Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2024

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


	December 31,
	2024						2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	178	$	178	$	—	$	203	$	203
MetLife Holdings - Annuities	231		2,300		2,069		156		2,878		2,722
Other	141		103		(38)		130		98		(32)
Total	$	372	$	2,581	$	2,209	$	286	$	3,179	$	2,893

Market Risk Benefit, Activity

Information regarding this liability was as follows:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
Balance at January 1,	$	203	$	226	$	277

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	205	$	233	$	284

Attributed fees collected	3		3		3
Benefit payments	(12)		(12)		—
Effect of changes in interest rates	4		1		(25)


Actual policyholder behavior different from expected behavior	(2)		(1)		6
Effect of changes in future expected policyholder behavior and other assumptions	—		(1)		5
Effect of foreign currency translation and other, net	(19)		(18)		(40)

Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	179		205		233
Cumulative effect of changes in the instrument-specific credit risk	(1)		(2)		(8)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	—		—		1
Balance at December 31,	$	178	$	203	$	226



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

At annuitization or exercise of other living benefits (1)	$	115	$	119	$	127
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits (1)	58 years		58 years		58 years

__________________

(1) 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 MetLife Holdings annuity products (including assumed reinsurance) was as follows:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
Balance at January 1,	$	2,722	$	3,225	$	5,929

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	2,772	$	3,360	$	6,229

Attributed fees collected	352		377		387
Benefit payments	(90)		(58)		(42)
Effect of changes in interest rates	(736)		(161)		(3,610)
Effect of changes in capital markets	(514)		(900)		861
Effect of changes in equity index volatility	40		(135)		38
Actual policyholder behavior different from expected behavior	220		144		20
Effect of changes in future expected policyholder behavior and other assumptions (1)	12		9		(328)
Effect of foreign currency translation and other, net (2)	(4)		152		36
Effect of changes in risk margin	(60)		(16)		(231)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	1,992		2,772		3,360
Cumulative effect of changes in the instrument-specific credit risk	78		(54)		(130)
Effect of foreign currency translation on the cumulative instrument-specific credit risk	(1)		4		(5)
Balance at December 31,	$	2,069	$	2,722	$	3,225



At period end:
Net amount at risk, excluding offsets from hedging (3):
In the event of death (4)	$	2,543	$	2,828	$	4,387
At annuitization or exercise of other living benefits (5)	$	718	$	675	$	1,141
Weighted-average attained age of contractholders:
In the event of death (4)	71 years		70 years		69 years
At annuitization or exercise of other living benefits (5)	70 years		70 years		71 years

__________________

(1) For the year ended December 31, 2022, the effect of changes in future expected policyholder behavior and other assumptions was primarily driven by changes in policyholder behavior assumptions relating to projected annuitizations for variable annuities.

(2) Included is the covariance impact from aggregating the market observable inputs, mostly driven by interest rate and capital market volatility.

(3) 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.

(4) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum 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.

(5) 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 these product liabilities was as follows:


	Years Ended December 31,
	2024		2023		2022
	(In millions)
Balance at January 1,	$	(32)	$	32	$	491

Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(50)	$	24	$	539

Attributed fees collected	49		34		61
Benefit payments	(6)		(28)		(4)
Effect of changes in interest rates	(57)		(3)		(499)
Effect of changes in capital markets	(3)		(41)		139
Effect of changes in equity index volatility	—		(6)		31
Actual policyholder behavior different from expected behavior	5		(22)		(12)
Effect of changes in future expected policyholder behavior and other assumptions	(2)		2		(1)
Effect of foreign currency translation and other, net	12		(9)		(224)
Effect of changes in risk margin	(1)		(1)		(6)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(53)		(50)		24
Cumulative effect of changes in the instrument-specific credit risk	16		17		7
Effect of foreign currency translation on the cumulative instrument-specific credit risk	(1)		1		1
Net balance at December 31,	(38)		(32)		32
Less: Reinsurance recoverable	12		18		23
Balance at December 31,	$	(50)	$	(50)	$	9