Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Liability for Future Policy Benefits, by Product Segment

The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:


	March 31, 2025		December 31, 2024
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities	$	68,146	$	66,262
Asia:
Whole and term life & endowments	11,565		11,167
Accident & health	9,679		9,406
Latin America - Fixed annuities	10,388		9,600
MetLife Holdings - Long-term care	14,716		14,537
Deferred Profit Liabilities:
RIS - Annuities	3,804		3,780
Asia:
Whole and term life & endowments	798		759
Accident & health	903		849
Latin America - Fixed annuities	521		498
Additional Insurance Liabilities:
Asia:
Variable life	1,157		1,108
Universal and variable universal life	372		355
MetLife Holdings - Universal and variable universal life	2,528		2,496
MetLife Holdings - Participating life	48,120		48,485
Other long-duration (1)	10,757		10,712
Short-duration and other	14,213		13,632
Total	$	197,667	$	193,646

_______________

(1)This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.

Liability for Future Policy Benefit, Activity

Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—

Balance, beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	(32)			(26)
Adjusted balance	(32)			(26)
Issuances	2,150			342
Net premiums collected	(2,118)			(316)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	66,621		$	64,515

Balance, beginning of period, at original discount rate	$	69,643		$	64,737
Effect of actual variances from expected experience (1)	(80)			(36)
Adjusted balance	69,563			64,701
Issuances	2,179			341
Interest accrual	833			759
Benefit payments	(1,620)			(1,492)
Effect of foreign currency translation	9			—
Ending balance at original discount rate	70,964			64,309
Effect of changes in discount rate assumptions	(2,533)			(1,649)
Balance, end of period, at current discount rate at balance sheet date	68,431			62,660

Cumulative amount of fair value hedging adjustments	(285)			(298)
Net liability for FPBs	68,146			62,362
Less: Reinsurance recoverables	2,228			256
Net liability for FPBs, net of reinsurance	$	65,918		$	62,106

Undiscounted - Expected future benefit payments	$	128,949		$	118,190
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	68,431		$	62,660
Weighted-average duration of the liability	8 years			9 years
Weighted-average interest accretion (original locked-in) rate	4.9		%	4.8		%
Weighted-average current discount rate at balance sheet date	5.5		%	5.4		%

_________________

(1)For the three months ended March 31, 2025, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $34 million. For the three months ended March 31, 2024, the net effect of actual variances from expected experience was substantially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $10 million.

The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:


	Three Months Ended March 31,
		2025			2024
		(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date		$	4,023		$	4,561

Balance, beginning of period, at original discount rate		$	4,286		$	4,793
Effect of actual variances from expected experience (1)		(14)			(15)
Adjusted balance		4,272			4,778
Issuances		149			153
Interest accrual		19			17
Net premiums collected		(155)			(157)
Effect of foreign currency translation		155			(290)
Ending balance at original discount rate		4,440			4,501
Effect of changes in discount rate assumptions		(318)			(260)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		(14)			16
Balance, end of period, at current discount rate at balance sheet date		$	4,108		$	4,257

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date		$	15,190		$	17,435

Balance, beginning of period, at original discount rate		$	15,252		$	17,198
Effect of actual variances from expected experience (1)		(12)			(7)
Adjusted balance		15,240			17,191
Issuances		149			153
Interest accrual		91			93
Benefit payments		(244)			(263)
Effect of foreign currency translation		544			(1,042)
Ending balance at original discount rate		15,780			16,132
Effect of changes in discount rate assumptions		(22)			(36)
Effect of foreign currency translation on the effect of changes in discount rate assumptions		(85)			22
Balance, end of period, at current discount rate at balance sheet date		15,673			16,118


Net liability for FPBs		11,565			11,861
Less: Amount due to reinsurer		(2)			(1)
Net liability for FPBs, net of reinsurance		$	11,567		$	11,862

Undiscounted:
Expected future gross premiums		$	9,043		$	8,799
Expected future benefit payments		$	26,263		$	26,638
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums		$	7,512		$	7,549
Expected future benefit payments		$	15,673		$	16,118
Weighted-average duration of the liability		18 years			17 years
Weighted -average interest accretion (original locked-in) rate		2.6		%	2.6		%
Weighted-average current discount rate at balance sheet date		2.8		%	2.7		%

_________________

(1)For the three months ended March 31, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification and the underlying characteristics of the products.

Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	17,203		$	19,835

Balance, beginning of period, at original discount rate	$	18,820		$	21,232
Effect of actual variances from expected experience	(125)			(123)
Adjusted balance	18,695			21,109
Issuances	338			252
Interest accrual	55			56
Net premiums collected	(470)			(483)
Effect of foreign currency translation and other - net	1,072			(1,399)
Ending balance at original discount rate	19,690			19,535
Effect of changes in discount rate assumptions	(2,017)			(1,549)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(84)			99
Balance, end of period, at current discount rate at balance sheet date	$	17,589		$	18,085

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	26,565		$	30,480

Balance, beginning of period, at original discount rate	$	32,838		$	36,010
Effect of actual variances from expected experience	(132)			(130)
Adjusted balance	32,706			35,880
Issuances	337			252
Interest accrual	116			118
Benefit payments	(310)			(303)
Effect of foreign currency translation and other - net	1,661			(2,334)
Ending balance at original discount rate	34,510			33,613
Effect of changes in discount rate assumptions	(6,967)			(6,132)
Effect of foreign currency translation on the effect of changes in discount rate assumptions	(325)			395
Balance, end of period, at current discount rate at balance sheet date	27,218			27,876

Cumulative impact of flooring the future policyholder benefits reserve	50			68
Net liability for FPBs	9,679			9,859
Less: Reinsurance recoverables	141			166
Net liability for FPBs, net of reinsurance	$	9,538		$	9,693

Undiscounted:
Expected future gross premiums	$	38,785		$	38,523
Expected future benefit payments	$	45,242		$	43,983
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	30,160		$	31,377
Expected future benefit payments	$	27,218		$	27,876
Weighted-average duration of the liability	23 years			24 years
Weighted-average interest accretion (original locked-in) rate	1.7		%	1.7		%
Weighted-average current discount rate at balance sheet date	2.9		%	2.7		%

Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	—		$	—

Balance, at beginning of period, at original discount rate	$	—		$	—
Effect of actual variances from expected experience (1)	—			—
Adjusted balance	—			—
Issuances	330			260
Interest accrual	1			1
Net premiums collected	(331)			(261)
Ending balance at original discount rate	—			—
Balance, end of period, at current discount rate at balance sheet date	$	—		$	—

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	9,600		$	9,637

Balance, beginning of period, at original discount rate	$	9,133		$	9,249
Effect of actual variances from expected experience (1)	(2)			(5)
Adjusted balance	9,131			9,244
Issuances	348			265
Interest accrual	88			82
Benefit payments	(188)			(165)
Inflation adjustment	120			73
Effect of foreign currency translation	400			(976)
Ending balance at original discount rate	9,899			8,523
Effect of changes in discount rate assumptions	468			285
Effect of foreign currency translation on the effect of changes in discount rate assumptions	21			(37)
Balance, end of period, at current discount rate at balance sheet date	10,388			8,771

Net liability for FPBs	$	10,388		$	8,771

Undiscounted - Expected future benefit payments	$	14,760		$	12,863
Discounted - Expected future benefit payments (at current discount rate at balance sheet date)	$	10,388		$	8,771
Weighted-average duration of the liability	11 years			10 years
Weighted-average interest accretion (original locked-in) rate	3.7		%	3.7		%
Weighted-average current discount rate at balance sheet date	3.1		%	3.4		%

__________________

(1)For the three months ended March 31, 2024, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL.

Information regarding these products was as follows:


	Three Months Ended March 31,
	2025			2024
	(Dollars in millions)
Present Value of Expected Net Premiums
Balance, beginning of period, at current discount rate at balance sheet date	$	5,475		$	5,687

Balance, beginning of period, at original discount rate	$	5,568		$	5,566
Effect of actual variances from expected experience	(22)			(4)
Adjusted balance	5,546			5,562
Interest accrual	71			71
Net premiums collected	(140)			(143)
Ending balance at original discount rate	5,477			5,490
Effect of changes in discount rate assumptions	(35)			—
Balance, end of period, at current discount rate at balance sheet date	$	5,442		$	5,490

Present Value of Expected FPBs
Balance, beginning of period, at current discount rate at balance sheet date	$	20,012		$	20,927

Balance, beginning of period, at original discount rate	$	21,024		$	20,494
Effect of actual variances from expected experience	(10)			(1)
Adjusted balance	21,014			20,493
Interest accrual	276			269
Benefit payments	(225)			(212)
Ending balance at original discount rate	21,065			20,550
Effect of changes in discount rate assumptions	(907)			(215)
Balance, end of period, at current discount rate at balance sheet date	20,158			20,335

Net liability for FPBs	$	14,716		$	14,845

Undiscounted:
Expected future gross premiums	$	10,450		$	10,430
Expected future benefit payments	$	44,745		$	44,808
Discounted (at current discount rate at balance sheet date):
Expected future gross premiums	$	6,932		$	6,895
Expected future benefit payments	$	20,158		$	20,335
Weighted-average duration of the liability	13 years			14 years
Weighted-average interest accretion (original locked-in) rate	5.4		%	5.4		%
Weighted-average current discount rate at balance sheet date	5.8		%	5.5		%

Additional Liability, Long-Duration Insurance

Information regarding these additional insurance liabilities was as follows:


	Three Months Ended March 31,
	2025			2024			2025			2024
	Variable Life						Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	1,108		$	1,258		$	355		$	424
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment	—			—			10			(14)
Balance, beginning of period, before AOCI adjustment	1,108			1,258			345			438
Effect of actual variances from expected experience	(2)			(13)			(2)			(17)
Adjusted balance	1,106			1,245			343			421
Assessments accrual	(1)			(1)			—			—
Interest accrual	4			4			1			1
Excess benefits paid	(9)			(9)			—			—
Effect of foreign currency translation and other, net	57			(86)			18			(30)
Balance, end of period, before AOCI adjustment	1,157			1,153			362			392
Add: AOCI adjustment	—			—			10			(7)
Balance, end of period	$	1,157		$	1,153		$	372		$	385

Weighted-average duration of the liability	16 years			16 years			42 years			43 years
Weighted-average interest accretion rate	1.5		%	1.5		%	1.5		%	1.4		%

Information regarding these additional insurance liabilities was as follows:


	Three Months Ended March 31,
	2025			2024
	Universal and Variable Universal Life
	(Dollars in millions)
Balance, beginning of period	$	2,496		$	2,362
Less: AOCI adjustment	(17)			(14)
Balance, beginning of period, before AOCI adjustment	2,513			2,376
Effect of actual variances from expected experience	11			14
Adjusted balance	2,524			2,390
Assessments accrual	27			26
Interest accrual	34			32
Excess benefits paid	(42)			(37)
Balance, end of period, before AOCI adjustment	2,543			2,411
Add: AOCI adjustment	(15)			(15)
Balance, end of period	2,528			2,396
Less: Reinsurance recoverables	2,197			2,086
Balance, end of period, net of reinsurance	$	331		$	310

Weighted-average duration of the liability	15 years			15 years
Weighted-average interest accretion rate	5.5		%	5.5		%

The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:


		Three Months Ended March 31,
		2025				2024
		Gross Premiums or Assessments (1)		Interest Expense (2)		Gross Premiums or Assessments (1)		Interest Expense (2)
	(In millions)
Traditional and Limited-Payment Contracts:
RIS - Annuities		$	2,150	$	833	$	344	$	759
Asia:
Whole and term life & endowments		294		72		290		76
Accident & health		778		61		811		62
Latin America - Fixed annuities		331		87		261		81
MetLife Holdings - Long-term care		180		205		181		198
Deferred Profit Liabilities:
RIS - Annuities		N/A		46		N/A		44
Asia:
Whole and term life & endowments		N/A		10		N/A		9
Accident & health		N/A		5		N/A		5
Latin America - Fixed annuities		N/A		5		N/A		5
Additional Insurance Liabilities:
Asia:
Variable life		32		4		29		4
Universal and variable universal life		—		1		(33)		1
MetLife Holdings - Universal and variable universal life		159		34		167		32
Other long-duration		1,152		122		1,158		121
Total		$	5,076	$	1,485	$	3,208	$	1,397

__________________

(1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income.

(2)Interest expense is included in policyholder benefits and claims.

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:


	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance, beginning of period	$	16,118	$	16,468
Less: Reinsurance recoverables	2,790		2,592
Net balance, beginning of period	13,328		13,876
Incurred related to:
Current period	7,354		6,487
Prior periods (1)	54		157
Total incurred	7,408		6,644
Paid related to:
Current period	(3,480)		(3,115)
Prior periods	(3,356)		(3,564)
Total paid	(6,836)		(6,679)


Net balance, end of period	13,900		13,841
Add: Reinsurance recoverables	2,905		2,913
Balance, end of period (included in FPBs and other policy-related balances)	$	16,805	$	16,754

__________________

(1)For the three months ended March 31, 2025 and 2024, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.