Separate Account (Tables)

12 Months Ended

Dec. 31, 2024

Separate Accounts Disclosure [Abstract]

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


	December 31, 2024		December 31, 2023
	(In millions)
RIS:
Stable Value and Risk Solutions	$	40,319	$	41,343
Annuities	11,001		11,659
Latin America - Pensions	38,765		41,320
MetLife Holdings - Annuities	27,829		29,224
Other	21,590		21,088
Total	$	139,504	$	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)
Balance, January 1, 2022	$	58,473	$	21,292	$	37,631	$	40,173
Premiums and deposits	5,253		1,233		7,058		267
Policy charges	(309)		(25)		(253)		(665)
Surrenders and withdrawals	(5,885)		(7,481)		(5,155)		(2,911)
Benefit payments	(125)		—		(1,559)		(431)
Investment performance	(4,503)		(2,823)		1,490		(7,738)
Net transfers from (to) general account	82		(56)		—		(199)
Effect of foreign currency translation and other, net (1)	(4,721)		(446)		216		3
Balance, December 31, 2022	$	48,265	$	11,694	$	39,428	$	28,499
Premiums and deposits	2,203		175		7,936		256
Policy charges	(285)		(21)		(287)		(609)
Surrenders and withdrawals	(11,123)		(944)		(5,781)		(2,948)
Benefit payments	(99)		—		(1,702)		(464)
Investment performance	2,595		774		2,814		4,561
Net transfers from (to) general account	(56)		3		—		(74)
Effect of foreign currency translation and other, net	(157)		(22)		(1,088)		3
Balance, December 31, 2023	$	41,343	$	11,659	$	41,320	$	29,224
Premiums and deposits	3,065		145		6,779		235
Policy charges	(273)		(21)		(264)		(603)
Surrenders and withdrawals	(5,423)		(918)		(5,147)		(3,794)
Benefit payments	(99)		—		(1,679)		(491)
Investment performance	1,755		83		2,981		3,411
Net transfers from (to) general account	(4)		—		—		(147)
Effect of foreign currency translation and other, net	(45)		53		(5,225)		(6)
Balance, December 31, 2024	$	40,319	$	11,001	$	38,765	$	27,829

Cash surrender value at December 31, 2022 (2)	$	42,728	N/A		$	39,428	$	28,348
Cash surrender value at December 31, 2023 (2)	$	35,950	N/A		$	41,320	$	29,078
Cash surrender value at December 31, 2024 (2)	$	34,949	N/A		$	38,765	$	27,703

__________________

(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:


	December 31, 2024
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	9,950	$	1,115	$	10,545	$	3,017	$	15	$	24,642
Public utilities	—		1,090		188		—		—		7		1,285
Municipals	—		250		18		—		—		12		280
Corporate bonds:
Materials	—		245		—		—		—		1		246
Communications	—		811		15		—		—		4		830
Consumer	—		1,903		34		—		—		13		1,950
Energy	—		958		113		729		4		4		1,808
Financial	—		3,472		515		4,760		309		26		9,082
Industrial and other	—		775		46		2,231		7		2		3,061
Technology	—		518		—		—		—		2		520
Total corporate bonds	—		8,682		723		7,720		320		52		17,497
Total bonds	—		19,972		2,044		18,265		3,337		86		43,704
Mortgage-backed securities	—		9,021		—		—		—		38		9,059
Asset-backed securities and collateralized loan obligations (collectively, “ABS & CLO”)	—		2,145		—		—		—		17		2,162
Redeemable preferred stock	—		8		—		—		—		—		8
Total fixed maturity securities	—		31,146		2,044		18,265		3,337		141		54,933
Equity securities	—		2,830		2,324		2,353		1,200		—		8,707
Mutual funds	1,319		10,035		3,098		14,295		129		34,751		63,627
Other invested assets	—		1,398		312		2,557		43		—		4,310
Total investments	1,319		45,409		7,778		37,470		4,709		34,892		131,577
Other assets	—		6,011		453		1,295		166		2		7,927
Total	$	1,319	$	51,420	$	8,231	$	38,765	$	4,875	$	34,894	$	139,504


	December 31, 2023
	Group Benefits		RIS		Asia		Latin America		EMEA		MetLife Holdings		Total
	(In millions)
Fixed maturity securities:
Bonds:
Government and agency	$	—	$	10,182	$	1,190	$	10,971	$	2,638	$	18	$	24,999
Public utilities	—		1,077		308		—		—		4		1,389
Municipals	—		380		31		—		—		13		424
Corporate bonds:
Materials	—		253		—		—		—		—		253
Communications	—		1,030		8		—		—		4		1,042
Consumer	—		2,151		39		—		—		9		2,199
Energy	—		1,095		105		—		4		4		1,208
Financial	—		3,833		551		6,006		403		23		10,816
Industrial and other	—		848		38		6,693		18		4		7,601
Technology	—		568		—		—		—		3		571
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	—		3,209		3,064		2,845		1,090		—		10,208
Mutual funds	1,159		8,517		2,929		10,099		109		35,418		58,231
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