $22 million for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts were reflected in policyholder benefits and claims.

The Company tracks claim frequency by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts include claims that do not ultimately result in a liability. A liability is only established for those claims that are expected to result in a liability, based on historical factors.

Latin America

Protection Life


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2024
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Dollars in millions)
2015	$	277	$	399	$	371	$	375	$	375	$	376	$	371	$	362	$	362	$	361	$	—	38,843
2016			293		385		396		402		403		404		395		394		399		—		40,548
2017					302		294		294		293		293		285		285		287		—		30,762
2018							280		271		269		271		270		269		272		—		28,549
2019									303		276		279		277		278		277		—		31,620
2020											459		459		464		467		465		2		43,289
2021													580		505		505		502		5		51,427
2022															400		378		374		7		42,230
2023																	389		360		21		39,931
2024																			449		177		41,577
Total																			3,746
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(3,366)
All outstanding liabilities for incurral years prior to 2015, net of reinsurance																			6
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	386


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(In millions)
2015	$	225	$	319	$	339	$	345	$	351	$	353	$	354	$	346	$	347	$	348
2016			208		373		390		397		400		402		396		397		397
2017					179		268		283		286		289		282		283		285
2018							141		240		251		255		252		254		255
2019									157		239		257		255		258		259
2020											198		397		408		415		418
2021													299		418		435		466
2022															247		331		351
2023																	254		348
2024																			239
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	3,366

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2024:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Life	57.7%	31.1%	4.6%	1.8%	0.7%	(0.1)%	(0.1)%	(0.4)%	0.1%	0.3%

Protection Health


	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2024
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Dollars in millions)
2015	$	190	$	216	$	217	$	216	$	216	$	216	$	216	$	217	$	217	$	216	$	—	87,903
2016			249		287		284		284		284		284		285		285		286		—		107,119
2017					360		336		336		336		335		336		336		337		—		122,264
2018							386		406		385		383		383		383		384		—		145,387
2019									129		168		162		161		162		163		—		133,704
2020											466		458		456		455		456		1		151,310
2021													598		600		597		599		4		173,394
2022															652		643		645		9		202,198
2023																	823		813		19		216,489
2024																			926		81		165,589
Total																			4,825
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(4,641)
All outstanding liabilities for incurral years prior to 2015, net of reinsurance																			3
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	187


	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2015		2016		2017		2018		2019		2020		2021		2022		2023		2024
	(In millions)
2015	$	190	$	216	$	215	$	215	$	216	$	216	$	216	$	217	$	217	$	217
2016			234		280		283		283		284		284		284		285		285
2017					294		332		333		334		335		336		336		337
2018							330		376		379		380		381		382		382
2019									108		152		156		158		160		161
2020											394		445		449		452		454
2021													528		585		589		593
2022															552		628		636
2023																	699		791
2024																			785
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	4,641

Average Annual Percentage Payout

The following is supplementary information about average historical claims duration at December 31, 2024:


	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Health	84.0%	13.6%	0.9%	0.4%	0.5%	0.2%	—%	0.4%	—%	—%

Significant Methodologies and Assumptions

The Latin America segment establishes liabilities for unpaid losses, which are equal to the accumulation of unpaid reported claims, plus an estimate for claims IBNR.

In general terms, for both the Protection Life and Protection Health products, the methodology for IBNR is the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. In the more recent incurral months, the credibility is higher on expected loss ratios and lower on claims calculated using the experience-derived factors. The credibility grows for the factors as incurral months become older.

For Protection Health products, claim duration can be very long due to the multiple incidences that may occur over time for a single claim. Depending on the characteristics of the product, the number of claims reported per year may or may not be based on the original claim occurrence date for each individual claim. For Protection Life products, claims are based upon individual death claims.

The assumptions used in calculating the unpaid claims and claim adjustment expenses for Protection Life and Protection Health are updated annually to reflect emerging trends in claim experience.

Certain of the Protection Life customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations.

Liabilities for unpaid claims and claim adjustment expenses were not discounted.

For Protection Life and Protection Health products, claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability.

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses

The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at:


	December 31, 2024
	(In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
Group Benefits:
Group Life - Term	$	3,159
Group Long-term Disability	8,049


Total			$	11,208
Asia - Group Disability & Group Life			938
Latin America:
Protection Life	386
Protection Health	187
Total			573
Other insurance lines - all segments combined			1,697
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance			14,416

Reinsurance recoverables on unpaid claims:
Group Benefits:
Group Life - Term	10
Group Long-term Disability	297


Total			307
Asia - Group Disability & Group Life			428
Latin America:
Protection Life	11
Protection Health	17
Total			28
Other insurance lines - all segments combined			276
Total reinsurance recoverable on unpaid claims			1,039
Total unpaid claims and allocated claims adjustment expense			15,455
Unallocated claims adjustment expenses			—
Discounting			(1,672)
Liability for unpaid claims and claim adjustment liabilities - short-duration			13,783
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines			2,335
Total liability for unpaid claims and claim adjustment expense (includes $7.9 billion of FPBs and $8.2 billion of other policy-related balances)			$	16,118

Rollforward of Claims and Claim Adjustment Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
Balance at January 1,	$	16,468	$	16,098	$	15,598
Less: Reinsurance recoverables	2,592		2,452		2,629
Net balance at January 1,	13,876		13,646		12,969
Incurred related to:
Current year	26,626		27,080		26,505
Prior years (1)	57		374		668
Total incurred	26,683		27,454		27,173
Paid related to:
Current year	(20,607)		(20,220)		(19,917)
Prior years	(6,624)		(7,004)		(6,579)
Total paid	(27,231)		(27,224)		(26,496)


Net balance at December 31,	13,328		13,876		13,646
Add: Reinsurance recoverables	2,790		2,592		2,452
Balance at December 31,	$	16,118	$	16,468	$	16,098

__________________

(1)For the years ended December 31, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. For the year ended December 31, 2022, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.