Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Long-term and Short-term debt outstanding

Long-term and short-term debt outstanding was as follows:


								December 31,
								2024						2023
	Interest Rates (1)				Maturity			Face Value		Unamortized Discount and Issuance Costs		Carrying Value		Face Value		Unamortized Discount and Issuance Costs		Carrying Value
								(In millions)
Senior notes	0.50	%	-	6.50%	2025	-	2059	$	14,530	$	(99)	$	14,431	$	14,622	$	(106)	$	14,516
Surplus notes	7.80	%	-	7.80%	2025			250		—		250		507		—		507
Other notes	5.58	%	-	8.39%	2027	-	2028	401		(2)		399		495		(2)		493
Financing lease obligations								6		—		6		32		—		32
Total long-term debt								15,187		(101)		15,086		15,656		(108)		15,548
Total short-term debt								465		—		465		119		—		119
Total								$	15,652	$	(101)	$	15,551	$	15,775	$	(108)	$	15,667

__________________

(1)Range of interest rates are for the year ended December 31, 2024.

Schedule of Short-term Debt

Short-term Debt

Short-term debt with maturities of one year or less was as follows:


	December 31,
	2024		2023
	(Dollars in millions)
Short-term debt (1), (2)	$	465	$	119
Average daily balance	$	270	$	142
Average days outstanding	82 days		65 days

__________________

(1)Includes $465 million and $115 million at December 31, 2024 and 2023, respectively, of short-term debt related to repurchase agreements, secured by assets of subsidiaries.

(2)Includes $133 million and $0 at December 31, 2024 and 2023, respectively, of short-term debt related to VIEs.

Schedule of Line of Credit Facilities

Information on the Credit Facility at December 31, 2024 was as follows:


Borrower(s)	Expiration		Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
			(In millions)
MetLife, Inc. and MetLife Funding, Inc.	May 2028	(1)	$	3,000	$	297	$	—	$	2,703

__________________

(1)All borrowings under the Credit Facility must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.

Information on the Committed Facilities at December 31, 2024 was as follows:


Account Party/Borrower(s)	Expiration		Maximum Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
			(In millions)
MetLife Reinsurance Company of Vermont (“MRV”) and MetLife, Inc.	November 2026	(1), (2)	$	350	$	350	$	—	$	—
MRV and MetLife, Inc.	December 2037	(1), (3)	2,896		2,491		—		405
Total			$	3,246	$	2,841	$	—	$	405

__________________

(1)MetLife, Inc. is a guarantor under the applicable facility.

(2)The issuance of additional letters of credit is at the discretion of the counterparty.

(3)Capacity at December 31, 2024 of $2.9 billion decreases gradually between 2025 and 2037 to $2.0 billion, and the facility expires in December 2037. Unused commitment of $405 million is based on maximum capacity. At December 31, 2024, Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”), a former subsidiary of MetLife, Inc., is a beneficiary of $2.5 billion of letters of credit issued under this facility and, in consideration, Brighthouse reimburses MetLife, Inc. for a portion of the letter of credit fees.