Policyholder Account Balances (Tables)

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Policyholder Account Balances

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

	December 31, 2024		December 31, 2023
	(In millions)
Group Benefits - Group life	$	7,632	$	7,692
RIS:
Capital markets investment products and stable value GICs	63,715		64,140
Annuities and risk solutions	20,699		17,711
Asia:
Universal and variable universal life	50,801		49,739
Fixed annuities	38,421		36,863
EMEA - Variable annuities	2,337		2,720
MetLife Holdings:
Annuities	10,142		11,537
Life and other	11,132		11,641
Other	16,566		17,226
Total	$	221,445	$	219,269

Policyholder Account Balance Rollforward

Information regarding this liability was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	7,692	$	8,028	$	7,893
Deposits	3,720		3,311		3,361
Policy charges	(658)		(635)		(612)
Surrenders and withdrawals	(3,296)		(3,192)		(2,744)
Benefit payments	(13)		(12)		(10)
Net transfers from (to) separate accounts	(3)		—		(2)
Interest credited	190		192		142
Balance at December 31,	$	7,632	$	7,692	$	8,028
Weighted-average annual crediting rate	2.5 %		2.5 %		1.8 %
At period end:
Cash surrender value	$	7,569	$	7,630	$	7,974
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	263,198	$	250,033	$	244,638

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Information regarding the RIS segment’s capital markets investment products and stable value GICs in PABs was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	64,140	$	63,723	$	62,521
Deposits	73,103		69,229		81,050
Surrenders and withdrawals	(74,974)		(71,938)		(80,382)
Interest credited	2,424		2,091		1,276
Effect of foreign currency translation and other, net	(978)		1,035		(742)
Balance at December 31,	$	63,715	$	64,140	$	63,723
Weighted-average annual crediting rate	3.9 %		3.3 %		2.0 %
Cash surrender value at period end	$	1,936	$	2,126	$	2,071

Information regarding this liability was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	17,711	$	15,549	$	14,431
Deposits	3,747		2,734		1,843
Policy charges	(138)		(178)		(153)
Surrenders and withdrawals	(527)		(210)		(120)
Benefit payments	(961)		(812)		(739)
Net transfers from (to) separate accounts	3		53		(26)
Interest credited	761		637		543
Other	103		(62)		(230)
Balance at December 31,	$	20,699	$	17,711	$	15,549
Weighted-average annual crediting rate	4.0 %		3.9 %		3.7 %
At period end:
Cash surrender value	$	9,396	$	7,912	$	7,331
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	43,786	$	40,397	$	40,607

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

The Asia segment’s universal and variable universal life PABs in Japan primarily include interest sensitive whole life products. Information regarding this liability was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	49,739	$	46,417	$	46,590
Deposits	5,885		7,595		5,673
Policy charges	(1,046)		(1,210)		(1,103)
Surrenders and withdrawals	(3,171)		(2,959)		(2,993)
Benefit payments	(451)		(508)		(502)
Interest credited	1,517		1,408		1,066
Effect of foreign currency translation and other, net	(1,672)		(1,004)		(2,314)
Balance at December 31,	$	50,801	$	49,739	$	46,417
Weighted-average annual crediting rate	3.1 %		3.0 %		2.3 %
At period end:
Cash surrender value	$	44,685	$	42,577	$	39,737
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	86,683	$	93,172	$	95,412

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

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

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	36,863	$	32,454	$	30,976
Deposits	6,221		8,115		7,813
Policy charges	(2)		(2)		(2)
Surrenders and withdrawals	(2,760)		(2,344)		(4,024)
Benefit payments	(2,208)		(2,156)		(2,014)
Interest credited	1,070		866		623
Effect of foreign currency translation and other, net	(763)		(70)		(918)
Balance at December 31,	$	38,421	$	36,863	$	32,454
Weighted-average annual crediting rate	2.9 %		2.5 %		2.0 %
At period end:
Cash surrender value	$	34,105	$	31,936	$	27,902
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	1	$	73	$	1

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Information regarding the EMEA segment’s variable annuity PABs in the U.K. was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	2,720	$	2,802	$	4,215
Deposits	3		4		5
Policy charges	(57)		(63)		(73)
Surrenders and withdrawals	(277)		(285)		(313)
Benefit payments	(126)		(125)		(137)
Interest credited (1)	115		228		(465)
Effect of foreign currency translation and other, net	(41)		159		(430)
Balance at December 31,	$	2,337	$	2,720	$	2,802
Weighted-average annual crediting rate	4.7 %		8.6 %		(12.4) %
At period end:
Cash surrender value	$	2,337	$	2,720	$	2,802
Net amount at risk, excluding offsets from reinsurance:
In the event of death (2)	$	414	$	456	$	557
At annuitization or exercise of other living benefits (3)	$	532	$	585	$	699

__________________

(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.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Information regarding this liability was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	11,537	$	13,286	$	14,398
Deposits	167		176		233
Policy charges	(13)		(15)		(16)
Surrenders and withdrawals	(1,688)		(1,981)		(1,494)
Benefit payments	(390)		(420)		(415)
Net transfers from (to) separate accounts	146		72		198
Interest credited	349		396		406
Other	34		23		(24)
Balance at December 31,	$	10,142	$	11,537	$	13,286
Weighted-average annual crediting rate	3.3 %		3.3 %		3.0 %
At period end:
Cash surrender value	$	9,555	$	10,904	$	12,373
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death (2)	$	2,540	$	2,821	$	4,354
At annuitization or exercise of other living benefits (3)	$	750	$	688	$	960

__________________

(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.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

(3)For benefits that are payable in the event of annuitization or exercise of other living benefits, the net amount at risk is generally defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates or to provide other living benefits. This amount represents the Company’s potential economic exposure in the event all contractholders were to annuitize or to exercise other living benefits at the balance sheet date.

Information regarding this liability was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	11,641	$	12,402	$	12,699
Deposits	784		783		895
Policy charges	(690)		(702)		(718)
Surrenders and withdrawals	(1,053)		(1,171)		(785)
Benefit payments	(151)		(152)		(183)
Net transfers from (to) separate accounts	51		35		29
Interest credited	421		445		460
Other	129		1		5
Balance at December 31,	$	11,132	$	11,641	$	12,402
Weighted-average annual crediting rate	3.8 %		3.8 %		3.7 %
At period end:
Cash surrender value	$	10,576	$	11,177	$	11,882
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death (2)	$	64,031	$	67,786	$	71,548

__________________

(1)Including offsets from reinsurance, the net amount at risk at December 31, 2024, 2023 and 2022, as presented in the above table, would be reduced by 99%, 99%, and 65%, respectively.

(2)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

Rollforwards

The following information about the direct and assumed liability for PABs includes year-to-date 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. Policy charges presented in each disaggregated rollforward reflect a premium and/or assessment based on the account balance.

Group Benefits

Group Life

The Group Benefits segment’s group life PABs predominantly consist of retained asset accounts, universal life products, and the fixed account of variable life insurance products. Information regarding this liability was as follows:

	Years Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Balance at January 1,	$	7,692	$	8,028	$	7,893
Deposits	3,720		3,311		3,361
Policy charges	(658)		(635)		(612)
Surrenders and withdrawals	(3,296)		(3,192)		(2,744)
Benefit payments	(13)		(12)		(10)
Net transfers from (to) separate accounts	(3)		—		(2)
Interest credited	190		192		142
Balance at December 31,	$	7,632	$	7,692	$	8,028
Weighted-average annual crediting rate	2.5 %		2.5 %		1.8 %
At period end:
Cash surrender value	$	7,569	$	7,630	$	7,974
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	263,198	$	250,033	$	244,638

__________________

(1)For benefits that are payable in the event of death, the net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts at the balance sheet date.

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	456	$	72	$	816	$	4,086	$	5,430
Equal to or greater than 2% but less than 4%	1,247		100		61		1		1,409
Equal to or greater than 4%	682		—		39		37		758
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	172	$	916	$	4,124	$	7,632
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	86	$	863	$	4,558	$	5,507
Equal to or greater than 2% but less than 4%	1,196		9		62		2		1,269
Equal to or greater than 4%	727		1		43		34		805
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		111
Total	$	1,923	$	96	$	968	$	4,594	$	7,692
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	973	$	4,471	$	236	$	5,680
Equal to or greater than 2% but less than 4%	1,303		52		21		—		1,376
Equal to or greater than 4%	803		1		11		30		845
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		127
Total	$	2,106	$	1,026	$	4,503	$	266	$	8,028

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,675	$	2,675
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,040
Total	$	—	$	—	$	—	$	2,675	$	63,715
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	2,621	$	2,622
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		61,518
Total	$	—	$	—	$	1	$	2,621	$	64,140
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	3,553	$	3,554
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		60,169
Total	$	—	$	—	$	1	$	3,553	$	63,723

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	11	$	2,446	$	2,457
Equal to or greater than 2% but less than 4%	195		32		456		661		1,344
Equal to or greater than 4%	4,333		—		294		6		4,633
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,265
Total	$	4,528	$	32	$	761	$	3,113	$	20,699
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,651	$	1,671
Equal to or greater than 2% but less than 4%	249		34		105		432		820
Equal to or greater than 4%	4,346		—		282		5		4,633
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,587
Total	$	4,595	$	34	$	407	$	2,088	$	17,711
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	—	$	64	$	1,232	$	1,296
Equal to or greater than 2% but less than 4%	301		39		124		375		839
Equal to or greater than 4%	4,446		122		63		4		4,635
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		8,779
Total	$	4,747	$	161	$	251	$	1,611	$	15,549

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	9,789	$	15	$	240	$	1,574	$	11,618
Equal to or greater than 2% but less than 4%	7,387		15,807		5,212		10,058		38,464
Equal to or greater than 4%	239		—		—		—		239
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		480
Total	$	17,415	$	15,822	$	5,452	$	11,632	$	50,801
December 31, 2023
Equal to or greater than 0% but less than 2%	$	10,640	$	24	$	231	$	1,001	$	11,896
Equal to or greater than 2% but less than 4%	5,932		15,634		7,801		7,669		37,036
Equal to or greater than 4%	250		—		—		—		250
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		557
Total	$	16,822	$	15,658	$	8,032	$	8,670	$	49,739
December 31, 2022
Equal to or greater than 0% but less than 2%	$	10,965	$	76	$	138	$	75	$	11,254
Equal to or greater than 2% but less than 4%	21,184		2,847		5,583		4,846		34,460
Equal to or greater than 4%	265		—		—		—		265
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		438
Total	$	32,414	$	2,923	$	5,721	$	4,921	$	46,417

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	328	$	534	$	4,808	$	31,572	$	37,242
Equal to or greater than 2% but less than 4%	—		4		—		—		4
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		1,175
Total	$	328	$	538	$	4,808	$	31,572	$	38,421
December 31, 2023
Equal to or greater than 0% but less than 2%	$	322	$	584	$	6,274	$	28,343	$	35,523
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		1,335
Total	$	322	$	589	$	6,274	$	28,343	$	36,863
December 31, 2022
Equal to or greater than 0% but less than 2%	$	438	$	664	$	7,160	$	22,755	$	31,017
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		1,431
Total	$	438	$	670	$	7,160	$	22,755	$	32,454

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	2	$	140	$	441	$	75	$	658
Equal to or greater than 2% but less than 4%	1,639		5,675		525		107		7,946
Equal to or greater than 4%	728		399		12		—		1,139
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		399
Total	$	2,369	$	6,214	$	978	$	182	$	10,142
December 31, 2023
Equal to or greater than 0% but less than 2%	$	36	$	307	$	378	$	252	$	973
Equal to or greater than 2% but less than 4%	1,033		7,205		459		202		8,899
Equal to or greater than 4%	788		411		32		—		1,231
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		434
Total	$	1,857	$	7,923	$	869	$	454	$	11,537
December 31, 2022
Equal to or greater than 0% but less than 2%	$	934	$	4	$	8	$	16	$	962
Equal to or greater than 2% but less than 4%	9,388		892		191		12		10,483
Equal to or greater than 4%	1,261		43		5		—		1,309
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		532
Total	$	11,583	$	939	$	204	$	28	$	13,286

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)
December 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	14	$	50	$	64
Equal to or greater than 2% but less than 4%	4,062		175		260		531		5,028
Equal to or greater than 4%	4,860		122		403		22		5,407
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		633
Total	$	8,922	$	297	$	677	$	603	$	11,132
December 31, 2023
Equal to or greater than 0% but less than 2%	$	—	$	—	$	16	$	55	$	71
Equal to or greater than 2% but less than 4%	4,453		171		280		549		5,453
Equal to or greater than 4%	5,066		124		413		13		5,616
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,519	$	295	$	709	$	617	$	11,641
December 31, 2022
Equal to or greater than 0% but less than 2%	$	—	$	20	$	50	$	5	$	75
Equal to or greater than 2% but less than 4%	5,025		144		441		410		6,020
Equal to or greater than 4%	5,253		128		420		5		5,806
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	10,278	$	292	$	911	$	420	$	12,402