Market Risk Benefits

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Market Risk Benefits

5. Policyholder Account Balances

The Company establishes liabilities for PABs, which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

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

	March 31, 2025		December 31, 2024
	(In millions)
Group Benefits - Group life	$	7,647	$	7,632
RIS:
Capital markets investment products and stable value GICs	65,147		63,715
Annuities and risk solutions	21,568		20,699
Asia:
Universal and variable universal life	51,963		50,801
Fixed annuities	39,301		38,421
EMEA - Variable annuities	2,305		2,337
MetLife Holdings:
Annuities	9,859		10,142
Life and other	10,986		11,132
Other	16,847		16,566
Total	$	225,623	$	221,445

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:

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	7,632	$	7,692
Deposits	928		1,083
Policy charges	(167)		(163)
Surrenders and withdrawals	(787)		(906)
Benefit payments	(4)		(4)
Net transfers from (to) separate accounts	1		(3)
Interest credited	44		48
Balance, end of period	$	7,647	$	7,747
Weighted-average annual crediting rate	2.3 %		2.5 %
At period end:
Cash surrender value	$	7,582	$	7,687
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	266,816	$	260,502

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	468	$	75	$	797	$	4,118	$	5,458
Equal to or greater than 2% but less than 4%	1,224		97		62		—		1,383
Equal to or greater than 4%	693		27		3		48		771
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		35
Total	$	2,385	$	199	$	862	$	4,166	$	7,647
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	154	$	839	$	4,628	$	5,621
Equal to or greater than 2% but less than 4%	1,242		9		60		2		1,313
Equal to or greater than 4%	701		—		40		33		774
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		39
Total	$	1,943	$	163	$	939	$	4,663	$	7,747

RIS

Capital Markets Investment Products and Stable Value GICs

The RIS segment’s capital markets investment products and stable value GICs in PABs are investment-type products, mainly funding agreements. Information regarding this liability was as follows:

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	63,715	$	64,140
Deposits	22,694		18,073
Surrenders and withdrawals	(22,340)		(18,070)
Interest credited	601		573
Effect of foreign currency translation and other, net	477		(447)
Balance, end of period	$	65,147	$	64,269
Weighted-average annual crediting rate	3.8 %		3.6 %
Cash surrender value at period end	$	1,468	$	1,992

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	—	$	2,376	$	2,376
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,771
Total	$	—	$	—	$	—	$	2,376	$	65,147
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	1	$	1,998	$	1,999
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		62,270
Total	$	—	$	—	$	1	$	1,998	$	64,269

Annuities and Risk Solutions

The RIS segment’s annuity and risk solutions PABs include certain structured settlements and institutional income annuities, and benefit funding solutions that include postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. Information regarding this liability was as follows:

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	20,699	$	17,711
Deposits	1,099		700
Policy charges	(47)		(15)
Surrenders and withdrawals	(139)		(58)
Benefit payments	(275)		(242)
Net transfers from (to) separate accounts	(2)		19
Interest credited	215		177
Other	18		(26)
Balance, end of period	$	21,568	$	18,266
Weighted-average annual crediting rate	4.1 %		3.9 %
At period end:
Cash surrender value	$	9,889	$	8,043
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	44,587	$	42,677

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	7	$	2,545	$	2,552
Equal to or greater than 2% but less than 4%	192		33		452		1,172		1,849
Equal to or greater than 4%	4,173		11		423		6		4,613
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		12,554
Total	$	4,365	$	44	$	882	$	3,723	$	21,568
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	20	$	1,834	$	1,854
Equal to or greater than 2% but less than 4%	244		34		106		416		800
Equal to or greater than 4%	4,260		—		390		5		4,655
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		10,957
Total	$	4,504	$	34	$	516	$	2,255	$	18,266

Asia

Universal and Variable Universal Life

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:

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	50,801	$	49,739
Deposits	1,175		1,682
Policy charges	(231)		(282)
Surrenders and withdrawals	(698)		(826)
Benefit payments	(157)		(124)
Interest credited	369		382
Effect of foreign currency translation and other, net	704		(1,087)
Balance, end of period	$	51,963	$	49,484
Weighted-average annual crediting rate	2.9 %		3.1 %
At period end:
Cash surrender value	$	45,470	$	42,842
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	86,430	$	90,786

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	10,301	$	17	$	243	$	1,699	$	12,260
Equal to or greater than 2% but less than 4%	7,513		15,844		5,098		10,559		39,014
Equal to or greater than 4%	236		—		—		—		236
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		453
Total	$	18,050	$	15,861	$	5,341	$	12,258	$	51,963
March 31, 2024
Equal to or greater than 0% but less than 2%	$	9,960	$	21	$	230	$	1,149	$	11,360
Equal to or greater than 2% but less than 4%	7,732		15,644		5,550		8,387		37,313
Equal to or greater than 4%	246		—		—		—		246
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		565
Total	$	17,938	$	15,665	$	5,780	$	9,536	$	49,484

Fixed Annuities

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

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	38,421	$	36,863
Deposits	1,445		1,665
Policy charges	(1)		—
Surrenders and withdrawals	(470)		(740)
Benefit payments	(477)		(649)
Interest credited	289		248
Effect of foreign currency translation and other, net	94		(418)
Balance, end of period	$	39,301	$	36,969
Weighted-average annual crediting rate	3.0 %		2.7 %
At period end:
Cash surrender value	$	34,369	$	32,072
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	1	$	3

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	310	$	480	$	4,624	$	32,683	$	38,097
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		1,200
Total	$	310	$	484	$	4,624	$	32,683	$	39,301
March 31, 2024
Equal to or greater than 0% but less than 2%	$	331	$	521	$	5,821	$	29,031	$	35,704
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		1,260
Total	$	331	$	526	$	5,821	$	29,031	$	36,969

EMEA

Variable Annuities

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

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	2,337	$	2,720
Deposits	1		1
Policy charges	(13)		(15)
Surrenders and withdrawals	(59)		(73)
Benefit payments	(30)		(31)
Interest credited (1)	(3)		54
Effect of foreign currency translation and other, net	72		(25)
Balance, end of period	$	2,305	$	2,631
Weighted-average annual crediting rate	(0.5 %)		8.4 %
At period end:
Cash surrender value	$	2,305	$	2,631
Net amount at risk, excluding offsets from reinsurance:
In the event of death	$	437	$	422
At annuitization or exercise of other living benefits	$	556	$	541

__________________

(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.

MetLife Holdings

Annuities

The MetLife Holdings segment’s annuity PABs primarily include fixed deferred annuities, the fixed account portion of variable annuities, certain income annuities, and embedded derivatives related to equity-indexed annuities. Information regarding this liability was as follows:

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	10,142	$	11,537
Deposits	45		38
Policy charges	(3)		(3)
Surrenders and withdrawals	(346)		(457)
Benefit payments	(97)		(108)
Net transfers from (to) separate accounts	41		27
Interest credited	78		91
Other	(1)		4
Balance, end of period	$	9,859	$	11,129
Weighted-average annual crediting rate	3.2 %		3.3 %
At period end:
Cash surrender value	$	9,289	$	10,507
Net amount at risk, excluding offsets from reinsurance (1):
In the event of death	$	2,659	$	2,486
At annuitization or exercise of other living benefits	$	793	$	614

__________________

(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.

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	15	$	126	$	409	$	78	$	628
Equal to or greater than 2% but less than 4%	2,224		4,885		522		104		7,735
Equal to or greater than 4%	720		392		8		—		1,120
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		376
Total	$	2,959	$	5,403	$	939	$	182	$	9,859
March 31, 2024
Equal to or greater than 0% but less than 2%	$	6	$	237	$	442	$	60	$	745
Equal to or greater than 2% but less than 4%	866		7,157		540		201		8,764
Equal to or greater than 4%	773		403		30		—		1,206
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		414
Total	$	1,645	$	7,797	$	1,012	$	261	$	11,129

Life and Other

The MetLife Holdings segment’s life and other PABs include retained asset accounts, universal life products, the fixed account of variable life insurance products and funding agreements. Information regarding this liability was as follows:

	Three Months Ended March 31,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	11,132	$	11,641
Deposits	193		206
Policy charges	(170)		(174)
Surrenders and withdrawals	(240)		(265)
Benefit payments	(45)		(39)
Net transfers from (to) separate accounts	14		11
Interest credited	99		106
Other	3		—
Balance, end of period	$	10,986	$	11,486
Weighted-average annual crediting rate	3.7 %		3.7 %
At period end:
Cash surrender value	$	10,436	$	11,038
Net amount at risk, excluding offsets from reinsurance:
In the event of death (1)	$	63,491	$	66,684

__________________

(1)Including offsets from reinsurance, the net amount at risk at March 31, 2025 and December 31, 2024, would be reduced by 98% and 99%, respectively.

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)
March 31, 2025
Equal to or greater than 0% but less than 2%	$	—	$	—	$	13	$	46	$	59
Equal to or greater than 2% but less than 4%	3,986		175		256		527		4,944
Equal to or greater than 4%	4,814		120		400		23		5,357
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		626
Total	$	8,800	$	295	$	669	$	596	$	10,986
March 31, 2024
Equal to or greater than 0% but less than 2%	$	—	$	—	$	17	$	54	$	71
Equal to or greater than 2% but less than 4%	4,351		171		275		546		5,343
Equal to or greater than 4%	5,022		124		410		15		5,571
Products with either a fixed rate or no GMCR	N/A		N/A		N/A		N/A		501
Total	$	9,373	$	295	$	702	$	615	$	11,486

6. Market Risk Benefits

The Company establishes liabilities for certain retirement assurance and variable annuity contract features which include a minimum benefit guarantee that provides to the contractholder a minimum return based on their initial deposit less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets.

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

	March 31, 2025						December 31, 2024
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Asia - Retirement Assurance	$	—	$	187	$	187	$	—	$	178	$	178
MetLife Holdings - Annuities	182		2,559		2,377		231		2,300		2,069
Other	135		98		(37)		141		103		(38)
Total	$	317	$	2,844	$	2,527	$	372	$	2,581	$	2,209

Rollforwards

The following information about the direct and assumed liabilities (assets) for MRBs 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.

Asia - Retirement Assurance

The Asia segment’s retirement assurance product in Japan offers a contract feature whereby the Company guarantees the greater of the account value or a return of premium accumulated at a guaranteed rate upon maturity. Information regarding this liability was as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	178	$	203
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	179	$	205
Attributed fees collected	1		1
Benefit payments	(3)		(2)
Effect of changes in interest rates	2		2
Actual policyholder behavior different from expected behavior	—		(1)
Effect of foreign currency translation and other, net	9		(15)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	188		190
Cumulative effect of changes in the instrument-specific credit risk	(1)		(1)
Balance, end of period	$	187	$	189
At period end:
Net amount at risk, excluding offsets from hedging:
At annuitization or exercise of other living benefits	$	127	$	113
Weighted-average attained age of contractholders:
At annuitization or exercise of other living benefits	58 years		58 years

Significant Methodologies and Assumptions

The Company issues certain retirement assurance products with guarantees that meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in other comprehensive income (loss) (“OCI”).

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions, including changes in interest rates, equity indices, market volatility and foreign currency exchange rates, and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

MetLife Holdings - Annuities

The MetLife Holdings segment’s variable annuity products offer contract features where the Company guarantees to the contractholder a minimum benefit, which includes guaranteed minimum death benefits (“GMDBs”) and living benefit guarantees. The GMDB contract features include return of premium, which provides a return of the purchase payment upon death, annual step-up and roll-up and step-up combinations. The living benefit guarantees contract features primarily include guaranteed minimum income benefits (“GMIBs”), which provide a minimum accumulation of purchase payments that can be annuitized to receive a monthly income stream, and guaranteed minimum withdrawal benefits (“GMWBs”), which provide a series of withdrawals, provided that withdrawals in a contract year do not exceed a contractual limit. This segment also includes an in-force block of assumed variable annuity guarantees from a third party. Information regarding MetLife Holdings annuity products (including assumed reinsurance) was as follows:

		Three Months Ended March 31,
		2025		2024
	(In millions)
Balance, beginning of period		$	2,069	$	2,722
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk		$	1,992	$	2,772
Attributed fees collected		84		90
Benefit payments		(23)		(22)
Effect of changes in interest rates		123		(373)
Effect of changes in capital markets		83		(306)
Effect of changes in equity index volatility		14		34
Actual policyholder behavior different from expected behavior		73		69
Effect of foreign currency translation and other, net		(11)		(26)
Effect of changes in risk margin		16		(46)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk		2,351		2,192
Cumulative effect of changes in the instrument-specific credit risk		24		39
Effect of foreign currency translation on the cumulative instrument-specific credit risk		2		—
Balance, end of period		$	2,377	$	2,231
At period end:
Net amount at risk, excluding offsets from hedging (1):
In the event of death		$	2,664	$	2,489
At annuitization or exercise of other living benefits		$	810	$	579
Weighted-average attained age of contractholders:
In the event of death		72 years		72 years
At annuitization or exercise of other living benefits		72 years		70 years

__________________

(1)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.

Significant Methodologies and Assumptions

The Company issues GMDBs, GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and GMIBs that typically meet the definition of MRBs, which are measured, in aggregate, as one compound MRB, at estimated fair value separately from the variable annuity contract, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI.

The Company calculates the fair value of these MRBs, which is estimated as the present value of projected future benefits minus the present value of projected attributed fees, using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, projecting future cash flows from the MRB over multiple risk neutral stochastic scenarios using observable risk-free rates.

Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. See Note 12 for additional information on significant unobservable inputs.

The valuation of these MRBs includes a nonperformance risk adjustment and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument, which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions at annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees.

These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, impact the estimated fair value of the guarantees and affect net income, and changes in nonperformance risk of the Company affect OCI.

Other

In addition to the disaggregated MRB product rollforwards above, the Company offers other products with guaranteed minimum benefit features across various segments. These MRBs are measured at estimated fair value, with changes in estimated fair value reported in net income, except for changes in nonperformance risk of the Company which are recorded in OCI. See Note 12 for additional information on significant unobservable inputs used in the fair value measurement of MRBs. Information regarding these product liabilities (assets) was as follows:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	(38)	$	(32)
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk	$	(53)	$	(50)
Attributed fees collected	11		13
Benefit payments	(1)		(2)
Effect of changes in interest rates	(3)		(42)
Effect of changes in capital markets	(2)		(13)
Effect of changes in equity index volatility	—		(1)
Actual policyholder behavior different from expected behavior	2		2
Effect of foreign currency translation and other, net	(7)		(4)
Effect of changes in risk margin	—		(1)
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk	(53)		(98)
Cumulative effect of changes in the instrument-specific credit risk	15		23
Effect of foreign currency translation on the cumulative instrument-specific credit risk	1		—
Balance, end of period	(37)		(75)
Less: Reinsurance recoverable	15		13
Balance, end of period, net of reinsurance	$	(52)	$	(88)